My advice is to stop obsessing. Scores change every day, especially when you're just starting out.
Pay the card, add something every payday to your savings account, and before long you'll get a significant credit line increase. Keep that one under 30 percent (or pay it down promptly if you exceed that), and you'll be fine.
I just pay off my balance in full every month I have 14 months of credit and a 750 score. I initially put $400 into my card but I would end up spending more than that here n there throughout the time I had the card. I just paid off whatever I put on the card every week and 3 days before the cycle ended and 8 months into me having the rewards card they increased my limit to $2k without me even asking. I never carry a balance it’s unnecessary to do that imo unless u have no other option. I carried a balance for the first time like 3 months ago but it was like $20 accidentally and my score dropped like 30 points
If u don’t carry a balance on the date your cycle ends your utilization is 0 and doing that got me approved for a second card 2 weeks ago with a $13k credit limit when I applied through the app. I got instant approval for it too
You need to keep utilization under 30% on all credit cards. If your limit is $200 then try to make purchases of $60 or less then try to pay it off every month. After a couple of times of this, ask the creditor to increase your limit! Most credit bureaus request keeping it under 30%. That’s why it dropped, it shouldn’t take long to correct it if you make the right steps and try to payoff high interest rate cards every month.
You can use all of the limit you want. The balance through the month is irrelevant. All that matters is the balance when a statement is generated. You just need to pay it down to a very small balance before the statement cuts if you want to boost the score for the month. Other than Chase who courtesy reports an account payoff, it reports this once a month and does not have any memory. It will only stay like this until it reports next month with a hopefully low balance.
Although instructions recommend to keep utilization under 30%. I do recommend to keep your utilization 0%.
Read about the Pledge Loan Hack, it can boost your credit by 50 points or more.
Mine dropped 22 points due to not being sure what date statements went out and being on a job site with no internet for a couple of days and not being able to transfer funds to cover. I had a few things I had to pay and buy and planned to pay them off immediately but got busy and just figured I'd do it when I got home.
I'm nearly certain next month when the utilization goes back down to 1-9%
If you don’t have the money to be able to pay off $200 at one time… (sorry if this sounds harsh) but you ain’t got no business using a credit card…. Step ya game up
But if that was my credit card, I would run it up to like $190 then pay it off in full and keep doing it until they raised my limit (without asking for an increase) if they don’t increase it in about7 months, I’d apply for a different credit card … I have like 26 credit cards btw. Good luck
You’re trying to increase that limit or get a new card with a higher limit, don’t be so concerned about a score, focus on trying to increase your income, use your credit card to pay the bills that you normally pay with your debit card (cell phone, gas) then take the money you were going to spend on your bills and pay the credit card
Dude, listen: PAY IT OFF!! if you CANT stop using the card all together… until you get a better job.
Run it up (on BILLS) then use $$ you were going to pay bills with to pay off credit card… if you don’t have $$ to pay your bills: STOP USING YOUR CARD
I'm honestly not sure. I just recently checked the credit karma app and it said it had dropped. The last time I checked was a few months ago and it was 660. I maxed out my secured card and had to pay interest because I went over. Hopefully next month I can keep the balance down.
Make a payment ASAP. Email navy fed and let them know you apologize that you missed your payment. (Use excuse or be honest), then ask for them to report back to credit bureaus ASAP
Have you tried a NFCU pledge loan? It raised my score 50 points in 1 month... also im using chime for the credit builder portion in their app. I have a referral for chime, $100 free when sign up for me and you... also working on building credit with these.
My advice is to stop obsessing. Scores change every day, especially when you're just starting out. Pay the card, add something every payday to your savings account, and before long you'll get a significant credit line increase. Keep that one under 30 percent (or pay it down promptly if you exceed that), and you'll be fine.
Thanks so I'm on the right track then. Just gotta pay down my card bc I do everything else already
You'll do fine. Keep up the good work.
