topic Re: Trying to understand what to report in Understanding FICO® Scoring

Trying to understand what to report

Anonymous — Sun, 28 Jun 2015 13:57:52 GMT

This forum has been extremely helpful. Been working on my credit and I can see the positive impact. This is my current situation and don't know if im doing it right.

I have the following cards:

Cap1 CL 750 Balance 555

Cap1 CL 750 Balance 438

Barklay Card CL 1500 Balance 880

Care Credit CL 1000 Balance 290

0 Balance

Macys

Amazon

Lowes

I just paid off both Capital One cards to 0.

Will this lower my fico score or should i let something report? Im trying to pay down all my debt. I started at 606 and im currently around 660 on my scores. My utilization is at 33% overall without my Cap1 cards reporting 0 . They will report on the 4 and 6 of next month.

Re: Trying to understand what to report

Revelate — Sun, 28 Jun 2015 14:42:44 GMT

Let at least one balance report and you'll be doing fine.

Even if you muck that up it can be fixed by letting a balance report.

Re: Trying to understand what to report

NRB525 — Sun, 28 Jun 2015 15:56:48 GMT

@Anonymous wrote:
This forum has been extremely helpful. Been working on my credit and I can see the positive impact. This is my current situation and don't know if im doing it right.

I have the following cards:

Cap1 CL 750 Balance 555
Cap1 CL 750 Balance 438
Barklay Card CL 1500 Balance 880
Care Credit CL 1000 Balance 290

0 Balance
Macys
Amazon
Lowes

I just paid off both Capital One cards to 0.

Will this lower my fico score or should i let something report? Im trying to pay down all my debt. I started at 606 and im currently around 660 on my scores. My utilization is at 33% overall without my Cap1 cards reporting 0 . They will report on the 4 and 6 of next month.

This is usually done best by not adding new charges to the cards you are not able to pay in full, it makes it easier to get in front of the interest cost.

Now that the CapOne cards are at zero, and you still need to buy groceries and gas, I'd use CapOne cards for those basic spend items and PIF. Since they have been reporting balances, it should be fine to continue letting them report these small amounts. Your scores will continue to climb with added months of no more negatives, as whatever negatives you have continue to fade into the past.