topic Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s? in Understanding FICO® Scoring

Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

myquestionsfico — Fri, 02 Aug 2019 20:37:50 GMT

I am rebuilding my credit after losing my job 5 years ago. I have a few COs that will drop off in 2 years. In the mean time, I have a number of credit cards, and FICO scores from 680 to 705.

My question - what is the best set up to maximize scores? I’ve read that all cards should have a zero balance except 1 single revolver, which should be maintained at no more than 8.9% of total credit line.

Is this right? I’ve done this in the past my scores actually seemed better when I had a small amount on anther card or two.

Thanks in advance for your input!!

Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

Remedios — Fri, 02 Aug 2019 20:41:47 GMT

@myquestionsfico wrote:
I am rebuilding my credit after losing my job 5 years ago. I have a few COs that will drop off in 2 years. In the mean time, I have a number of credit cards, and FICO scores from 680 to 705.

My question - what is the best set up to maximize scores? I’ve read that all cards should have a zero balance except 1 single revolver, which should be maintained at no more than 8.9% of total credit line.

Is this right? I’ve done this in the past my scores actually seemed better when I had a small amount on anther card or two.

Thanks in advance for your input!!

For a complete maximization, it's one card below 9%. That 8.9% is being thrown around because of rounding.

Some profiles may experience a small drop if individual utilization on a card is over 9% while maintaining aggregate below 9%

If you are not planning any important apps such as mortgage or auto loan, it's a waste of time and energy (according to me)

Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

myquestionsfico — Fri, 02 Aug 2019 20:46:17 GMT

Thank you! I truly appreciate your guidance, and you sharing your experience.

Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

Remedios — Fri, 02 Aug 2019 20:52:07 GMT

It's something you have to try for yourself to see if it works and how you feel about it.

I personally hated it after a while, because those 3 points were certainly not worth being a full time job, however, each profile is different, so it might work for you better than it did for me.

I was not rebuilding, it was just something that was being talked about almost as if it was ride or die.

There are people whose experience does not mirror mine, so try it and see

Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

SouthJamaica — Fri, 02 Aug 2019 21:12:21 GMT

@myquestionsfico wrote:
I am rebuilding my credit after losing my job 5 years ago. I have a few COs that will drop off in 2 years. In the mean time, I have a number of credit cards, and FICO scores from 680 to 705.

My question - what is the best set up to maximize scores? I’ve read that all cards should have a zero balance except 1 single revolver, which should be maintained at no more than 8.9% of total credit line.

Is this right? I’ve done this in the past my scores actually seemed better when I had a small amount on anther card or two.

Thanks in advance for your input!!

That is optimum for the purpose of making sure you are not getting burned on utilization across all scoring models. On some scoring models it doesn't matter if you have one, or a few.

I doubt any of the scoring models actually give you more points for having multiple cards, as opposed to one card.

Re: Rebuilding my credit - what is the ideal scenario to max out FICO score with all 3 CB’s?

myquestionsfico — Fri, 02 Aug 2019 21:16:24 GMT

Makes sense. I noticed that if I had $50 on a second card (with all others at 0 and one less than 9%), EQ would go UP by maybe 10 points and then other two would either stay the same or lose a few points.

I know each model is different, but it would be nice if they were at least fairly consistent.