Increasing credit scores

Anonymous · ‎10-29-2015

Hello everyone! Hopefully i can get some feedback, I been trying to get my credit scores up where they need to be. At the beginning of the month i asked the question on how to increase my scores and i got some good advice which helped a little. So here is my dilemma, I have 3 credit cards which i used an paid off every month. Someone here told me to just pay off 2 of them and leave 1 with a 5-10 utilization, i did that and got a few points. My question is what should i do this month, should pay off the one i didnt last month and let one of the other two with a 5-10 utilization? I hope this made sense. PLEASE HELP!!!!!

Anonymous · ‎10-29-2015

What are your limits on these cards? The creditors want to see you use these cards resposible so they also want to see active movement. carying a balance over is not a bad thing, leaving them at 0 after the statement looks to them that you are not untilizing the card. Certain banks like to see high usuage, but of course payments.

Anonymous · ‎10-29-2015

Secured $800

Mastercard $6500

Visa $3000

All three from CapitalOne

crrredit · ‎10-29-2015

If you change the card you let report a balance, you'll end up at some point each month with either two balances or none, unless all the statements cut on the same day. I just let the same one report a 5% balance each month. There's only so many points you gain this way, and once you settle into this pattern you don't keep gaining more and more.

Anonymous · ‎10-29-2015

If it isn't confusing to you - you can rotate which ones leave a balance - just note - depending on when they report - you could get 2 reporting - or none.....I chose to let the same card carry the balance each month but when they were newer (like last month LOL) I accidently messed up the date and let 2 report - fortunately I still was total UTI at 4%, but I really only meant for one to report.

Unless you really need that few point bump - like you are ready to apply for a loan/mortgage/cc or something - you don't need to be paranoid about it.

Anonymous · ‎10-29-2015

@Anonymous wrote:
Hello everyone! Hopefully i can get some feedback, I been trying to get my credit scores up where they need to be. At the beginning of the month i asked the question on how to increase my scores and i got some good advice which helped a little. So here is my dilemma, I have 3 credit cards which i used an paid off every month. Someone here told me to just pay off 2 of them and leave 1 with a 5-10 utilization, i did that and got a few points. My question is what should i do this month, should pay off the one i didnt last month and let one of the other two with a 5-10 utilization? I hope this made sense. PLEASE HELP!!!!!

Just let the same one report each month. No need to rotate them.

Anonymous · ‎10-29-2015

I still need at least another 20 points, so I need a different pattern that will work. So what will happen if I let all three report a 5 % utilization?

Anonymous · ‎10-29-2015

@Anonymous wrote:
I still need at least another 20 points, so I need a different pattern that will work. So what will happen if I let all three report a 5 % utilization?

Your scores will either stay the same or drop - most likely drop.

Anonymous · ‎10-29-2015

Ok, so let the same one report seems like the best thing to do. Will the same balance work?

Anonymous · ‎10-29-2015

@Anonymous wrote:
I still need at least another 20 points, so I need a different pattern that will work. So what will happen if I let all three report a 5 % utilization?

If you have an installment loan (Auto, Student or Personal Loan) then you've pretty much picked up all of the "easy" points. Now it comes down to getting derogs removed via PFD and Goodwill.