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I finally learned my new accounts' statement dates -- all cut on different dates. But I have it down pat for this month! LOL... By Friday I wil have gone from 72% util to 1% How long do I need to keep this "game" up in order to maximize my FICO score... a month, 2 months? Eventually will my credit score just plateau? The only reason why I ask is because it takes a lot of diligence to remember 5 different dates, etc.
Thanks for your input...
@toi34 wrote:I finally learned my new accounts' statement dates -- all cut on different dates. But I have it down pat for this month! LOL... By Friday I wil have gone from 72% util to 1% How long do I need to keep this "game" up in order to maximize my FICO score... a month, 2 months? Eventually will my credit score just plateau? The only reason why I ask is because it takes a lot of diligence to remember 5 different dates, etc.
Thanks for your input...
As long as you like
@toi34 wrote:I finally learned my new accounts' statement dates -- all cut on different dates. But I have it down pat for this month! LOL... By Friday I wil have gone from 72% util to 1% How long do I need to keep this "game" up in order to maximize my FICO score... a month, 2 months? Eventually will my credit score just plateau? The only reason why I ask is because it takes a lot of diligence to remember 5 different dates, etc.
Thanks for your input...
You can call and ask each company to change your statement dates.
LOL! Will I reap great FICO rewards every month that I keep this up?
@toi34 wrote:LOL! Will I reap great FICO rewards every month that I keep this up?
I go 4-5 months after an app spree to recover and improve scores
The first month I suffer from INQ's and new accounts reporting dings YMMV
It works for me
This is a temporary score effect. The first time you don't do this. Your score will drop again.
To clarify, the premise of your question suggests that you believe your score improves based on continued good credit behavior. This is a common misconception. You do not earn FICO points for continued low utilization or for any other good credit practice. A credit score is generated by feeding the information on a credit report through an algorithm. The score is based solely on the information that is currently on the report. There is no memory for what was on there previously. You could religiously observe the 1-9% rule for years and all else being equal, you would end up with the same score if you had instead had your cards near maxed out for years and then paid them down to 1-9% the following month.
Like the other poster suggested, you should ask the credit companies to change your due date so that they fall on the same day. I never had an issue having the due date that's convenient for me, whether it was with Cap One, Amex, Chase or Discover. I actually contacted Amex a few days ago so that my auto pay with them would be on the 15th of the month, which is the same with my other credit card. I know with Cap One and Discover, you can do it online.