Damm, my credit score dropped from 724 to 668 in 1 month.

[CTrain]

All based on because my Total Revolving Balances were $3000-4000...now its $15,000-19,999.
This is from that $15,000 total free interest balance transfer(really a cash advance) I took out from Citibank. I post a thread on this a couple of months back.

I didn't realize it would make that big of a difference.

 

[gutharius]

Yep total revolving ballance makes up 35% of your fico score.

 

[DurocShark]

<--wishes I could get over 600... Stupid wife not paying the bills again... :|

 

[z0mb13]

revolving balance is the same as maximum line of credit for all ur credit cards??

 

[gutharius]

Originally posted by: z0mb13
revolving balance is the same as maximum line of credit for all ur credit cards??

No revolving balance is how much you have on your cards left to pay off on a month to month basis. The closer this amount gets to yout total credit limit on all accounts the harder this tanks your fico score and your credit. Basically always pay off your total balance on your cards by the due date and you wont have a problem.

 

[gutharius]

Originally posted by: DurocShark
<--wishes I could get over 600... Stupid wife not paying the bills again... :|

Same here man Same here. 'cept I did it all to myself, no wife needed.

 

[z0mb13]

Originally posted by: gutharius

Originally posted by: z0mb13
revolving balance is the same as maximum line of credit for all ur credit cards??

No revolving balance is how much you have on your card lef to pay off on a month to month basis. The closer this amount get to yout total credit limit on all account the hard this tanks your fico score and your credit. Basically always pay off your total balance on your cards by the due date and you wont have a problem.

oh I get it..

but I think paying off the revolving balance each month is not enough

I do this every month on all my credit cards, but there was one time where I had close to the maximum limit on some cc (coz of paying school tuition), I felt that my score was hit. I think it matters when they take a "snapshot" of your credit score.

 

[gutharius]

Originally posted by: z0mb13

Originally posted by: gutharius

Originally posted by: z0mb13
revolving balance is the same as maximum line of credit for all ur credit cards??

No revolving balance is how much you have on your card lef to pay off on a month to month basis. The closer this amount get to yout total credit limit on all account the hard this tanks your fico score and your credit. Basically always pay off your total balance on your cards by the due date and you wont have a problem.

oh I get it..

but I think paying off the revolving balance each month is not enough

I do this every month on all my credit cards, but there was one time where I had close to the maximum limit on some cc (coz of paying school tuition), I felt that my score was hit. I think it matters when they take a "snapshot" of your credit score.

Your credit card company will report your account status on a monthly basis. When they do this they report your current account balance and your credit limit and such. Your current credit balance should never be higher than your half you credit limit on a month to month basis. (And even then you should not carry a balance from month to month) If you balance goes any higher it can show that you are eating up too much credit and is an indication of someone who is taking on too much debt and is possibly heading for trouble and can affect your fico score.

 

[CTrain]

I'll be taking a hit on my credit score for a while then.
If you do a search for the thread a while back, I got an interest free loan from Citibank for $15K and its good forever...only minimum payment require each month.
Its gonna take about 5 yrs to pay off that $15K.

 

[gutharius]

Originally posted by: CTrain
I'll be taking a hit on my credit score for a while then.
If you do a search for the thread a while back, I got an interest free loan from Citibank for $15K and its good forever...only minimum payment require each month.
Its gonna take about 5 yrs to pay off that $15K.

Yeah, that is gonna suck, just hit it as hard are you can and get rid of it ASAP. But take heart 30% of your fico score comes from making ontime payments. So your really not loosing out too much.

 

[CTrain]

Originally posted by: gutharius

Originally posted by: CTrain
I'll be taking a hit on my credit score for a while then.
If you do a search for the thread a while back, I got an interest free loan from Citibank for $15K and its good forever...only minimum payment require each month.
Its gonna take about 5 yrs to pay off that $15K.

Yeah, that is gonna suck, just hit it as hard are you can and get rid of it ASAP. But take heart 30% of your fico score comes from making ontime payments. So your really not loosing out too much.

Nah...the $15K is sitting in ING collecting 2.35% right now. Leave it in there or 5yrs, I'll get around $1700(give ir take).
My only problem is if I want to buy a house within 5 yrs...but then I'll just pay the damm thing off.

 

[dderidex]

Originally posted by: gutharius
Your credit card company will report your account status on a monthly basis. When they do this they report your current account balance and your credit limit and such. Your current credit balance should never be higher than your half you credit limit on a month to month basis. (And even then you should not carry a balance from month to month) If you balance goes any higher it can show that you are eating up too much credit and is an indication of someone who is taking on too much debt and is possibly heading for trouble and can affect your fico score.

Is this *total* available credit? Or, would one card set the whole thing off?

We have one credit card that is darn near maxed out, have been paying it down gradually, but it's still very, very high.

Anyway, we also have 3 other credit cards with fairly high limits on them but no current balance. I'd say of the total limit we have across all cards our current balance is maybe 10% of that. But, it's about 85% of the one card its all on.

 

[psiu]

In related news, I got a new card approved this morning. Now I'm going to cancel another Capital One card (well, once my pre-ordered Voltron Masterpiece Edition is charged on it.)

Capital One were the ones that took a flyer on my credit and gave me my first credit card (and 2 since), but they suck. Low limits, won't raise the limits (not because of credit either--the cards are the wrong kind or some bullshit), annual fees....

Got 2 now with no annual fees and much higher limits from 2 different banks (Providian &amp; Chase--any commentary on them?).

Took out a Christmas loan this year--paying back doubletime and hopefully this will get my rating over 700. It's gone from 530 a year ago to as high as ~670 this year. Hope to get either a new or recent model used car in spring.

