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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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2 questions because i dont want to thread jack.

[ Edited ]

1. How often do creditors report? 

i recieved a credit card through american eagle (store card) 

and a chase freedom (credit card) 

they dont show up on my report yet.   (score watch report or trans union has not updated any changes)

as well as i paid off 2 of my cards and a third had a purchase that is getting paid next week but the card was not reporting balance because i barely shop at macys. 

 

2. also score watch predicts that if i pay off all my cards which roughly equals to 2400/6800 dollars it will jump my score 120 points? from 660 to 740-780  is this possible? 

 

i dont have any bad remarks besides lack of credit history. and obviously now aaoa.  my longest being 2 years and lowest now being brand new. and average of about 1.3 years

 

also i have 4 inquires on my report with pulls but i believe they are all soft besides american eagle which im pretty mad about. 

 

so hard inquries is sallie mae which will be gone in april. and now this dumb store card that will fall off in two years 7/2014. and i read that chase always pulls hard but as i said it doesnt show up on my report yet. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
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DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
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Re: 2 questions because i dont want to thread jack.


OlegWasHere wrote:

1. How often do creditors report? 

 

2. also score watch predicts that if i pay off all my cards which roughly equals to 2400/6800 dollars it will jump my score 120 points? from 660 to 740-780  is this possible? 


1.  usually once a month at the time your statement is mailed.

 

2.  score estimator is not always accurate but often close.   You will definately gain points by reducing your credit card utilization and by reducing the number of cards that report a balance.

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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: 2 questions because i dont want to thread jack.


DaveSignal wrote:

OlegWasHere wrote:

1. How often do creditors report? 

 

2. also score watch predicts that if i pay off all my cards which roughly equals to 2400/6800 dollars it will jump my score 120 points? from 660 to 740-780  is this possible? 


1.  usually once a month at the time your statement is mailed.

 

2.  score estimator is not always accurate but often close.   You will definately gain points by reducing your credit card utilization and by reducing the number of cards that report a balance.


thank you. 

so ughh im going to have to wait until september for two of them to update? 

macys reported my bill and now that i paid i have to wait until august 21st to see it paid off? thats great ..... not (not mad at you just at impatience)

 

i have 1700 in savings for the card so it will be pd too 300/2500 which is what my sister still owes me for her laptop. (should be getting 200 of it by septembers payment)

guess my 10 day trial just went to waste =/

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
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Re: 2 questions because i dont want to thread jack.

Did the simulator report the point gain for a one time payment or payment over time?

 

Going from  36% util to 0% and gaining 120 point seems too high.  If everything was maxed out and then you went to 0% util I could see a large gain.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Established Contributor
jamie123
Posts: 923
Registered: ‎03-22-2012
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Re: 2 questions because i dont want to thread jack.

To maximize your scores to the fullest, you need to do this:

 

Have only 1 card report a small balance. It must be less than 9% of your credit line.

All other cards should report zero.

 

If your credit report is clean without any baddies your scores should be in the high 700s.

 

The only thing keeping you out of the 800s is your AAoA. You might be able to get there when AAoA reaches 4 years.

 

1 baddie will keep you out of the 800 club, so make sure to always pay on time.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: 2 questions because i dont want to thread jack.


jamie123 wrote:

To maximize your scores to the fullest, you need to do this:

 

Have only 1 card report a small balance. It must be less than 9% of your credit line.

All other cards should report zero.

 

If your credit report is clean without any baddies your scores should be in the high 700s.

 

The only thing keeping you out of the 800s is your AAoA. You might be able to get there when AAoA reaches 4 years.

 

1 baddie will keep you out of the 800 club, so make sure to always pay on time.

 

Good luck!


well my aaoa will reach 4 years in about 3.... (with 4 new cards) my two oldest are 2 years old each.

57 payments all on time.

 

 

 

When a statement is cut does that mean day to day of the cycle? or when you get the statement? vs due date. 

 

for example.  due date is the 27th of the month but it tells me on the 9th i believe so pay it right after the 9th? for it to report 0 balance? is that correct? 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: 2 questions because i dont want to thread jack.

[ Edited ]

marty56 wrote:

Did the simulator report the point gain for a one time payment or payment over time?

 

Going from  36% util to 0% and gaining 120 point seems too high.  If everything was maxed out and then you went to 0% util I could see a large gain.



i just checked (for most up to date scorewatch)

says on all revolving cards i owe is 2379 dollars. 

if i pay in full it speculates that my score will jump from 660 to 740-780

 

i want to pay everything in full (which will be done by the end of august)

right now i have 2000 in savings(from friday's paycheck) taht is going towards this. 

 

if i do this in increments of next 3 months of 750 each predicts it will jump from 660 to 720-760

 

 

should i just pay it off in lump some? or spread it out? does not matter to me as it is all debt they i have to pay.   (the promotional is expiring at the end of september for one of my best buy purchases so it will be paid no matter what)

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Moderator
Revelate
Posts: 9,731
Registered: ‎12-30-2011
0

Re: 2 questions because i dont want to thread jack.

Just pay in lump sum, it doesn't matter as on the assumption if you have steady / stable income, any credit card debt has a higher interest rate than any savings you could be making, so just pay it and go on with life in a better financial situation.

 

The 120 *might* be legit, but it depends how long your history has been.  In my case Paying 61% -> 2% was a 15 point jump, but my history is very limited.  We have seen some people in the mid-600's go straight to 760+ just by paying their balances, but they had otherwise spotless histories and 4+ years on multiple tradelines if I remember right.

 

The FICO estimator is sometimes all over the map and not that accurate, also it's advice on lump sum payment vs. paying over time with regards to FICO score just seems like sloppy coding, or either it's right and literally everyone else is wrong, which I suppose is possible, and there's really no way to tell anecdotally but to the best of our knowledge revolving utilization is an instant-in-time measurement.

 

Now what it could be counting in would be payment history, but that's anyone's guess as FICO doesn't talk about it, at all.

 

In this case though the score estimator is suggesting what's the best financial course anyway, paying it off ASAP.

 

 

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: 2 questions because i dont want to thread jack.

another question? when do companys stop reporting for non use? 

 

macys has not updated since april. i used the card this month (july and it appeared on the statement but there is the grace period)

kohls according to tu not since feb (i opened it in jan) and have used it 2 to 3 times since. had a balance and paid minumum paid off the card a last week but hasnt appeared yet. 

 

 

my walmart card that i applied for yesterday already popped up but not my chase freedom. and non of my balances have ajusted. =/ but i guess thats okay cause nethier has my aaoa. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: 2 questions because i dont want to thread jack.


OlegWasHere wrote:

 

When a statement is cut does that mean day to day of the cycle? or when you get the statement? vs due date. 

 

for example.  due date is the 27th of the month but it tells me on the 9th i believe so pay it right after the 9th? for it to report 0 balance? is that correct? 


Most cards report whatever number is on your bill.  That's the easiest way to think of it.  So if your bill is normally issued on the 9th, you need to pay it enough in advance so the payment is credited before they issue the bill.  How far in advance depends on each lender's payment processing procedures.

 

As for your questions about Scorewatch, I would not expect 120 points.  In my experience, the simulator is fairly accurate but almost always at the lower end of the predicted range.  So 80 points is probably your best case scenario.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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