cancel
Showing results for 
Search instead for 
Did you mean: 

How many cards should I keep a balance reported ? please help

Regular Contributor

How many cards should I keep a balance reported ? please help

I have 4 credit cards

3 regular and 1 amex charge card

i want to buy next month a car and I want to maximize my FICO score

i was told that the best is to have under 9% UTI and have only 1 card report a balance

 

usually I like to keep one of my 3 regular cards report a balance and have my charge card report 0 because it doesn't count towards UTI

this month for some reason I forgot oti pay off my charge card before the statement cutoff date so I have a balance on it

 

now my question is should I report My 3 other regular revolving cards as 0 ? This will get me to 0% UTI

 

Or do I keep 1 regular revolvingcard with a balance and then I will have 2 cards report a balance (1 revolving card and 1 charge card) ?

 

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 1 of 2
1 REPLY
Valued Contributor

Re: How many cards should I keep a balance reported ? please help


pat0812 wrote:

I have 4 credit cards

3 regular and 1 amex charge card

i want to buy next month a car and I want to maximize my FICO score

i was told that the best is to have under 9% UTI and have only 1 card report a balance

 

usually I like to keep one of my 3 regular cards report a balance and have my charge card report 0 because it doesn't count towards UTI

this month for some reason I forgot oti pay off my charge card before the statement cutoff date so I have a balance on it

 

now my question is should I report My 3 other regular revolving cards as 0 ? This will get me to 0% UTI

 

Or do I keep 1 regular revolvingcard with a balance and then I will have 2 cards report a balance (1 revolving card and 1 charge card) ?

 


It's actually better to have some kind of utilization and only 1 card reporting a balance, so it looks like you only have 1 out of 4 monthly payments as opposed to 4 out of 4 monthly payments to make every month!

 

if you cannot wait long enough for this to happen, I think it would be better FICO score-wise to do the latter: get 1 regular revolving card with a balance and then have 2 cards report a balance. 0% utilization won't give you the max amount of points than if you reported some utilization! also some FICO/FAKO/other scoring models don't consider how many balances you have reporting, but all of them will consider your overall utilization.


Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | Diamond Preferred $6.5k FICOS: EX 775 EQ 764 TU 759 VantageScore 3.0: EX 759 EQ 757 TU 762
Message 2 of 2