Thanks to my wife paying bills and managing money

 

[ShotgunSteven]

Originally posted by: psiu
In related news, I got a new card approved this morning. Now I'm going to cancel another Capital One card (well, once my pre-ordered Voltron Masterpiece Edition is charged on it.)

Capital One were the ones that took a flyer on my credit and gave me my first credit card (and 2 since), but they suck. Low limits, won't raise the limits (not because of credit either--the cards are the wrong kind or some bullshit), annual fees....

Got 2 now with no annual fees and much higher limits from 2 different banks (Providian &amp; Chase--any commentary on them?).

Took out a Christmas loan this year--paying back doubletime and hopefully this will get my rating over 700. It's gone from 530 a year ago to as high as ~670 this year. Hope to get either a new or recent model used car in spring.

Thanks to my wife paying bills and managing money

I have cards from Providian and Chase. No major problems with either of them. I started out with Capital One as well. Going looking for a new or recent model used car tomorrow.

EDIT: Make that today, I need to go to bed.

 

[rufruf44]

Originally posted by: gutharius

Originally posted by: CTrain
I'll be taking a hit on my credit score for a while then.
If you do a search for the thread a while back, I got an interest free loan from Citibank for $15K and its good forever...only minimum payment require each month.
Its gonna take about 5 yrs to pay off that $15K.

Yeah, that is gonna suck, just hit it as hard are you can and get rid of it ASAP. But take heart 30% of your fico score comes from making ontime payments. So your really not loosing out too much.

Or you can always apply for more CC and push the total available credit upward, so the utilization % is not as bad. Of course providing that you don't get more of those 0% for life BT offer

 

[Safeway]

My credit is still intact, as I opened a savings account at age 6 (only BankOne would allow this). Since then, I moved my money to Washington Mutual (keeping the old credit line open at BankOne by keeping the minimum balance), have a checking account in good standing and a Visa credit card. As for investments, I have about half my money in a Vanguard mutual fund, and half in a WaMu mutual fund savings account. I don't have to deal with bills yet, as I am still in college.

Good luck to you all with the bills =)

 

[Dulanic]

Originally posted by: psiu
In related news, I got a new card approved this morning. Now I'm going to cancel another Capital One card (well, once my pre-ordered Voltron Masterpiece Edition is charged on it.)

Capital One were the ones that took a flyer on my credit and gave me my first credit card (and 2 since), but they suck. Low limits, won't raise the limits (not because of credit either--the cards are the wrong kind or some bullshit), annual fees....

Got 2 now with no annual fees and much higher limits from 2 different banks (Providian &amp; Chase--any commentary on them?).

Took out a Christmas loan this year--paying back doubletime and hopefully this will get my rating over 700. It's gone from 530 a year ago to as high as ~670 this year. Hope to get either a new or recent model used car in spring.

Thanks to my wife paying bills and managing money

I have Chase and Providian myself, I use my Chase for anything like gas etc since it gives me 3% back on thoose things. Providian is a pretty good BT card, usually 1.9-3.9% and they raise credit limits often, not to mention their 1% cash back (even on BTs) and their my lowest APR card.

 

[sniperruff]

Originally posted by: gutharius

Originally posted by: z0mb13
revolving balance is the same as maximum line of credit for all ur credit cards??

No revolving balance is how much you have on your cards left to pay off on a month to month basis. The closer this amount gets to yout total credit limit on all accounts the harder this tanks your fico score and your credit. Basically always pay off your total balance on your cards by the due date and you wont have a problem.

but it hurts your credit score even though it's interest-free??? so i guess whenever you call up your credit card and they offer you some sort of 0% balance transfer/cash advance you shouldn't take it...?

 

[spidey07]

samething happened to me on my 2nd mortgage.

I tried to warn you ctrain.

You could always just take the cash out of the savings account and pay off the entire balance. That way your revolving credit would look pretty good - 4K balance out of 20K.

 

[mugs]

Originally posted by: sniperruff

Originally posted by: gutharius

Originally posted by: z0mb13
revolving balance is the same as maximum line of credit for all ur credit cards??

No revolving balance is how much you have on your cards left to pay off on a month to month basis. The closer this amount gets to yout total credit limit on all accounts the harder this tanks your fico score and your credit. Basically always pay off your total balance on your cards by the due date and you wont have a problem.

but it hurts your credit score even though it's interest-free??? so i guess whenever you call up your credit card and they offer you some sort of 0% balance transfer/cash advance you shouldn't take it...?

No, if you're just transferring your balance from one card to another to take advantage of the rate, you still have the same total debt between your cards. CTrain increased his balance by $15,000.

 

[zixxer]

I have a revolving balance of $5. When I called capitol one they said that it's good to have *some* balance, just a small amount. It shows you use credit, or something?


Anyhow.. so I pay off all but $5 every month

 

[RossMAN]

Originally posted by: armatron
I have a revolving balance of $5. When I called capitol one they said that it's good to have *some* balance, just a small amount. It shows you use credit, or something?


Anyhow.. so I pay off all but $5 every month

Please tell me you are joking, please.

 

[dullard]

Originally posted by: armatron
Anyhow.. so I pay off all but $5 every month

So you pay how many dozens of dollars in interest each month? Capitol One doesn't have control over your credit score. The credit score places could care less if you carry a $5 balance or a $0 balance. If you carry a balance, then every purchase you make will charge you interest from the day you bought it (for most credit cards that is). I can't imagine the amount of money I would lose if I did that.

Plus, your credit report mentions the average daily balance over the last few months. Your average will show you use your credit cards.

 

[JackBurton]

You know, I know a guy 2 years out of Chapter 7 and his score is ~654. Weird how the scoring works.

 

[Safeway]

Originally posted by: JackBurton
You know, I know a guy 2 years out of Chapter 7 and his score is ~654. Weird how the scoring works.

:Q