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Just give it to me straight.

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slap_happy
Frequent Contributor

Re: Just give it to me straight.

 



Message 11 of 19
score_building
Senior Contributor

Re: Just give it to me straight.


@Anonymous wrote:

@xerostatus wrote:

 

Also, I wish people would stop saying "1-9%". Always report 1% for maximum optimization. Reporting 1% > reporting 2~9%. There's some empirical evidence of this, on that other forum.


 

I suspect you are right, 1% is what I do, but I have read other claims here and I have not seen evidence either way.  But, 1% makes sense to me.

 


That is kind of like giving the advice, "always have every single hair in place" It has extremely limited utility in the real world.

In the nose bleed section, the difference betwen say, 1% reporting and a score 828 and 2-9% reporting and a score of 811 is in the margins and will make ZERO difference on ANY  app outcome. Scores in the middle or low end will, with such infrequency, be moved from one rate bracket to another by the difference, as to make it completely insignificant unless the expressed goal is a perfect score, not to shop it for loans.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 12 of 19
CoreyGSHS
New Contributor

Re: Just give it to me straight.

I've got a card with a $700 limit and I pay down to $35 before the statement cuts, thus giving me a 5% utilization rate on my credit report. 

 

 

So wait, are you saying only have it report to 1% for best score boosting? I read both on here and Credit Karma that anything between 1-9% gives the same scoring effect? 

Message 13 of 19
titanofold
Established Contributor

Re: Just give it to me straight.


@CoreyGSHS wrote:

I've got a card with a $700 limit and I pay down to $35 before the statement cuts, thus giving me a 5% utilization rate on my credit report. 

 

 

So wait, are you saying only have it report to 1% for best score boosting? I read both on here and Credit Karma that anything between 1-9% gives the same scoring effect? 


Let's say the 1% - 9% gets you into the same group. However, the actual percentage point that's optimal is individualistic. My best score is at 3%.

 

There are many factors: Which CC is carrying the balance, it's CL compared to total CL, and several others.

 

While there is empirical evidence from some individuals that 1% is best, that's what's best for them.

 

Now, when my reported usage dropped below 3% to 2% and 1%, I lost a point on my score. I haven't tried any other percentage point.

Scores2013-09-21Current
Equifax630 (LP)755 (CK)/749 (Quizzle)
Experian640 (FCR)FICO 707 (Amex)
TransUnion588 (CK)FICO 754 (Barclaycard)
Message 14 of 19
Anonymous
Not applicable

Re: Just give it to me straight.


@score_building wrote:

@Anonymous wrote:

@xerostatus wrote:

 

Also, I wish people would stop saying "1-9%". Always report 1% for maximum optimization. Reporting 1% > reporting 2~9%. There's some empirical evidence of this, on that other forum.


 

I suspect you are right, 1% is what I do, but I have read other claims here and I have not seen evidence either way.  But, 1% makes sense to me.

 


That is kind of like giving the advice, "always have every single hair in place" It has extremely limited utility in the real world.

In the nose bleed section, the difference betwen say, 1% reporting and a score 828 and 2-9% reporting and a score of 811 is in the margins and will make ZERO difference on ANY  app outcome. Scores in the middle or low end will, with such infrequency, be moved from one rate bracket to another by the difference, as to make it completely insignificant unless the expressed goal is a perfect score, not to shop it for loans.


 

Touche.  In our defense, we were speculating on the absolute best percentage for MAXIMUM optimization.  That, to a normal person, exudes obsessive-compulsive behavior,,, guilty as charged...

 

Message 15 of 19
CoreyGSHS
New Contributor

Re: Just give it to me straight.

Nothing wrong with being a little FICO obsessed, haha. 

 

By the way, I only have my one BoA card with the $700 limit which I've used at 12%, 7%, and 5% on all my three statements that reported. I've generated a 732 CK score. (Yes, I know they are FAKO's). 

Message 16 of 19
Imperfectfuture
Super Contributor

Re: Just give it to me straight.


@titanofold wrote:

@CoreyGSHS wrote:

I've got a card with a $700 limit and I pay down to $35 before the statement cuts, thus giving me a 5% utilization rate on my credit report. 

 

 

So wait, are you saying only have it report to 1% for best score boosting? I read both on here and Credit Karma that anything between 1-9% gives the same scoring effect? 


Let's say the 1% - 9% gets you into the same group. However, the actual percentage point that's optimal is individualistic. My best score is at 3%.

 

There are many factors: Which CC is carrying the balance, it's CL compared to total CL, and several others.

 

While there is empirical evidence from some individuals that 1% is best, that's what's best for them.

 

Now, when my reported usage dropped below 3% to 2% and 1%, I lost a point on my score. I haven't tried any other percentage point.


This happened to me as well, not so muchTU, which stayed the same, but equifax (18 point drop).  Went back to 5% util the next month, got the 18 pts back again.

Signature needs updating
Message 17 of 19
Themanwhocan
Senior Contributor

Re: Just give it to me straight.

I explain it all here, briefly and in detail.

 

http://ficoforums.myfico.com/t5/Credit-Cards/How-do-I-play-the-1-9-Utilization-Game-Please-Help/m-p/...





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 18 of 19
Anonymous
Not applicable

Re: Just give it to me straight.


@TheStig wrote:

Is it better to completely pay off CC's to a 0% Utilization or Carry a 1-2% Utilization every month. I'm getting mixed answers from everywhere. Thanks in advance.


i always pay off My Statement Balance in full and it has worked out for me great, i have NO interest in paying any interests...

Message 19 of 19
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