topic Re: So confused with the credit world in Bankruptcy

So confused with the credit world

Anonymous — Tue, 18 Oct 2016 14:29:08 GMT

So Yesterday I received a myFICO alert that my score has decreased by 17pts on Experian the reason is a 0 balance on my Overstock account so no utilization for this month.. what I thought I was doing right is proving wrong.. I received an increase on that account which reported this month also. So is it possible to drop your score for having no utilization? I was at 6% last month.. Please someone tell me what I'm doing wrong because this is just depressing.. I'm a little over 2 months discharged and I have been trying to follow advice on this forum by keeping utl low paying in full and on time payments.. So can anyone tell me what the deal is?? Any and all advice will be taken to heart

Re: So confused with the credit world

pizza1 — Tue, 18 Oct 2016 16:19:36 GMT

Yes, your score will drop for showing zero "0%", revolving util. FICO can't score you appropriately if theres nothing to score.

Is OS your only CC?? If so, yes, your score drop is due to your only card reporting zero.

Let your card report a small balance each month and you'll see your score come back.

Re: So confused with the credit world

Anonymous — Tue, 18 Oct 2016 16:48:55 GMT

I have capital one and credit one also which I was allowing them to report $25 balance.. so I should leave a small balance on all of them? I use capital one card for everyday use paying it off weekly hoping for a higher increase when credit steps kick in..

Re: So confused with the credit world

Scupra — Tue, 18 Oct 2016 18:58:21 GMT

To optimize your FICO you need to have 2 cards reporting at $0 and 1 card reporting less than 10% utilization.

Remeber that your credit score is a snapshot of that instant it is pulled. Utilization is the easiest thing to fix! A lot of us get stuck playing this utilization game and it really only matters if you are preparing to app for something.

Re: So confused with the credit world

Anonymous — Wed, 19 Oct 2016 06:18:07 GMT

Initially I did something similar.

Got a new card, paid it immediately as I made a purchase. Dead in the water.

Come the next month and reporting period, I made a purchase, eventually paid it before the Due Date, and the data was finally captured. Hurray!

At which point after it being reflected, the next month I paid as soon as possible, and then credit score increases showed up.

So with each additional card, I let the data be captured first, so it was recognized as being used.

Sometimes trying TOO HARD in the beginning doesn't work out as planned. But it is better now!

Best Wishes !!!

Re: So confused with the credit world

shaneemkh — Sat, 22 Oct 2016 19:18:47 GMT

I'm curious you said they should hvae two cards. I'm in the same boat where my Credit One card is my only one. In the last month alone myFICO has changed 16 times. EQ and Tranunion were in the 600 in dropped to mid 550s and then back up to 590 ish. I tried applying for a Apple Barclaycard when they were in the 600 and got denied. I'm nervous to try applying for more cards. I've burned USAA, NFCU and it looks like every keeps talking about Capital One. Should I apply for one of their cards? Should I wait until my score moved up a bit. The $300 CL Credit One has me at is definitly low. I can barely rent a car which is what I needed to do for a trip.

By the way. I'm amazed at your NFCU cards. I hate I had to burn them as mines was sitting at $1000 CL. I wonder if theirs any hope to ever get back into their good graces.