topic Re: Credit Card Plan in Credit Cards

Credit Card Plan

Anonymous — Thu, 07 Feb 2013 05:15:01 GMT

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts?
Thanks In Advance

Re: Credit Card Plan

Anonymous — Thu, 07 Feb 2013 05:23:33 GMT

You have to see when your card reports the balance. Not all banks report statement balance.

For example:

US Bank reports my balance on the day the payment is due.

Re: Credit Card Plan

Anonymous — Thu, 07 Feb 2013 05:32:49 GMT

@Anonymous wrote:
Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% ( 1% would MAX your Score ) on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts? CORRECT
Thanks In Advance

Re: Credit Card Plan

distantarray — Thu, 07 Feb 2013 07:05:10 GMT

The ideal for me and many others is say you had 3 cards at $1,000 each.

$60 on 1 card (2% of total credit limit)

$0 on card 2

$0 on card 3

this was used to obtain a 819 Equifax 04 credit score which is one of the highest reported online by anyone. 850 is impossible on the 04 Fico scoring even the Fico President wasn't in the 800 club a few years ago.

Re: Credit Card Plan

distantarray — Thu, 07 Feb 2013 07:08:14 GMT

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year I <3 them

Re: Credit Card Plan

shakalaka — Thu, 07 Feb 2013 18:10:46 GMT

@distantarray wrote:

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year I <3 them

Interesting - Many thanks

Re: Credit Card Plan

Anonymous — Fri, 08 Feb 2013 01:53:24 GMT

I have not seen anyone post who understands how the maximum utilization of 1 card is weighted compared to the overall utilization. Or how the number of cards with balances is weighted.

My guess is that overall utilization carries the most wieght. Anyone figured this out yet?