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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?
@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?
Why? What will be your overall utilization?
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.
Irish80 wroteWhy? What will be your overall utilization?
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.
@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.
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.
I do this every month. Unless I anticipate applying for credit
@lhcole77 wrote:
@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.
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.
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.
The score hit will depend on the algorithm.
04 will hit you a lot harder than 08.
@Involver wrote:The score hit will depend on the algorithm.
04 will hit you a lot harder than 08.
Agreed. And EQ seems to get hit harder for me than the other two.
Another popcorn thread!
*watches intently*