@haulingthescoreup wrote:
@MrStrode wrote:
@haulingthescoreup wrote:
I'd wait a bit over 6 months --wait until your older account is twelve months, and be sure that you have low balances reporting. If you don't know about paying your CC's off before the statements drop so that a low figure will report, read around. It's how you control reported util (revolving utilization.) Even if you PIF (pay in full) your accounts every month, if you let the balance due report, it makes it look like you're carrying a lot of CC debt.
My total UTL is around 6%. I will bring it down to 0% from now on. So I should always have a 0 balance on all my cards before they report. Thanx.... I thought I was supposed to have a little show on each but I will pay them in full before the statement cuts. Thanks again!
No, no, half way in between. Let one show a balance, not all, but not none either. (OK, that sounds awful.) In other words:
all cards with balances, however small = bad
all cards with $0 balances = sort of bad; damage varies greatly by CRA and individual credit profile
one card with small balance, rest with $0 = ideal for scoring; if you have lots of cards, you can often let two report
You don't have to kill yourself doing this, except when you're trying to optimize your scores. But I certainly wouldn't let all report.
Interesting that you got what looks like a negative for high usage with low total util. I guess it was the fact that all were reporting balances.
Those negative factors looked a little odd. They were from a FICO report, right, not from a "credit score" report like truecredit.com or the Experian site, etc etc?
eta: Duh me, that's right, they were from AmEx. And that would make sense. As I said, AmEx uses its own in-house scoring system, so their negative comments wouldn't be the same as FICO comments.
Thank you so much for breaking it down for me. Im new to the credit game so thanx for bearing with me. Now I get it .
Starting Score: (5/1/10) EQ 573