topic Re: Try to build QS1 but have Care Credit w balance in Credit Cards

Try to build QS1 but have Care Credit w balance

cuthatcard — Thu, 13 Oct 2016 16:54:30 GMT

How will I build the QS1 to show usage for CLI and my Care Credit (1st card) has a balance ?

If the theory is to let 1 card show a balance, then my QS1 will get no usage therefore getting no luv after 61 days or 6 months unless I get the Care Credit pd off before hand !

I had to use the Care Credit ( wife had a cancer issue and dental work done) but uti is at 17%. Just got the QS1 but...if I don't use it, will Cap-1 not give a CLI for non-usage if I just show the Care Credit?

Trying to follow your guys, best advice, for rebuilding and sure do not want balances scattered out all over !

Maybe, a small, re-accruing charge such as Netflix?

I just don't know and need to know what to do with the QS1 to make it grow ??

Re: Try to build QS1 but have Care Credit w balance

Pway — Thu, 13 Oct 2016 16:57:40 GMT

I used my QS1 for all my everyday purchases. I did not use my debit card, all purchases went to my QS1. I made more than one payment a month because my CL was only 500. In the third month I was given a CLI to 1500.

Re: Try to build QS1 but have Care Credit w balance

UncleB — Thu, 13 Oct 2016 17:39:25 GMT

@Pway wrote:
I used my QS1 for all my everyday purchases. I did not use my debit card, all purchases went to my QS1. I made more than one payment a month because my CL was only 500. In the third month I was given a CLI to 1500.

There are different schools of thought on this, but in my personal experience with two Quicksilver cards Capital One has been responsive to heavy usage.

This isn't to say that if you have no usage you won't get a CLI - there are examples of that, too - it's just that many of us have seen the most growth with Capital One after heavy usage.

My QS started out as a "lowly" HSBC/Orchard Bank Platinum MasterCard with a $300 credit line (and my first CLI was $20 - not kidding!). Today that card is a QS MasterCard with a credit line of $3900... it possibly could have be even higher, but I tend to use other cards now so it doesn't get swiped as often as it once did (they turned down my last CLI request for "not enough use", which makes sense).

Care Credit will grow as well, but you'll (probably) have to manually request the CLIs on that one, and they will do a HP on TU.

Re: Try to build QS1 but have Care Credit w balance

NRB525 — Fri, 14 Oct 2016 04:12:29 GMT

@cuthatcard wrote:

Trying to follow your guys, best advice, for rebuilding and sure do not want balances scattered out all over !

You have two cards. And I do not consider Care Credit a typical Credit Card, so you have one Credit Card. Even having two accounts, you are a long way from having balances scattered all over. I have 24 non-closed cards, 18 of which currently report some sort of balance

Best wishes for DW to get well.

Use the QS1 for all expenses, pay in full, and see whether a CLI is available later.

Re: Try to build QS1 but have Care Credit w balance

Gollum — Fri, 14 Oct 2016 09:54:01 GMT

@cuthatcard wrote:
How will I build the QS1 to show usage for CLI and my Care Credit (1st card) has a balance ?

If the theory is to let 1 card show a balance, then my QS1 will get no usage therefore getting no luv after 61 days or 6 months unless I get the Care Credit pd off before hand !
I had to use the Care Credit ( wife had a cancer issue and dental work done) but uti is at 17%. Just got the QS1 but...if I don't use it, will Cap-1 not give a CLI for non-usage if I just show the Care Credit?

Trying to follow your guys, best advice, for rebuilding and sure do not want balances scattered out all over !

Maybe, a small, re-accruing charge such as Netflix?

I just don't know and need to know what to do with the QS1 to make it grow ??

Care Credit is not a credit card. It is a loan initiated by a dentist, etc. made by Synchrony Bank with a 26.99% APR if the loan is not paid off by the agreed-upon date.

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 12:06:24 GMT

@Gollum wrote:
Care Credit is not a credit card. It is a loan initiated by a dentist, etc. made by Synchrony Bank with a 26.99% APR if the loan is not paid off by the agreed-upon date.

Maybe the initial "purchase", but you can walk into any Rite Aid in the country and buy eggs, toilet paper, shaving cream and a Halloween costume and put it on your care credit CARD so yes, it is indeed a revolving (credit card) account. One's credit report will verify this as well.

