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Credit Card Plan

Frequent Contributor

Credit Card Plan

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts?
Thanks In Advance

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6 REPLIES
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Valued Contributor

Re: Credit Card Plan

You have to see when your card reports the balance. Not all banks report statement balance.

 

For example:

US Bank reports my balance on the day the payment is due.

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Frequent Contributor

Re: Credit Card Plan


PrettyGyrl wrote:

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% ( 1% would MAX your Score ) on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts? CORRECT
Thanks In Advance


 


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Established Contributor

Re: Credit Card Plan

The ideal for me and many others is say you had 3 cards at $1,000 each.

 

$60 on 1 card (2% of total credit limit)

$0 on card 2

$0 on card 3

 

this was used to obtain a 819 Equifax 04 credit score which is one of the highest reported online by anyone. 850 is impossible on the 04 Fico scoring even the Fico President wasn't in the 800 club a few years ago.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor

Re: Credit Card Plan

 

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

 

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year Smiley Happy  I <3 them


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor

Re: Credit Card Plan


distantarray wrote:

 

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

 

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year Smiley Happy  I <3 them


Interesting - Many thanks

Amex Platinum | Discover IT | Amex BCE | Citi DCB | Chase Sapphire Reserve | Chase Sapphire Preferred | CapOne | NFCU goRewards and CLOC | Chase Freedom | Walmart | Alliant CU Visa | Couple of Biz Cards | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO (TU/EX/EQ): 737/772/752 - Total CL 215+K

Senior Contributor

Re: Credit Card Plan

I have not seen anyone post who understands how the maximum utilization of 1 card is weighted compared to the overall utilization.  Or how the number of cards with balances is weighted.

 

My guess is that overall utilization carries the most wieght.    Anyone figured this out yet?