How to manage my cards to increase my score?

Anonymous · ‎08-22-2015

I have 9 cards, I don't know how to use it to increase the score? Should I use 3 cards every month?

NRB525 · ‎08-22-2015

You are in the mid-700s. You have no baddies.

The only thing you can really do is keep the utilization in check (less than 10% overall) and keep using the cards each month and paying on time. There may be some swing of 10 points or so depending on how many of your cards you use, but really....

Time is the only thing that will increase your scores now, if you are in credit cards only.

Other borrowing devices like an installment loan may help, but you have to pay money for something to get the loan.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

kdm31091 · ‎08-22-2015

Keep your utilization low, make your payments, there's no real secret method or anything, regardless of number of cards.

For optimal "maximization", one card would report 1-9%, and the rest no balance but really, unless you have a mortgage app coming up where it may possibly make a small difference, you won't see any huge gain from "maximizing" like that.

Your scores are good, you're doing everything right. As alluded to above, the only significant boost you'd see is maybe if you added a different type of loan. Otherwise, just keeping doing what you're doing, keep util low, let your AAOA grow, etc.

Also, while getting your score above 750+ can boost your ego, there is typically little to no difference in terms once you get to that point. You will usually get the best rates by that point, so increasing is really not going to get you much more.

Anonymous · ‎08-22-2015

@kdm31091 wrote:
Keep your utilization low, make your payments, there's no real secret method or anything, regardless of number of cards.

For optimal "maximization", one card would report 1-9%, and the rest no balance but really, unless you have a mortgage app coming up where it may possibly make a small difference, you won't see any huge gain from "maximizing" like that.

Your scores are good, you're doing everything right. As alluded to above, the only significant boost you'd see is maybe if you added a different type of loan. Otherwise, just keeping doing what you're doing, keep util low, let your AAOA grow, etc.

Also, while getting your score above 750+ can boost your ego, there is typically little to no difference in terms once you get to that point. You will usually get the best rates by that point, so increasing is really not going to get you much more.

Do you think using all my cards at the same time and make 7 cards 0 balance at the end of the month, and stay below 10% util?

Anonymous · ‎08-22-2015

It does not matter how many cards you use per month, or how much you use them, ect. The ONLY thing that will matter is how much your utilization is when the cards post their balances. That is it.

Quoting kdm: "For optimal "maximization", one card would report 1-9%, and the rest no balance"

If you use one card a month one time, or all 9 cards 200 times apiece, it would all be the same as long as, in both scenarios, the utilization that reported remained the same. Utilization is all the fico scoring algorithm cares about. How many cards you use, or how many times you use them mean nothing.

takeshi74 · ‎08-22-2015

@Anonymous wrote:
It does not matter how many cards you use per month, or how much you use them, ect. The ONLY thing that will matter is how much your utilization is when the cards post their balances. That is it.

This.

A score is generated based on the data in a report. Take a look at your own reports. Note the data there. Activity is not indicated. There's balance, limit, high balance, and some other limited data but there isn't transaction level info.

Also take a look at:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Anonymous · ‎08-22-2015

I agree with what has been written. But I do have say it is a wonderful thing when you achieve high Fico scores. So if you can hit 760-780 and then 800+, then that is something you should strive for. It is very similar to having a 3.50 or 3.75 GPA. Both are great scores. But they don't compare with a 3.90 or 4.00. All are great scores yes, but 3.90-4.00 are phenomenal GPAs. And so a high Fico score 760-800 or 800+ will get you great rates and high SL, but with all things being equal I would bet 800+ scores depending on D/I and other factors would get you the highest SL possible. So strive for it.

Do you have any installment loans? If you have run your MyFico reports, what do they say say are the score factors hurting you score versus helping?