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 12:07:56 GMT

OP, I'm not understanding how having a balance on your Care Credit account is having any bearing on the usage of your Capital One card. Wouldn't you just use your CO card for every day purchases, paying your bills, etc?

Re: Try to build QS1 but have Care Credit w balance

cuthatcard — Fri, 14 Oct 2016 14:11:00 GMT

@BrutalBodyShots

Sorry for not being clear..

I had not applied for any CC when I applied for and received the Care Credit line in anticipation of my wife's dental and cancer issues. Then, as my profile became more "attractive ", meaning I had a baddie fall off and the Care Credit line made my score go up into the 700's ( except EQ) , I applied for the QS1, via the pre-equal.

Now, I have a balance (17% of the initial $ 9,600.00 of Care Credit) showing, I want to be able to make the best decision in making scores and QS1 grow over the next 3-6 months whereas the QS will be able to be eligible for a CLI !
I plan on paying down the, no interest Care Credit line, but I guess my question is : I then will have 2 CC 's showing balances on the their next statements, if I put $ on QS1 !

As I read here, the best way for score increase in to have only 1...card ( account) show a balance, for better points !

My question is 2 fold, in order for QS1 to grow , do I , now, begin using it ( even though Care Credit showed a balance due) or, wait until Care Credit it below 9% or pd off, then use QS1 and show a small amount at the statement?

I'm not interested in growing Care Credit, it's high enough for my needs. I need for QS1 to grow over the next few months.

Hope I was more clear !

Best plan ??

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 15:46:46 GMT

I will say a prayer for your wife and you.

You can still use your Cap 1 credit card without it reporting a balance to CRAs. Use it for transactions that you would normally pay using cash and then make a payment. If you want/need to make multiple payments a month, it's okay. Good luck!

Re: Try to build QS1 but have Care Credit w balance

AverageJoesCredit — Fri, 14 Oct 2016 16:02:16 GMT

Everyonrs on point. My best for a healthy recivery for your wife.

That said, im of the mind that just use your cc as you would any cc and make sure to make payments on time. It can get abit hectic trying to keep one at zero while other st small percentage, at least for me, but dont worry if you are carrying a balance on other credit cards so long as you are paying the minimum, preferably more so and when possible pay in full, then things should work out fine. With more specifics to Cap One , others have more experience but like Uncle B says, ymmv, but just use it for your everyday spend. Hope you get your increase

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 16:18:58 GMT

@cuthatcard wrote:

Now, I have a balance (17% of the initial $ 9,600.00 of Care Credit) showing, I want to be able to make the best decision in making scores and QS1 grow over the next 3-6 months whereas the QS will be able to be eligible for a CLI !
I plan on paying down the, no interest Care Credit line, but I guess my question is : I then will have 2 CC 's showing balances on the their next statements, if I put $ on QS1 !

As I read here, the best way for score increase in to have only 1...card ( account) show a balance, for better points !

My question is 2 fold, in order for QS1 to grow , do I , now, begin using it ( even though Care Credit showed a balance due) or, wait until Care Credit it below 9% or pd off, then use QS1 and show a small amount at the statement?

If you are using the Capital One card and paying it in full, it will never report a balance. If you spend $49.82 on the card one day, when that transaction posts to your account in a couple of days pay $49.82. Your balance will always stay at 0 and will always report as 0 meaning that your Care Credit account will be the only account reporting a balance. Once you pay off Care Credit, you can start letting a small balance report on your CO account if you still want 1 of your 2 accounts to report a balance for maximum FICO scoring benefit.

You can use your Capital One card as much as you want; you can run it up to 100% each month (in fact, that would actually help your CLI goal) completely maxing it out as long as you pay it off every month. To increase your chances of a favorable CLI result (both getting one and the amount you receive) you want to use the card as much as possible, that is swipe it as often as you can and for the most dollars you can put through it. When I'm going for a CLI on a card, for the cycle before I request the increase I usually swipe the card at least 1 time per day for the entire month (30+ swipes) and I put at least $1500 through the card, but sometimes $3k - $4k. I always PIF though and show a 0 balance (utilization) on the card prior to requesting the increase. The more usage the card sees, the greater your chances are of a favorable CLI result.