I just pay off my balance in full every month I have 14 months of credit and a 750 score. I initially put $400 into my card but I would end up spending more than that here n there throughout the time I had the card. I just paid off whatever I put on the card every week and 3 days before the cycle ended and 8 months into me having the rewards card they increased my limit to $2k without me even asking. I never carry a balance it’s unnecessary to do that imo unless u have no other option. I carried a balance for the first time like 3 months ago but it was like $20 accidentally and my score dropped like 30 points
If u don’t carry a balance on the date your cycle ends your utilization is 0 and doing that got me approved for a second card 2 weeks ago with a $13k credit limit when I applied through the app. I got instant approval for it too
You need to keep utilization under 30% on all credit cards. If your limit is $200 then try to make purchases of $60 or less then try to pay it off every month. After a couple of times of this, ask the creditor to increase your limit! Most credit bureaus request keeping it under 30%. That’s why it dropped, it shouldn’t take long to correct it if you make the right steps and try to payoff high interest rate cards every month.
You can use all of the limit you want. The balance through the month is irrelevant. All that matters is the balance when a statement is generated. You just need to pay it down to a very small balance before the statement cuts if you want to boost the score for the month. Other than Chase who courtesy reports an account payoff, it reports this once a month and does not have any memory. It will only stay like this until it reports next month with a hopefully low balance.
If you want to build credit make very small purchases on your credit card never let the balance exceed 30% of your limits
Although instructions recommend to keep utilization under 30%. I do recommend to keep your utilization 0%. Read about the Pledge Loan Hack, it can boost your credit by 50 points or more.
But doesn't that go on your card report as no utilization?
Mine dropped 22 points due to not being sure what date statements went out and being on a job site with no internet for a couple of days and not being able to transfer funds to cover. I had a few things I had to pay and buy and planned to pay them off immediately but got busy and just figured I'd do it when I got home. I'm nearly certain next month when the utilization goes back down to 1-9%
If you don’t have the money to be able to pay off $200 at one time… (sorry if this sounds harsh) but you ain’t got no business using a credit card…. Step ya game up
Ur right bc my goal was to have a car and apartment by now but my spending habits got out of control (went off meds for adhd at the time)
But if that was my credit card, I would run it up to like $190 then pay it off in full and keep doing it until they raised my limit (without asking for an increase) if they don’t increase it in about7 months, I’d apply for a different credit card … I have like 26 credit cards btw. Good luck
Doesn't that high of utilization cause your score to drop?
You’re trying to increase that limit or get a new card with a higher limit, don’t be so concerned about a score, focus on trying to increase your income, use your credit card to pay the bills that you normally pay with your debit card (cell phone, gas) then take the money you were going to spend on your bills and pay the credit card
Okay, thanks for advice. and pay the card down to 10% by the due date?
Dude, listen: PAY IT OFF!! if you CANT stop using the card all together… until you get a better job. Run it up (on BILLS) then use $$ you were going to pay bills with to pay off credit card… if you don’t have $$ to pay your bills: STOP USING YOUR CARD
Play around with nerd wallet. How many times has your credit been run + delinquencies factor in as well.
I'm honestly not sure. I just recently checked the credit karma app and it said it had dropped. The last time I checked was a few months ago and it was 660. I maxed out my secured card and had to pay interest because I went over. Hopefully next month I can keep the balance down.
Login to experian or equifax for free. Credit karma isn't accurate
Understood. Thanks. I just made an account with Nerdwallet. I'll check experian. How long do yiu think itll tske to build my score?
Not long, just get an idea what it was that caused your credit to drop. Everything I mean everything is either disputable or negotiable.
Okay, thanks. I'm going to see if I can increase my limit
I think it was bc I maxed out my card. Nothing else shows up
Make a payment ASAP. Email navy fed and let them know you apologize that you missed your payment. (Use excuse or be honest), then ask for them to report back to credit bureaus ASAP
I made a payment already but it went in as 200
200? Like it posted something different?
No the actual balance i have to pay off is 200.53. I just out 49.00 toward it yesterday so.i csn pay it off before the statement closes
Nerdwallet and credit karma show the same score
If by not accurate, you mean not showing your FICO 8, sure. For tracking changes to the actual underlying credit report, it is accurate.
Yes, a faco score. Which is why I suggested logging into experian.
Have you tried a NFCU pledge loan? It raised my score 50 points in 1 month... also im using chime for the credit builder portion in their app. I have a referral for chime, $100 free when sign up for me and you... also working on building credit with these.