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Utilization vs score question


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So I'm new to credit cards , 5 months with a us bank platinum as my only card , $1000 cl . I have been pif every month (statement closing the middle of the month)and playing with the balance reported on the last working day of the month (as that's when us bank reports) to see what the effects are on my vantage score, always keeping the utilization reported below 10%.

 

 I will be going to alaska in late july and putting $668 on the card for car rental resulting in a 67% utilization and wont be able to pay it down before the report is sent as it will be pending and us bank wont let me pay the charges while they are pending. 

 

So the question is will my score recover completely after I pay it back down to 0% reported or will I take a semi permanent hit on my score??

 

Thanks

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4 hours ago, Chinitnabaybob said:

So I'm new to credit cards , 5 months with a us bank platinum as my only card , $1000 cl . I have been pif every month (statement closing the middle of the month)and playing with the balance reported on the last working day of the month (as that's when us bank reports) to see what the effects are on my vantage score, always keeping the utilization reported below 10%.

 

 I will be going to alaska in late july and putting $668 on the card for car rental resulting in a 67% utilization and wont be able to pay it down before the report is sent as it will be pending and us bank wont let me pay the charges while they are pending. 

 

So the question is will my score recover completely after I pay it back down to 0% reported or will I take a semi permanent hit on my score??

 

Thanks

 

You can always push a payment from your bank's bill pay website at anytime. US Bank doesn't control that.

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Posted (edited)
5 hours ago, chicagorich said:

 

You can always push a payment from your bank's bill pay website at anytime. US Bank doesn't control that.

Could you elaborate on this . Push a payment to who the car rental co or my us bank credit card account? as us bank told me there was no way to prepay or pay a pending charge on my credit card??.  The car rental co requires a credit card, I also want the added insurance a credit card provides , us bank wont let me pay a us bank credit card in advance or if its pending . I have tried all the ways I could find and I called us bank credit card customer services with no luck

Edited by Chinitnabaybob
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OK I got my answer. Its as if some AI program watches me on the interwebs. Every time I pose a question on various forums and subjects a video with the answers to my questions show up a few hours later on the youtube channel through my roku. This time it was "credit utilization has no memory" from proudmoney.

 

I guess I could use this post as a test to see if a video comes up about being paranoid about AI programs following me on the internet???

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Schedule the payment through your bank's bill pay system in advance of your trip ("push it" from your bank). 

 

Credit card companies don't reject an external payment because it's greater than your balance. 

 

With just one card with such a small limit, it's probably a good idea in case you have unexpected needs/expenses pop up while you're on your trip.

 

14 hours ago, Chinitnabaybob said:

to see what the effects are on my vantage score

 

So far have the AI spies suggested a video that tells you that Vantage Skores are flaming bags of giraffe diarrhea?  :) 

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@cv91915 has beat me to the punch re Vantage.  No serious creditor uses Vantage to manage your credit account or evaluate your risk as a customer.  Vantage charges card issuers a fraction of the fee that FICO does to spew their credit score to customers, so that's what "cost conscious" issuers provide.  (The ones that actually want to be of service to their customers still provide a FICO score.)

 

Just as an aside, since you are paying attention to Vantage, in my experience Vantage 3 and 4 are far more sensitive to revolving balances and utilization than FICO.  My FICO 8 scores are in the 800's, but my Vantage scores dragged at about 720 until recently when I paid down about $20k in revolving balances  (total util moved from about 3% to under 1%).  Vantage score jumped to 800; about a 7 pt boost to my FICO 8.

 

Bottom line, Vantage can be an extremely poor proxy for FICO; since it's FICO that typically drives your credit availability and cost, Vantage is a waste of space and time.

 

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 I wondered around the new us bank interface and figured out how to make a scheduled payment , thanks for the help.

 

I was worried The high utilization would cause a long term effect on my score but I see it will go back to where it was as soon as I pay the card down.

