Urgent!!! how much should I spend on my card so my credit score will go up

[strong_lady]

I forget to list my scores... I will do that next time.  I just paid off my credit card and my limit is 270 dollars well its supposed to be 300 but they forget to waive the 30 dollars late fee and they will refund that in 2 to 3 business days.  So for now I have 270 dollars I was told to not spend more than 9% so my credit score will go up is this true and if so isnt that just 27 dollars?  IF i spend 100 will my credit score go up if I pay it off on the next billing cycle?

Strong_lady

[Anonymous]

What you spend and what you 'permit' to report are 2 different animals!  Allow less than 10% to 'show' - and that is already there with the late fee (depends on when statement cuts)

I spent $780 on Cap1 this month -- I am letting report $69 (already made the payment so they are emergency only until the statement cuts).

Spending on Citi was a little over $2200 -- it will report $175

Need as much damage control as possible with the maxxed out Care Credit card - which I really would like to take advantage of the 0% on but may have to pay down significantly by September/October.  need to go 'credit shopping' in late November /early December.

[Anonymous]

strong_lady, that 9% balance thingy is for maximimum scoring impact IF you have several cards reporting.

I know....I've been there. Having an extremely low credit limit card make it almost impossible to play the FICO game as we call it.

Do you have any other cc's? When I was in credit building mode(which seems like yesterday), I didn't have many cards and I had 2 choices: use the card, or go the cash route. I'd use a card up to like, 30% or 40% of the credit limit, then I'd take it out of my wallet, and go cash only until after the balance was $0. Then start over again.

Ideally you should have a minimum of 3 or 4 cards reporting to the CRA's. 2 of them should be be reporting $0 balance, and the remaining should show a balance of 1%-9%. But that's for maximum scoring points possibility.

Hope that helps a lil' bit.

[Anonymous]

Your score is based on the balance showing unpaid not how much you spend. If you charge 300 and pay before it reports your reported UTL will be 0.

On many of the $300 cards they make it hard to pay before billing date, so in this case they probably will report your balance when they bill you.

However you can max out your card or pay in full before the bill is due and long term will bring up your score the same. They are talking about now not long term. If you pull your score today the lower the balance showing will make your score generally go higher. But the points are constantly moving based on the balance showing that day.

When you need your score up just pay everything off 60 days before you apply. Otherwise just use your card and don't watch your score. When you want to see your progress, pay everything off in full so you have a base to compare scores and then look at your score.

[haulingthescoreup]

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@Anonymous wrote:

When you need your score up just pay everything off 60 days before you apply. Otherwise just use your card and don't watch your score. When you want to see your progress, pay everything off in full so you have a base to compare scores and then look at your score.

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And remember the time lag involved: each CCC has to note your new balance and report it to the CRA's, in most cases on your statement date, and then each CRA has to post this new balance on its report. I'm sure that this is why pizza said "60 days" --you need to allow for inevitable delays.

[strong_lady]

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@Anonymous wrote:
strong_lady, that 9% balance thingy is for maximimum scoring impact IF you have several cards reporting.

I know....I've been there. Having an extremely low credit limit card make it almost impossible to play the FICO game as we call it.

Do you have any other cc's? When I was in credit building mode(which seems like yesterday), I didn't have many cards and I had 2 choices: use the card, or go the cash route. I'd use a card up to like, 30% or 40% of the credit limit, then I'd take it out of my wallet, and go cash only until after the balance was $0. Then start over again.

Ideally you should have a minimum of 3 or 4 cards reporting to the CRA's. 2 of them should be be reporting $0 balance, and the remaining should show a balance of 1%-9%. But that's for maximum scoring points possibility.

Hope that helps a lil' bit.

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Sylviatob

Sorry for the extended long delay!!!!

I forget all about this discussion that I wrote... and I have just recently logged back on to FICO.. This credit card is the only one I have right now ... and they automatically added $20 dollars to my balance for a total of $320.00.  That is a big plus for me since my highest score is 536.  Do I pay the whole balance off and leave a 0 balance or leave a $10 balance

Thanks

Strong

[haulingthescoreup]

sylviatob isn't active on the forums any more , so I'll take a shot.

We don't really know what's best with only one card --let it report or not. Another member asked this about two weeks ago, and as I recall, she volunteered to be a guinea pig and try it both ways. If you do want to let it report, just let $10 show up and then pay it off.

I just lost an average of 4 points per report for having all 8 CC's report $0, and others have found the same thing. But those of you with only one card are in a different situation.

Congrats on the CLI! They can be pretty rare these days.

[strong_lady]

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@haulingthescoreup wrote:
sylviatob isn't active on the forums any more , so I'll take a shot.

We don't really know what's best with only one card --let it report or not. Another member asked this about two weeks ago, and as I recall, she volunteered to be a guinea pig and try it both ways. If you do want to let it report, just let $10 show up and then pay it off.

I just lost an average of 4 points per report for having all 8 CC's report $0, and others have found the same thing. But those of you with only one card are in a different situation.

Congrats on the CLI! They can be pretty rare these days.

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Hey thanks for responding....

Im going to leave a 20 dollars balance on it and see what happens ... also... I am going to apply for a BOA secured CC.. do you think this is a good idea?  I have 7 PFD's in the making and I wanted to get my scores at least in the 600's around May this year.... so I can apply for a loan for a used car.

Does it matter how much you put on the secured cc.. i was thinking of doing 500 is that enough.... what do you think?

My scores right now are (wait....let me get out the kleenex)...lol

Transunion 536

Experian 440

Equifax 510

[haulingthescoreup]

I'd hold off on the BOA secured card until you get some response with the PFD's. That EX score especially is a killer.

I'd say that you're still in the repair phase, and not yet really in the rebuilding phase.

My concern about applying for anything at this point is that you'll be denied, and you'll wind up with a bunch of inquiries and no new accounts, and you'll be in worse shape than before.

[marty56]

For me, 1% is is the same 9% and since FICO rounds up, $1 should do the trick.  LOL it would be hard to do though.