letting ALL my cards report this month--RESULTS

[lhcole77]

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@Anonymous wrote:

Another popcorn thread!

*watches intently*

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^^^ what does this mean?

[EW800]

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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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I am really looking forward to reading about what your results are!  Through my own rebuilding, I have been very interested in the topic of scores as they relate to the number of CC's reporting a balance.  Thank you for sharing with us!  

As for my own experience, I only let one balance report, paying everything else before the statements cut.  A couple of months ago I goofed and let $3 report on a second credit card.  My EQ score went down about 3-4 points, I believe.  I just had to chuckle that the FICO Scoring Gods felt that I am a higher risk with that $3 reporting!    I know it is all about how many report a balance, but I still had to laugh about getting spanked for having a $3 balance.    

Looking forward to hearing about your results!  

[Anonymous]

I used to let my cards report like you, then i took an arrow in the knee

anyway, weird thing is, when my orbitz card got reported with balance, ans when i paid it off, my score dropped by 9 points...

[myjourney]

Since I wasn't applying for any new credit about 6 months ago I stopped playing the max UTL game and just let whatever balance report on whatever card ...Monthly about 6-8 cards 

Once statement cuts I just PIF when due and call it a day 

UTL runs 2-6% monthly 

Scores vary month to month no more than 2 points +/-

I have noticed when I go 6-10% UTL is when I lose 2 points other than that normally scores stay the same as last month 

All 08 models being monitored 

YMMV

[Anonymous]

I normally use my store cards every few months, let them report a balance and then pif and dont use them for a few months again. I got CLI's that way and my score did also go up but I also lowered my utilization from those CLI's so I think it depends on how you do it. Ulitimately only 2 or 3 cards report a balance consistently for my own sanity but Im not near my 700 goal yet either so im wondering if paying before the statement cuts is better. 

[lhcole77]

So, inital results are coming in and I seem to be taking a 5-7 pt hit for each new account that is reporting a balance.

This may be due to the fact that letting these cards report has pushed me over the 50% mark for all accounts that are reporting a balance.

I have 18 accounts on EQ and 20 each on EX and TU. Mix of credit cards, auto loan and student loans, both open and closed.

So far EQ is hitting me the hardest.

More will be revealed.

[Anonymous]

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@lhcole77 wrote:

So, inital results are coming in and I seem to be taking a 5-7 pt hit for each new account that is reporting a balance.

This may be due to the fact that letting these cards report has pushed me over the 50% mark for all accounts that are reporting a balance.

I have 18 accounts on EQ and 20 each on EX and TU. Mix of credit cards, auto loan and student loans, both open and closed.

So far EQ is hitting me the hardest.

More will be revealed.

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Interesting. So that's adding up to about a 100 point hit overall?

[lhcole77]

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@Anonymous wrote:

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Interesting. So that's adding up to about a 100 point hit overall?

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No. So far 10-14 pt hit. I've allowed two more cards to report a balance. I normally allow 4 of my 9 to report. Now 6 of the 9 are reporting.

10 pt drop on TU, -12 pts on EX and -14 pts on EQ.

[lhcole77]

Another one reported and another score drop...-5 pts. 7 of 9 cards reporting.

GULP!

[elim]

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@lhcole77 wrote:

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@Anonymous wrote:

Another popcorn thread!

*watches intently*

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^^^ what does this mean?

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