MYFICO 800 CLUB

[Cadillac-XTS]

CK say 716

[lg8302ch]

Hi to everybody

I am very new to looking at my credit score because I live outside the US for now 26 years.   Discover just declined a pre-screen application offer and I had been told that my "revolving" balances are too high.  Well I do only have credit cards in the US  which I pay  the bill in full every month by  an automatic payment plan at the due date so I will not have to think to miss a payment. Like this I have 100% score in the past 7 years.  But BofA has reported a minimum payment of 15USD  only and "pays as agreed" to the Fico.  With open balances of each card of 600-1000USD and a minimum payment of 15USD it is understandable that I get denied. But I do pay every bill in full every month but since I use the cards constantly the "open" amount each month is pretty much the same and it looks that I would not pay my bills. Improving my scores are a mission impossible? Or would it help to pay part early  manually before the automatic payment it done automatically?

Is it normal that the credit card company reports the minimm amount of 15USD if  the balance is always paid in full? My goal to get close to the 800 is out of reach like this or does anybody know how to improof the score but still use my credit cards?  I am pretty lost here and it does not look right to me that I get treated the same way as if I would pay  off 15USD only  every month by paying 600-1000USD every month. Anyway to improve my score and not stop using my cards. Simulation of increasing the credit line did not bring any results as it is far from being max out and stays below 10%. 

Any suggestion appreciated to reach my goal of 800+ on all ... 

cheers

[CreditChampion]

For balances not to report you have to pay them BEFORE the statement cuts

[Cadillac-XTS]

+1

[distantarray]

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@CreditChampion wrote:

For balances not to report you have to pay them BEFORE the statement cuts

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not always there's quite a few banks who post mid month, so just remember to pay your bill a few times a month to keep your fico 100% optimal.

[distantarray]

also to the OP the TU fico here is TU98 and is not what the mortgage lenders or majority of the auto industry or credit cards could pull to base their decisions. If they rely on fico they need Fico04 and not Fico98. So your Fico 04 is probably much lower and chance of your bad auto loan dropping off early is a possibility as well. so remember if your reports are clean it's possible, but it could just be you found your sweet spot on your fico with debt utilization. Bobwang on Creditboards stated from his calculations the sweet spot is to report around 2%  

[Cadillac-XTS]

I just got my Travelocity amex in the mail from barclays this past weekend and it stated my fico was 803 as well. Considering the many different fico scores there are out there who really know what there scores are.

[lg8302ch]

@ credit champion

Thanks. Will try to do manual payments before closing date and leave some part left for reporting to build my credit history. No balance no reporting I guess. Curious to see if this will get my scores higher.  Major negative point for me is no installment account but only recurrent accounts. Credit cards only and no mortgage or loan of course as out of country resident.  Thanks for the tip.

cheers

[webhopper]

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@lg8302ch wrote:

Hi to everybody

I am very new to looking at my credit score because I live outside the US for now 26 years.   Discover just declined a pre-screen application offer and I had been told that my "revolving" balances are too high.  Well I do only have credit cards in the US  which I pay  the bill in full every month by  an automatic payment plan at the due date so I will not have to think to miss a payment. Like this I have 100% score in the past 7 years.  But BofA has reported a minimum payment of 15USD  only and "pays as agreed" to the Fico.  With open balances of each card of 600-1000USD and a minimum payment of 15USD it is understandable that I get denied. But I do pay every bill in full every month but since I use the cards constantly the "open" amount each month is pretty much the same and it looks that I would not pay my bills. Improving my scores are a mission impossible? Or would it help to pay part early  manually before the automatic payment it done automatically?

Is it normal that the credit card company reports the minimm amount of 15USD if  the balance is always paid in full? My goal to get close to the 800 is out of reach like this or does anybody know how to improof the score but still use my credit cards?  I am pretty lost here and it does not look right to me that I get treated the same way as if I would pay  off 15USD only  every month by paying 600-1000USD every month. Anyway to improve my score and not stop using my cards. Simulation of increasing the credit line did not bring any results as it is far from being max out and stays below 10%. 

Any suggestion appreciated to reach my goal of 800+ on all ... 

cheers

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If you switch your spending to an Amex Charge card, your utilization will not count against you, and you can automatically PIF every month with no issues.  I'm not sure what your spending or travel habits are, but Amex platinum offers free companion airline tickets if you travel first class.  Also, free lounge access and no foreign transaction fees.  If you do a lot of international travel with a wife or significant other, you may be able to save a lot of money and have a better quality travel experience.

just my two cents

On the other hand,  One option is to pay a large amount several days ahead of when your statement is generated.  Best of luck to you!!

[RonDawg]

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@Credit314 wrote:

Its fico. Correct me if Im wrong but I dont think you even get a vantage score through myfico

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Nope I think your right.  No vantage score through MyFICO