If you goal is to build the Capital One card, focus on that and register as much usage as possible. The Care Credit account will have no bearing at all on what you do with the CO. The only thing that could have an adverse impact is if you ran the Care Credit usage up really high; if Capital One saw that it could make them more hesitant to grant you a CLI. You don't have that problem, however, as your utilization on that account is already good and I assume only dropping.

Re: Try to build QS1 but have Care Credit w balance

zerofire — Fri, 14 Oct 2016 18:25:45 GMT

@cuthatcard wrote:
@Anonymous

Sorry for not being clear..

I had not applied for any CC when I applied for and received the Care Credit line in anticipation of my wife's dental and cancer issues. Then, as my profile became more "attractive ", meaning I had a baddie fall off and the Care Credit line made my score go up into the 700's ( except EQ) , I applied for the QS1, via the pre-equal.

Now, I have a balance (17% of the initial $ 9,600.00 of Care Credit) showing, I want to be able to make the best decision in making scores and QS1 grow over the next 3-6 months whereas the QS will be able to be eligible for a CLI !
I plan on paying down the, no interest Care Credit line, but I guess my question is : I then will have 2 CC 's showing balances on the their next statements, if I put $ on QS1 !

As I read here, the best way for score increase in to have only 1...card ( account) show a balance, for better points !

My question is 2 fold, in order for QS1 to grow , do I , now, begin using it ( even though Care Credit showed a balance due) or, wait until Care Credit it below 9% or pd off, then use QS1 and show a small amount at the statement?

I'm not interested in growing Care Credit, it's high enough for my needs. I need for QS1 to grow over the next few months.

Hope I was more clear !

Best plan ??

Just because such and such is common advice does not mean that it should be used as a final answer to your credit problems. Now you can have balances report on your report and they are not sticky. The trick you heard about only having one card report should only be done to prepare for doing applications. In your case you only have two accounts so having both report will not even matter. I just did a spree with 5 accounts and all of them reported what I spent. Ended up getting either all or 4/5(still waiting for a proper answer on one). Now Capital One likes to see usage and the heavier the better for them so start charging your everyday expenses to the QS1. Don't go overboard buying everything in the store though since you do have to pay it off. In time you will get auto CLI's and can request some CLI's manually. Lastly as your score went past 700 you might have been better off with a regular Quicksilver as that has the same rewards and no annual fee. You might want to ask Capital One to PC you over.

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 18:42:41 GMT

@zerofire wrote:
The trick you heard about only having one card report should only be done to prepare for doing applications.

Not necessarily. Even if the OP isn't planning on apping, having those extra 15-25 points could result in a more favorable CLI result on his CO card. For one of those "on the cusp" type scores, 15-25 points can make a difference depending on the situation and what is being considered. Many times as well when going for a CLI the creditor goes off of old information. Sometimes they can go months without giving you a SP, and in that case they could still be using a score and info from a previous month even though in the month you decided to inquire you executed the utilization "trick." Outside of those real world examples, some people simply like the feeling of having their score 15-25 points higher, even if they aren't planning on apping.

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Fri, 14 Oct 2016 19:05:31 GMT

For the score boost of only having 1 card report, you need to have 3 cards. The boost actually comes from having less than half of your cards reporting a balance. If you only have 2 cards, you only have the option of 0 cards or half of the cards (not less than half) reporting, so you can't get the max boost. So I would say get a 3rd card as soon as your profile supports it.

I also agree the above is only necessary when you are planning to app for a card or a CLI.

Again, you can use the Cap1 card and pay it off a few days before the statement cut date and it will report 0 balance. The statement balance is almost always the balance reported to the CRAs monthly. Some people report paying off every few days, as soon as a purchase shows up. This is extreme overkill IMO. Just pay off each payday, or once a month, whatever works for you.

I also agree to run as much as you can through the Cap1. When my QS began as a Plat, it was only $300. I maxed it out and paid it off several times a month for that 1st 5 months. When I get my steps increase (I hadn't found myfico yet so I didn't know I could request sooner) I was upped to 3.3k. That's an 11x increase.

Re: Try to build QS1 but have Care Credit w balance

cuthatcard — Fri, 14 Oct 2016 19:39:26 GMT

My "goal"..is to have only 3 cards even though I do have the Care Credit.

I am trying to get my scores (as you can see) and my profile, to be appealing to another issuer such as Disco, CHASE etc...

