Originally posted by Logan
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1 credit card over 50% and credit score
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Originally posted by TXskyblue View PostCiti Double Cash card is an excellent card. If you don't mind me asking, how did you get approved? Citi is well-known for auto-declining applicants with a BK showing.
Yes, having a high utilization (>50%) is bad for your credit score. I'm surprised it only dropped 7 points, to be honest. Ideal utilization is 1 to 9%. General advice is to never have over 50% utilization report. The FICO algorithms penalize high utilization pretty severely, and underwriters will think you are overextended.
Regarding "credit haters," your intentions are good but the road to my bankruptcy was paved with good intentions. Good luck.
As far as utilization, I have around 100k available in credit and I'm around 10% utilization but this particular card is at 60%. I thought it was overall utilization that affected the score not individual Account.
Doesn't matter anyways since I don't care that much about my score I was just curious.
6k on a 0% interest isn't going to bankrupt me again--lesson was learned.
Logan
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The general advice I have read says keep utilization below 30%.
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Citi Double Cash card is an excellent card. If you don't mind me asking, how did you get approved? Citi is well-known for auto-declining applicants with a BK showing.
Yes, having a high utilization (>50%) is bad for your credit score. I'm surprised it only dropped 7 points, to be honest. Ideal utilization is 1 to 9%. General advice is to never have over 50% utilization report. The FICO algorithms penalize high utilization pretty severely, and underwriters will think you are overextended.
Regarding "credit haters," your intentions are good but the road to my bankruptcy was paved with good intentions. Good luck.
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1 credit card over 50% and credit score
I recently acquired the Citi Double Cash card and mad a large purchase which took me to 60% utilization but my overall utilization is at 6% with all cards. I also noticed a 7 point drop on my transunion credit score and wondering if only having 1 card over 50% utilization would cause this.
Thanks, Logan
PS, for you credit haters out there this is a 0% card for over a year so I'm paying no interest. The money was spent for a well that saves me $1400 a year so I figured I'd just pay it off over the next year.Tags: None
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