 

 A good score so I can get a good mortgage rate is the reason I finally got a credit card at 61 . I am selling 1 of the houses I built so I will have a large down payment to buy my retirement home and keep the payments low.

 

I know the vantage score is worthless but its all I have to track the general direction i'm moving until I have at least 6 months of credit history and get a fico score.

 

Thanks again for the help.

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Posted (edited)

You might as well pick up a couple more cards.  3 is better than 2, which is better than 1.  5 is ideal, and 6+ makes no difference.

 

(Strictly from a scoring perspective)

 

Depending on how much you spend, a side benefit of opening more cards could be some lucrative sign-up bonuses (cash-back, travel)

 

Four more cards could easily net you $2,000+ in SUBs, and you don't have to open them all at once. 

Edited by cv91915
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4 hours ago, cv91915 said:

You might as well pick up a couple more cards.  3 is better than 2, which is better than 1.  5 is ideal, and 6+ makes no difference.

 

(Strictly from a scoring perspective)

 

Depending on how much you spend, a side benefit of opening more cards could be some lucrative sign-up bonuses (cash-back, travel)

 

Four more cards could easily net you $2,000+ in SUBs, and you don't have to open them all at once. 

How dare you lead our young grasshopper astray...how are they to become a proper credit *Admin and our Terms of Service prohibit profanity* or credit pimp with such guidance as "6+ makes no difference."? 

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4 hours ago, cv91915 said:

You might as well pick up a couple more cards.  3 is better than 2, which is better than 1.  5 is ideal, and 6+ makes no difference.

 

(Strictly from a scoring perspective)

 

Depending on how much you spend, a side benefit of opening more cards could be some lucrative sign-up bonuses (cash-back, travel)

 

Four more cards could easily net you $2,000+ in SUBs, and you don't have to open them all at once. 

My plan is to wait until I have 6 months on the us bank platinum and request a cli . After that when I see I have a real fico score I will apply for a second card that has some benefits and build from there with a few more cards.

 

I was surprised I was approved for the us bank card as I was calling  to see about a secured card and the customer service rep encouraged me to apply for the reg card. I was looking at the secured card because even self lender wouldn't let me give them money as my credit history was nonexistent so they were not sure I was a real person. us bank must have approve me for the non secured card because I have had an account with them for 25 years or so with no bad marks.

 

Not sure which cash back / travel / bonus cards I would have a good chance at . From reading the feedback on some of the cards of who gets approved and looking at my  alleged approval odds on credit sites , I have a hard time figuring out where I fit in . I do want to stay with no yearly fee cards as my spending is not that high.  My income was $40,000 last year when I was approve for the us bank card, will be $53,500 this year and 56,500 next year with no tax obligations . I have no mortgage / loans / payments of any type other than monthly expenses. Own both my houses and  a cabin site in the lake Clark national wilderness in Alaska that I will be doing the cabin  planing for this summer.

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6 hours ago, Chinitnabaybob said:

My plan is to wait until I have 6 months on the us bank platinum and request a cli . After that when I see I have a real fico score I will apply for a second card that has some benefits and build from there with a few more cards.

 

Sounds prudent to me.  Having a FICO 8 score in hand, you'll have stronger guidance on how aggressive you might want to get in seeking additional cards.

 

You'll have to make allowances for @cv91915's zeal.  He really gets off on the "money for nothin'" aspect of credit card management.  (I suspect he's got the "chicks <dicks> for free" angle down as well ... )

 

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4 hours ago, hdporter said:

 

Sounds prudent to me.  Having a FICO 8 score in hand, you'll have stronger guidance on how aggressive you might want to get in seeking additional cards.

 

You'll have to make allowances for @cv91915's zeal.  He really gets off on the "money for nothin'" aspect of credit card management.  (I suspect he's got the "chicks <dicks> for free" angle down as well ... )

 

 

I never get tired of free money.

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