letting ALL my cards report this month--RESULTS

[lhcole77]

Running a test and am going to let all my cards report a balance this month. First time doing this. Curious to see effect.

Gulp!

What was your experience like when doing this?

[Anonymous]

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@lhcole77 wrote:

Running a test and am going to let all my cards report a balance this month. First time doing this. Curious to see effect.

Gulp!

What was your experience like when doing this?

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Why?  What will be your overall utilization?

[Anonymous]

How much of the credit score is based on total amount of payments?  I have around 450/450 ontime payments.  I was considering using all of my cards each month to report balances even just $5 and have it all on auto pay, so instead of using 2 cards per month reporting payments, I have 12 cards doing so.

[lhcole77]

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Irish80 wrote

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Why?  What will be your overall utilization?

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Overall will be ~13%.

Score calculates UTL and number of accounts reporting balances. Trying to gauge my score parameters.

So this month each will report and then over the next months I will have one less report each month to see possible changes in score.

[lhcole77]

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@Anonymous wrote:

How much of the credit score is based on total amount of payments?  I have around 450/450 ontime payments.  I was considering using all of my cards each month to report balances even just $5 and have it all on auto pay, so instead of using 2 cards per month reporting payments, I have 12 cards doing so.

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Payments account for 35% of score. Not sure if that comes from actual number of payments or just % of on time payments. I assume the latter.

Letting all cards report a balance may ding score though. Keep that in mind. That's why I'm doing this. I'm trying to gauge how many can report with least amount of negative impact.

[compassion101]

I do this every month. Unless I anticipate applying for credit

[taxi818]

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@lhcole77 wrote:

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@Anonymous wrote:

How much of the credit score is based on total amount of payments?  I have around 450/450 ontime payments.  I was considering using all of my cards each month to report balances even just $5 and have it all on auto pay, so instead of using 2 cards per month reporting payments, I have 12 cards doing so.

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Payments account for 35% of score. Not sure if that comes from actual number of payments or just % of on time payments. I assume the latter.

Letting all cards report a balance may ding score though. Keep that in mind. That's why I'm doing this. I'm trying to gauge how many can report with least amount of negative impact.

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I've tried exactly what your saying. And I lost maybe 11-15 points. Really on eq. Not so much on ex or tu.  But soon as I paid a couple to 0. Back up.  Had 1 account with 2 dollar balance. Lost 7 points.  What the f...k. Anyway. Good way to judge. Good luck. 

[Involver]

The score hit will depend on the algorithm.

04 will hit you a lot harder than 08.

[lhcole77]

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@Involver wrote:

The score hit will depend on the algorithm.

04 will hit you a lot harder than 08.

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Agreed. And EQ seems to get hit harder for me than the other two.

[Anonymous]

Another popcorn thread!

*watches intently*