This is why I'm asking for these data points in order to get to this 3rd card, to bring my total to 3, to then have all inquiries within 1 month (or so), then build !

At 761 w/TU, 717w/EX and EQ setting around 664 ( yesterday on CCT ), some age on old installments, age on old, closed CC's, and 1 baddie on EQ that's holding me back there . ( pd 8K judgement that EQ will not update-in dispute- 6 yrs old) .
My aged accounts run anywhere from 10-28 yrs with no bad info on them.

Just want to treat this QS1, right, for CLI and open myself up for 1...more upper tier type card. ( Want too, anyway !)

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Sat, 15 Oct 2016 08:22:35 GMT

Slightly off topic here, but why is there roughly a 100 points between your lowest FICO 08 score and your highest? What negative info is present on your report from the bureau with the lowest score (or not present on the bureau with the highest)? It's rare to see scores that far apart, so I'm just curious as to the reason.

Re: Try to build QS1 but have Care Credit w balance

Gollum — Sat, 15 Oct 2016 09:00:23 GMT

@cuthatcard wrote:
My "goal"..is to have only 3 cards even though I do have the Care Credit.

I am trying to get my scores (as you can see) and my profile, to be appealing to another issuer such as Disco, CHASE etc...

This is why I'm asking for these data points in order to get to this 3rd card, to bring my total to 3, to then have all inquiries within 1 month (or so), then build !

At 761 w/TU, 717w/EX and EQ setting around 664 ( yesterday on CCT ), some age on old installments, age on old, closed CC's, and 1 baddie on EQ that's holding me back there . ( pd 8K judgement that EQ will not update-in dispute- 6 yrs old) .
My aged accounts run anywhere from 10-28 yrs with no bad info on them.

Just want to treat this QS1, right, for CLI and open myself up for 1...more upper tier type card. ( Want too, anyway !)

Keep paying your bills on time. That's the best way to eventually make yourself more "appealing" to another lender.

Re: Try to build QS1 but have Care Credit w balance

cuthatcard — Sat, 15 Oct 2016 10:57:24 GMT

@BrutalBodyShots

The only...only difference in the reports is :

EQ is showing a 6 yr old...unpaid. ..judgement of which ..."Was paid... and deleted by both..TU and EX " !

Nothing else, no other TL'S, nothing else hidden...I have a dispute in with EQ about this. Again. ...I pd 8k, cash for the entire amount back in April. They will not show it updated to "satisfied ' !

Re: Try to build QS1 but have Care Credit w balance

NRB525 — Sat, 15 Oct 2016 12:22:07 GMT

@Anonymous wrote:
Slightly off topic here, but why is there roughly a 100 points between your lowest FICO 08 score and your highest? What negative info is present on your report from the bureau with the lowest score (or not present on the bureau with the highest)? It's rare to see scores that far apart, so I'm just curious as to the reason.

It's in the OP signature, and was in the opening post.

And I have to take issue with your projection that OP (or anyone else) will get 15 to 20 extra points from having one card of two report a balance. Particularly since OP has a baddie on EQ, that technique is unlikely to work on EQ. Each file is different, and juggling two cards like this runs the risk that both will report zero, and then the score takes a dive. Granted it is a while yet before CC goes to zero, but the concept of "all cards at zero but one" gets spouted all over here, to excess, over-promising results to "maximize score".

Your reference to Pay In Full as "pay a few days after each charge" is not the common meaning of PIF. PIF means paying the entire statement balance on one statement by the payment due date, usually 20-25 days after that statement date, so that one does not incur any interest cost. What you are referring to is "pay multiple times per month", a different set of actions with a different intended reporting result, and more effort required.

Re: Try to build QS1 but have Care Credit w balance

Anonymous — Sun, 16 Oct 2016 03:35:41 GMT

It's easy enough for the OP to test; it can literally be done with 2 cards in under a month. He can let both cards report, 1 card report, 0 cards report and pull his FICO 08's the day after each time to see the result. Simple enough. All profiles are different, so it would be up to him to test this out. Could be 0 points difference from one option to the next. Could be 10. Could be 25. No way to know for sure unless he tries it, and why not try it as it doesn't cost anything and can be done very quickly all inside of 1 cycle as there are only 2 pieces of data being used (minimal variables).