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Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Optimal Reporting

Hi All! I'm trying to maximize my score for next month, and trying to figure out the optimal utilization reporting. I have 3 CC that I active use, 2 that are sock drawered, and 1 credit line with a zero balance (not a card) but I think it shows as a credit card on my reports. I also have a mortgage, a car loan, and am cosigner on my husbands car loan - 9 open accounts total. I've heard that to maximize score you want to show balances on less than half of tradelines. Does this apply to just credit cards? Or all tradelines? And if all tradelines, is it all open tradelines, or all the tradelines showing on my report - I have 18 total showing, 9 closed but still reporting. Here are the current balances and limits I have on the 3 credit cards I use:

 

AMEX - $868.40/7500

US Bank - $1507.34/15,000

US Bank 2 - $1450.99/15,500

 

My AMEX statement period closes 4/16, so even though I've paid the previous bill in full I want to pay this down before the 16th so it's reporting less. My US Bank cards report the actual balance at the end of the month just after I've made the payments. I'm wondering how much I should pay everything down. Should I show a balance on only one of the cards, and should this be as close to 1% as possible? Or should I show a balance close to 1% on all the cards? Thanks, just trying to get my score as high as possible. Thinking about applying for my goal card (the Schwab Invest First) and also thinking about trading my car in for a Toyota Prius to take advantage of some of the 0% financing my local dealer is offering to Tier-1 buyers. Incidentally, if anyone has anything to say about the Prius, that would also be much appreciated! :smileyhappy:

Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008

Re: Optimal Reporting

[ Edited ]

Mank wrote:

Hi All! I'm trying to maximize my score for next month, and trying to figure out the optimal utilization reporting. I have 3 CC that I active use, 2 that are sock drawered, and 1 credit line with a zero balance (not a card) but I think it shows as a credit card on my reports. I also have a mortgage, a car loan, and am cosigner on my husbands car loan - 9 open accounts total. I've heard that to maximize score you want to show balances on less than half of tradelines. Does this apply to just credit cards? Or all tradelines? And if all tradelines, is it all open tradelines, or all the tradelines showing on my report - I have 18 total showing, 9 closed but still reporting. Here are the current balances and limits I have on the 3 credit cards I use:

 

AMEX - $868.40/7500

US Bank - $1507.34/15,000

US Bank 2 - $1450.99/15,500

 

My AMEX statement period closes 4/16, so even though I've paid the previous bill in full I want to pay this down before the 16th so it's reporting less. My US Bank cards report the actual balance at the end of the month just after I've made the payments. I'm wondering how much I should pay everything down. Should I show a balance on only one of the cards, and should this be as close to 1% as possible? Or should I show a balance close to 1% on all the cards? Thanks, just trying to get my score as high as possible. Thinking about applying for my goal card (the Schwab Invest First) and also thinking about trading my car in for a Toyota Prius to take advantage of some of the 0% financing my local dealer is offering to Tier-1 buyers. Incidentally, if anyone has anything to say about the Prius, that would also be much appreciated! :smileyhappy:


  • The util on each card is around 10% and up.  
  • If you can pay that much amount, that is great.
  • What's are those APRs?  

With my experience, when I PIF (it was over 1k) on one of acct and reported Zero balance, the score went up really good.  

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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Optimal Reporting

[ Edited ]

Total of all OPEN accounts. ALL. FICO scores individual revolving lines as well as total utilization across all cards.If you let one card report make sure the utilization is under 9% of the credit limit.  Try to let only 1 CC report a balance. I bet your scores go up.

Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Optimal Reporting

Bunny - to be honest I'd have to look up the APR's. I pay the full statement balance every month, so I don't pay any interest. AMEX has already been paid this month, but I want to make another payment in the next couple of days before my next statement balance closes on the 16th. USBank payments aren't due til the end of the month, and will report after I pay a minimum of the statement balance on them both.

 

Smallfry - I recently added my husband as an AU on AMEX. It should be reporting this month for the first time. I want to boost his score as much as possible too. Would it be best to show the AMEX at 1% util (since he doesn't have any other credit card debt - am I right that 1% calculates better than 0%?) and pay the USBank cards off? Or would it be better for his score to show 0% on AMEX and leave 1% on one of the USBank cards that don't show on his report?

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Optimal Reporting

 


Mank wrote:

Bunny - to be honest I'd have to look up the APR's. I pay the full statement balance every month, so I don't pay any interest. AMEX has already been paid this month, but I want to make another payment in the next couple of days before my next statement balance closes on the 16th. USBank payments aren't due til the end of the month, and will report after I pay a minimum of the statement balance on them both.

 

Smallfry - I recently added my husband as an AU on AMEX. It should be reporting this month for the first time. I want to boost his score as much as possible too. Would it be best to show the AMEX at 1% util (since he doesn't have any other credit card debt - am I right that 1% calculates better than 0%?) and pay the USBank cards off? Or would it be better for his score to show 0% on AMEX and leave 1% on one of the USBank cards that don't show on his report?


 

EQ likes 1 credit card reporting a balance. TU likes 0.

 

Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Optimal Reporting

 Any idea what Experian likes best?


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