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Ok so I'm kinda new on Fico, and though this has been discussed ad nausem, I can't understand how to pay my new CCs to optimize my score.
I have 4 cards, but only use my 2 Chase cards, the Freedom and AARP. My Freedom has 453 dollar balance last month that I PIF a couple of days before statement due. That balance was reported, and my scores dropped 6-8 pts across the board. Then today Chase reports a 0 balance and my scores went up 10 pts on TU an EQ, with Exp not reportedd
So in that exchange I netted +4. Is this how it works. Seems like I'm spinning my wheels. I charge stuff, they report it, scores goes down, I pay it, scroes go up. LOL
If I pay it before they report it, how they suppose to know thats what I did? All they see is 0 every month right?
@Anonymous wrote:Ok so I'm kinda new on Fico, and though this has been discussed ad nausem, I can't understand how to pay my new CCs to optimize my score.
I have 4 cards, but only use my 2 Chase cards, the Freedom and AARP. My Freedom has 453 dollar balance last month that I PIF a couple of days before statement due. That balance was reported, and my scores dropped 6-8 pts across the board. Then today Chase reports a 0 balance and my scores went up 10 pts on TU an EQ, with Exp not reportedd
So in that exchange I netted +4. Is this how it works. Seems like I'm spinning my wheels. I charge stuff, they report it, scores goes down, I pay it, scroes go up. LOL
If I pay it before they report it, how they suppose to know thats what I did? All they see is 0 every month right?
The reason why your wheels are spinning is because Chase reports midcycle. If they were any other company, the 0 would never report, and you wouldn't see the gain portion. In general, you would have to go online the day before the statement cuts and pay the entire amount, so that the statement cuts at 0. You would want to do this for ALL BUT ONE cards, with that last card reporting <10% utilization.