thx, lilmirth. i see what you are saying. Basically what i am trying to do is to lower my utilization ratio. I spent probably 300 dollars each month outside my college. I am thinking of applying another card to have my total credit limit over 3000 such that my utilization ratior is below 10%. Last month, I got approved by a nonsecured capital one card. So, I thought maybe I can be approved by another low credit requirement card. I dont worry too much about hard inquires too because I am not graduating from college two years later and I will do not need a good score for a mortgage or car loan.
Welcome! Glad you're here!
Utilization is figured using your reported balance, rather than on your usage or high balance during the month.
For FICO scores, most folks find they do best with all cards but one reporting a zero balance, and the remaining one card reporting less than 9%.
But you can use the card(s) as much as you like during the month (as long as your balance remains
safely below your current CL, of course).
Most companies report your balance at the statement date, but some companies report on different dates.
I guess what I'm hoping to say is that your utilization can be below 9% without additional credit limits, just by controlling how much of a balance you have on the card on the day it reports to the CRA's.
Did that help? I hope so.
On another note, if you have four credit cards and the oldest is six months old, it is very definitely a good time to stop and let them age. Your current creditors will soft pull your reports and they can become antsy with a lot of new credit - sometimes they will even AA (adverse action) you with CLD's or account closures. IMO (if that counts ) keep what you have and keep up your good work of PIFing and paying on time, control your utilization by watching the balances that are being reported, and get some age on those young 'uns.
Congrats on your hard work and best wishes as you move forward.