11-21-2013 06:12 AM
11-21-2013 06:18 AM - edited 11-21-2013 06:19 AM
I was under the impression cc companies liked their cards being swiped but after reading a thread about someone's multiple payments being frozen another poster stated card companies may look at these multiple payments as a possible issue.
They do like having their cards swiped regardless of payment strategy. Multiple payments are generally not an issue but creditors can vary. I can't comment on the other thread as I have not read it. It's certainly possible that other factors were at play as well.
11-21-2013 06:20 AM
The only thing I try to do is not reporting balances on more than 4 accounts because crossing that 50% number of accounts with a balance gets me a major ding on my scores.
The scoring is nuts, on my Cap1 card, I had a $6 balance last month along with a balance on my Citi (which was pif). Since I only had two cards and was reporting on two cards....when I paid the $6....my EQ score when up 2 points showing the balance on Cap1 as 0 being the reason.....2 points over $6...crazy
11-21-2013 06:29 AM
11-21-2013 06:30 AM
I have quite a few cards but mostly use my Discover it and US Bank card. The limits are $1500 and $3000. Since I spend around $5500 a month through these 2 cards I have to make weekly payments in order to continually use them and not go over the limit.
If your monthly charges x 12 exceed your annual income, the credit card company may wonder about it.
11-21-2013 07:09 AM - edited 11-21-2013 07:43 AM
My little game two months ago...I let report 7 accounts with 1$ balances and 1 with 7% and lost 50+ points...next month I let 70% util report on Chase and got the ponts back....it is really crazy..1$ reporting = loss of 10+ points but I am glad I found out how easy this can be manipulated
Was that 70% utl on the Chase, if so what did that equate to as per your total utl?
11-21-2013 07:19 AM
11-21-2013 07:45 AM
yes on Chase and overal is always less than 9%....wanted to test what high util on single cards would do and to my surprise it did not have an affect for my scores. Should have tested with 90% ..maxed out result. Might repeat this test with Discover one day just to see the results.....while CL is still low might use it for experimenting
Thanks, I'll try some experimenting after my scores settle down from my card spree.
11-21-2013 11:32 AM
11-21-2013 12:46 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.