To PIF or not to PIF?

[PastorH]

So myjourney, Lexie and SuperKirby ... does my game plan (above) sound good???  By the way, I have to add that I was just approved for my Amex Green. (posting a seperate message)

[SuperKirby]

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@PastorH wrote:

Thanks to all who have helped so much. I have received such great advice.  So, considering all, this is my game plan. Please tell me if you think it is a good one.

1. I expect to pay off the JCP store card soon. (old)  I can charge future purchases to my new cards, get rewards.
   
2. I will try to pay down my Chase Amazon Visa (old).  I may consider requesting a CLI, in order to affect utilization. (Worried about HPs)  This will be the only one of the four reporting/carrying balances.  I will strive to pay it off. In the meantime, I will not charge any more to it.
   
3. The two new cards will be PIF before the statements cut. (Report $0.00)  If ever not possible, (doubt it) at least before the due date. (no interest)
   
4. If ever I need a particularly higher score, I can consider the >9% Rule. (Once Chase Amazon Visa is under control.)
   
5. I have paid for FICO scores (3 side by side) and will consider a subscription for monitoring.  I have considered Credit Karma and Credit Sesame before, but didn't know if they were legit.
   
6. Once I get response from Amex Green that is "in progress", I will ask advice as to start gardening. (If I have understood what it means.)
   

I think I have summed up all recommendations and consolidated into a personal plan.  Then I'll try not to overthink it!

I pray that you agree. Let me know. God bless.

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That looks good, PastorH!

Credit Karma, Credit Sesame, and credit.com are all great, trustworthy, and legitimate when looking at your utilzations, HPs, total accounts, etc. Always remember that CK, CS and credit.com have FAKO scores (not real FICOs, they have their own scoring system). So don't really pay attention to those FAKO scores. Sometimes the FAKO scores can be 50-60 points different from the actual FICO!

[SuperKirby]

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@PastorH wrote:

Thanks for the idea mnscoutnyc:

Maybe I will use the JCP money to pay down Amazon.

I registered in CK. I like the features/tools.  But, I noticed that eventhough they are powered by TU, the score is quite lower than the score for TU at True Credit, where I am a subscriber. Hmmm?!

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TrueCredit provides a FAKO (they use their own scoring system) just like CK (use their own seperate scoring system), the scores should always be different.

There is a lot of info on this page: http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...

but it shows you where you can find true FICOs (very few places provide FICO scores).

The best FICO you can find is the one you can find here on this website called ScoreWatch (also found on EQs website). However, it only provides the EQ FICO Beacon 5.0 (the 2004-2005 version). A lot of lenders use this version, so it's great to have. $14.95/month

MyFICO.com also provides a true FICO for TU. They only give you your score every 3 months, and the caveat I don't like is they only give you the TU 1998 version. That version is so old I don't remember the last time a lender pulled that score!

There are so many different versions of FICOs, and each version of FICO has their own scoring system, and each lender pulls different bureaus! So it's best to hopefully find out which lender pulls what, and buy that score to monitor. This is of great use for people buying SL's,HLs, ALs, and CCs. If you're not doing any of those, then just PIF and call it a day 

[PastorH]

Like others, you've been great SuperKirby.  Thanks a million.  I'll be visiting this forum continuously as I move forward. I'll trust your advice.  God bless you.

I have another post on Amex approval and what next.  Check it out, please.

[mnscoutNYC]

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@JMills wrote:

Also showing $0.00 on the your reports is the way to go! That was the first advice I got on myfico, someone PM me this when I begin to rebuild. However I am paying down my balance and I  havenotice my scores gone up 10 points here, 17 points there. What I want to know is when it does report  zero($0.00) tdo I  begin to use the card again and then PIF? This is the advice I receive. PIF, let it report and  then start the process again. Now what's up with sock drawer CCs, how does that help you if your not using it. I guess with your AAOA? But at what time do you use it again? I guess that's what the bubblegum purchases are for? Lol

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They help you because you get new credit lines, which greatly improve your utilization ratio. Utilization is one of the most decisive factors in calculating credit scores. As to when to start using it, I would use them if I need them. 

[vanillabean]

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@mnscoutNYC wrote:

The problem as I see it is your Chase Amazon card and to a lesser extent JCP. Your utilization rate on Amazon is over 60%. That's a huge red flag, and that is what's bogging down your credit score, well most probably. It's irrelevant IMHO, when exactly you pay off your other credit cards as long as you pay them in full every month.

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A maxed out card may actually affect one's credit score less than commonly thought, which could be a decrease of 40 points. Having small balances on all of your cards too may take away something like 40 points.

So reporting balances on all cards (100% of the cards) may roughly decrease your score about as much as having one card reporting but which is maxed out (a 100% utilization). And if you have balances on half of your cards (50%), the same damage may come from the one card reporting whose credit is used halfway up (50%). So my theory is that the percentages match.

[myjourney]

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@PastorH wrote:

Thanks to all who have helped so much. I have received such great advice.  So, considering all, this is my game plan. Please tell me if you think it is a good one.

1. I expect to pay off the JCP store card soon. (old)  I can charge future purchases to my new cards, get rewards.
   
2. I will try to pay down my Chase Amazon Visa (old).  I may consider requesting a CLI, in order to affect utilization. (Worried about HPs)  This will be the only one of the four reporting/carrying balances.  I will strive to pay it off. In the meantime, I will not charge any more to it.
   
3. The two new cards will be PIF before the statements cut. (Report $0.00)  If ever not possible, (doubt it) at least before the due date. (no interest)
   
4. If ever I need a particularly higher score, I can consider the >9% Rule. (Once Chase Amazon Visa is under control.)
   
5. I have paid for FICO scores (3 side by side) and will consider a subscription for monitoring.  I have considered Credit Karma and Credit Sesame before, but didn't know if they were legit.
   
6. Once I get response from Amex Green that is "in progress", I will ask advice as to start gardening. (If I have understood what it means.)
   

I think I have summed up all recommendations and consolidated into a personal plan.  Then I'll try not to overthink it!

I pray that you agree. Let me know. God bless.

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I like your plan ......Sounds good to me and CONGRATS on the Amex your in there

[PastorH]

Thanks for the vote of confidence myjourney. 

[myjourney]

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@PastorH wrote:

Thanks for the vote of confidence myjourney. 

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You have done well bravo

[PastorH]

Thanks myjourney.  I'll continue to count on you as the garden grows.