Table of Contents
Overview
Credit utilization is an important factor in your overall credit health, and Monarch makes it easy to stay on top of it. You can view your credit utilization on both your Accounts page and within individual credit card accounts, providing greater visibility into how much credit you're using and what’s available.
Add or Edit Your Credit Limit
Once your credit card is linked, and if the affiliated data provider shares updated credit limit information, Monarch should automatically sync it. However, if the limit isn’t retrievable, or if you’ve added a manual account, you can add the credit limit yourself. You can also edit an existing credit limit at any time if it changes.
- Go to your Accounts Page
- Click the credit card account you want to add a credit limit to
- Click the Edit dropdown in the top navigation bar and select Edit Account
- Find the Credit Limit field
- Enter the limit and select Save
Note: You can also update your credit limit from your Institutions Settings.
What You’ll See
Once credit limits are added, you’ll notice new details appear in several places:
Accounts Page
In your Accounts page, each credit card account displays:
- A Credit Utilization Progress Bar that visually shows your current usage
- A Popup Breakdown with details on your balance, credit limit, and remaining credit; just hover over the progress bar to see it (available on web only).
Note: If Monarch can’t retrieve your credit limit, you will see a Set Credit Limit prompt next to the credit card account. Click it to manually add your credit limit.
Individual Account Summary
Click into a specific credit card account from the Accounts page to view its summary card, which includes:
- Credit Utilization Breakdown: See how much of your limit you're currently using
- Credit Limit: The total credit line for the account
- Credit Remaining: The amount of unused credit
These updates make it easy to stay informed and take action if your utilization changes. To get a fuller picture of your credit health, you can also view your credit score in Monarch.
Frequently Asked Questions
How is my credit utilization calculated?
- Monarch does not calculate your credit utilization. If your credit card is linked, we’ll pull the limit directly from the affiliated data provider whenever possible.
Why don’t I see an option to add a credit limit on my credit card account?
- If you’re not seeing a credit limit for a credit card account, try refreshing the account first. If the limit still doesn’t appear, you can manually enter it.
- If you're unable to refresh the account or suspect a connection issue with your financial institution, feel free to reach out to our Support Team, and we’ll be happy to help troubleshoot.
Why don’t I see an option to add a credit limit for my other debt accounts?
- Credit utilization tracking is currently available only for credit card accounts. It does not apply to charge cards, loans, or other types of debt accounts.
If my credit limit changes, will Monarch update it?
- At this time, Monarch does not automatically update credit limits, regardless of whether the original value was synced from your institution or entered manually. If your credit limit changes, you will need to update it manually.
Does Monarch report my utilization to credit bureaus?
- No, Monarch is a read-only tool that helps you monitor your financial data. We do not report information to credit agencies.
Why does my credit utilization show a negative value?
- Sometimes Monarch will get incorrect information from banks, and the balance of your account may appear inverted. You can fix this by inverting your account's balance in your account's settings.