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Frequent Contributor
rbh
Posts: 356
Registered: ‎06-25-2009
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Re: Best Buy Store Card


jimbo831 wrote:

So I got impatient and pulled my current EQ this morning.  It jumped all the way up to a 676!  That is with one CC at $5/$500 and the other at $291/$500 for a total utilization of 30%.  Is this score high enough to get approved do you think or should I still wait a week or two until my other CC payment reports the second card down to $0?  Thanks!


If you are going to see an improvement in utilization in just a couple weeks, I'd wait. 

 

 

AMEX Blue Cash - $15k, Lowes/GECRB - $10K, PNC - $10K, CIti Diamond Preferred - $10K, Home Depot/Citi - $7590, Best Buy Store/HSBC - $7400, Citi Platinum Select - $7150, Best Buy RZMC/HSBC - $5750, Dillards/GECRB - $4350, Discover More - $3600, Cap 1 Cash Rewards - $3000, Amex HHonors - $2000, State Farm - $2000, Cap 1 MTV - $1500
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Best Buy Store Card


jimbo831 wrote:

So I got impatient and pulled my current EQ this morning.  It jumped all the way up to a 676!  That is with one CC at $5/$500 and the other at $291/$500 for a total utilization of 30%.  Is this score high enough to get approved do you think or should I still wait a week or two until my other CC payment reports the second card down to $0?  Thanks!


Next time, get that $5/$500 to 0/500 and the other one at 90/500 and you might see even better results.

If that's possible within the next month.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Established Contributor
jimbo831
Posts: 977
Registered: ‎02-08-2012
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Re: Best Buy Store Card


FrugalRican wrote:

Next time, get that $5/$500 to 0/500 and the other one at 90/500 and you might see even better results.

If that's possible within the next month.



90/500?  I thought you wanted between 5-9%, not 18%.

 

I was actually trying to get my cards to 0 and $30.  The one I paid to 0, I failed to realize that interest was going to post to my account the day the statement generated.  I paid it immediately, but the credit bureau got the report of $5 for interest.  Because of that, I figured it would be best to go with $5 and $0 instead of $5 and $30 as I have read having more than one card with a balance will not optimize.  In the future though, I was shooting for $0 and $30 and I won't be charged any more interest since I will be PIF for now on!

 

As for applying, I'm sure the reporting next week will improve my score a decent chunk, so I will impatiently wait to apply until then.  So hard, but it is worth it to improve my chances of success and possibly my CL if approved.  Thanks everyone.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Best Buy Store Card


rbh wrote:

jimbo831 wrote:

So I got impatient and pulled my current EQ this morning.  It jumped all the way up to a 676!  That is with one CC at $5/$500 and the other at $291/$500 for a total utilization of 30%.  Is this score high enough to get approved do you think or should I still wait a week or two until my other CC payment reports the second card down to $0?  Thanks!


If you are going to see an improvement in utilization in just a couple weeks, I'd wait. 

 

 


+1




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Best Buy Store Card


jimbo831 wrote:

FrugalRican wrote:

Next time, get that $5/$500 to 0/500 and the other one at 90/500 and you might see even better results.

If that's possible within the next month.



90/500?  I thought you wanted between 5-9%, not 18%.

 

I was actually trying to get my cards to 0 and $30.  The one I paid to 0, I failed to realize that interest was going to post to my account the day the statement generated.  I paid it immediately, but the credit bureau got the report of $5 for interest.  Because of that, I figured it would be best to go with $5 and $0 instead of $5 and $30 as I have read having more than one card with a balance will not optimize.  In the future though, I was shooting for $0 and $30 and I won't be charged any more interest since I will be PIF for now on!

 

As for applying, I'm sure the reporting next week will improve my score a decent chunk, so I will impatiently wait to apply until then.  So hard, but it is worth it to improve my chances of success and possibly my CL if approved.  Thanks everyone.


Now I'm confused. Is it 5-9% of the TOTAL utilization or 5-9% on just one card out of the entire mix of your cards?

I've been thinking this whole time that it was based on the total.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Best Buy Store Card


FrugalRican wrote:

jimbo831 wrote:

FrugalRican wrote:

Next time, get that $5/$500 to 0/500 and the other one at 90/500 and you might see even better results.

If that's possible within the next month.



90/500?  I thought you wanted between 5-9%, not 18%.

 

I was actually trying to get my cards to 0 and $30.  The one I paid to 0, I failed to realize that interest was going to post to my account the day the statement generated.  I paid it immediately, but the credit bureau got the report of $5 for interest.  Because of that, I figured it would be best to go with $5 and $0 instead of $5 and $30 as I have read having more than one card with a balance will not optimize.  In the future though, I was shooting for $0 and $30 and I won't be charged any more interest since I will be PIF for now on!

 

As for applying, I'm sure the reporting next week will improve my score a decent chunk, so I will impatiently wait to apply until then.  So hard, but it is worth it to improve my chances of success and possibly my CL if approved.  Thanks everyone.


Now I'm confused. Is it 5-9% of the TOTAL utilization or 5-9% on just one card out of the entire mix of your cards?

I've been thinking this whole time that it was based on the total.


5-9% of your TOTAL overall utilization. It's best to have all of your accounts at $0 and 1 reporting a small 5-9% balance. This may not equate to your total overall until. being 5-9% but as long as its below 9% your fine.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Best Buy Store Card

Okay, so I was right originally.

I calculated 90/500 and 0/500 as a total of 90/1000 for 9%.

He just needs to make sure he brings that one card to about 50 to 90 dollars on statement date and he should hit that sweet spot.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Best Buy Store Card


FrugalRican wrote:

Okay, so I was right originally.

I calculated 90/500 and 0/500 as a total of 90/1000 for 9%.

He just needs to make sure he brings that one card to about 50 to 90 dollars on statement date and he should hit that sweet spot.


Correct!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
jimbo831
Posts: 977
Registered: ‎02-08-2012
0

Re: Best Buy Store Card


FrugalRican wrote:

Okay, so I was right originally.

I calculated 90/500 and 0/500 as a total of 90/1000 for 9%.

He just needs to make sure he brings that one card to about 50 to 90 dollars on statement date and he should hit that sweet spot.


Thanks for this then.  I guess I totally misunderstood this process when I read it on other threads.  I always assumed it was 0% and then 5-9% of that individual card, not 5-9% of your total available credit.  This month I guess it will be reporting as .5%.  Maybe not the ideal score, but should be good enough for a Best Buy card, and definitely will be better than 30%.  Appreciate everyone's input.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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