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iBowfish

$50k + limit - balance / limit reporting

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So I know this has been discussed, and I've read at least some of the discussions and have searched for more but I'm still not sure what the answer is. Maybe no one is yet.

 

If you have a $50k + personal credit card, does the limit report for utilization padding?

 

Does the balance report?

 

I'm working on a $51k Capital One Quicksilver that "should" be active in about a week. Ideally I'd like to have the $51k report as available credit, but then also be able to move any remaining balances over to this card so that those balances don't show on my reports. I "think" this is how it is theorized that this will work, but can't find any absolute info that it does in fact work this way.

 

Does anyone have a personal anecdote to say "Yes! This does work for me on XXX card" or "No, this does not work on XXX card."?

 

I've also read that there's a possibility that the $51k card wouldn't report as available credit, but not sure how reliable that info is since it didn't come from here.

 

Thanks in advance!

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I've read that this $ amt. could actually be lower than $50k.

 

I'll never have a card with this CL, because of my income, but this is an interesting topic.

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Hopefully we'll be able to get some data to put in this post to help future CBers. If we don't get any info by next week, I guess I'll be the one to GP it and then report back here. But I sure hope to get confirmation first! ;-)

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I tried going for this but got shot down by Capital One for some odd reason. They liked me better with dirty reports than clean!

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IIRC, the conventional wisdom is that if you have a card with a CL of $4x,000+, FICO 04 ignores the balance on the card when considering utilization for scoring purposes.

 

Don't lose sight of the fact that regardless of the behavior of various FICO models, your balances show up on your reports regardless of the limit, and will be subject to scrutiny on manual review.

 

You really aren't "hiding" anything by moving balances around, and if you do a BT to a higher-limit card you are probably paying a BT fee and/or paying interest.

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Update:

 

QuickSilver $51k card is now active. $327 charged to card. Statement cuts tomorrow. We'll see soon.

 

I'll sign back up for CCT on Thursday or Friday and report my findings.

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Wait till you get your statement cut email to sign up for CCT?

 

Looking forward to your results... I've never read anything definitive on this.

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I have a $75,800 Citi Prestige, my only card that is OVER $50,000 and I always PIF. I am interested in finding this out too. I may actually leave a balance on this next statement.

 

Jimmy.

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Well the balance definitely reports. I don't know how it affects scores yet though. This may have been the understanding all along though, as cv said.

 

I'll keep this post up to date if I find out anything definitive.

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Well the balance definitely reports. I don't know how it affects scores yet though. This may have been the understanding all along though, as cv said.

 

I'll keep this post up to date if I find out anything definitive.

Depending on other variables. How much was charged to it?

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Well the balance definitely reports. I don't know how it affects scores yet though. This may have been the understanding all along though, as cv said.

 

I'll keep this post up to date if I find out anything definitive.

Depending on other variables. How much was charged to it?

 

Only $356 was charged to the $51k limit QS card. Both CK and Wallethub show the $356 balance on this card. CK shows the limit on both TU and EQ.

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Well the balance definitely reports. I don't know how it affects scores yet though. This may have been the understanding all along though, as cv said.

 

I'll keep this post up to date if I find out anything definitive.

Depending on other variables. How much was charged to it?

Only $356 was charged to the $51k limit QS card. Both CK and Wallethub show the $356 balance on this card. CK shows the limit on both TU and EQ.

That's not gonna test the waters. The key would be to max it out and let it report for the month.

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I'm not following. If you mean to see what change would be reflected in the FICO score, then yes, I understand. But all I've personally found out so far is that the balance itself does in fact show on my credit report. While many people may have know this before, I couldn't find this information in my searches, here on CB or anywhere else for that matter.

 

So this is just the first data point.

 

Next we'll look to see if a large balance reporting on one of these particular cards, with all other things being exactly equal, affects FICO. That will be a more involved test though of course.

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