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03-16-2013 01:47 PM
03-16-2013 06:29 PM
It depends on what gives you the best score but the percentage is 9% or below.
For optimum scoring have all but one card report 0 balances the other at 9% or below. You will need to know when the CCC report to the CRAs to make sure it gets reported the way you want. Once it is reported you can pay the balance to avoid interest. You can tinker around to see what works best for you.
Paying down your cards will give you the fastest bump because utilization is the fastest way to see a score raise.
Where did you get your scores?
03-16-2013 06:51 PM
03-16-2013 10:11 PM
03-17-2013 07:38 AM
Thanks. Yeah, the EX I got from the experian website so I am not sure if that is a fiko or fako score.
03-18-2013 10:13 AM
The credit cards report your balance as of the statement date. As suggested above you can call the company to find out your statement date or you can look at your account statements and the information will be on there. To control what is reported you simply need to ensure that a payment is made a few days prior to the statement date and then don't use the credit card again until that date passes.
For my cards that I like to report as 0$ I stop charging with it about a week before the statement date. This gives pending charges a chance to reflect on the balance due. Then a few days before the statement date I log on to the account and make a payment for all the charges showing on the account (Pay in Full). Manipulating the balances due and number of accounts showing a balance is simply done to maximize score. If you are not planning any new major purchases or credit applications it is not a big deal. But some people on here like to do it on a regular basis. It does contribute to building a good solid financial plan that can keep you out of trouble in the future.
I was not always a responsible credit user and I have gotten a lot of education on credit and credit scores through participation in these forums. I am not currently in a financial position to pay off my cards and manipulate balances for maximum scoring but it is at least a long term goal. The short and intermediate term in the meantime is never be late and don't overextend myself to where I can not meet my credit obligations.
03-19-2013 11:50 AM
Considering your scores as of now, I'd say you're already in good shape to get a good deal on a car loan.
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