topic ! What am I doing wrong! in Understanding FICO® Scoring

! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 14:15:47 GMT

Hi everyone, just wanted to post my history and get some feedback. It seems as if i am not getting anywhere with the FICO scores...could it be that i just need the accounts to age?

Ch7 D/C 10/2010

Credit Cards and Limits

See my signature

FICO SCORES:

EQ 646

TU 648

EX 647

Debt:

$365K Mortgage as of 1/2015

$26K in Navient loans balance (balance just stubborn and doesn't go down as much)

Inquiries:

EX 8

TU 3

EQ 5

I see a lot of users here with a very recent BK and scores over 700, even over 720

Re: ! What am I doing wrong!

tufa4311 — Tue, 07 Jul 2015 16:16:18 GMT

Credit card UTIL's?

Any lates since the BK?

Re: ! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 17:18:31 GMT

0 lates since Ch7. I charge between $1300-$1600 per month but PIF before bill closes.

Re: ! What am I doing wrong!

tufa4311 — Tue, 07 Jul 2015 17:40:10 GMT

So the UTIL for ALL your cards is 0%?

Doesn't matter what you use but then pay before it gets reported, what is reported? What UTIL is reported for all your cards?

Re: ! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 17:54:24 GMT

You have great cards and limits. Since the purpose of Fico scores is to get great cards and limits, and you already have them, I'm not sure I'd spend much time worrying about it. Time will take care of it.

Re: ! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 19:56:52 GMT

@tufa4311 wrote:
So the UTIL for ALL your cards is 0%?

Doesn't matter what you use but then pay before it gets reported, what is reported? What UTIL is reported for all your cards?

$0 gets reported and i've been reading that i need to have some balance report on all cards to also show usage on all of them. I will be letting balance show on all cards except the retail cards.

Quicksilver - $524 - Will pay off in two payments

Venture - $2000 - Will pay off by october (hawaii trip)

NFL - Maybe I can charge $50?

Arrival - will charge the $180 cell bill and let it carry over

Quicksilver 1 - $25 - - Made a purchase two days before statement closes so will report

Discover - $24 - Made a purchase two days before statement closes so will report

CSP - Already going to report about $450 (main card) and statement closes on the 10th

Re: ! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 19:55:35 GMT

@Anonymous wrote:
You have great cards and limits. Since the purpose of Fico scores is to get great cards and limits, and you already have them, I'm not sure I'd spend much time worrying about it. Time will take care of it.

We'll see what happens when the balances carry over. If scores get affected, ill pay them off immediately and maybe have lower balances carry over.

Re: ! What am I doing wrong!

jamie123 — Tue, 07 Jul 2015 21:40:38 GMT

@Anonymous wrote:
@Anonymous wrote:
You have great cards and limits. Since the purpose of Fico scores is to get great cards and limits, and you already have them, I'm not sure I'd spend much time worrying about it. Time will take care of it.
We'll see what happens when the balances carry over. If scores get affected, ill pay them off immediately and maybe have lower balances carry over.

If you want to groom your scores to see the highest that you are capable of getting them, you need to do this:

One CC needs to report a balance of less than 10% of its credit line. All other cards need to report $0.

When you have your cards reporting this way, you will see just how high you can get your scores. And yes, the 1 card does NEED to report a small balance. If all your cards report $0 your scores will actually drop. I personally lose 18 points if all my cards report $0.

You only need to groom your scores this way if you want to see how high you can get them or are planning on applying for new credit in the next month.

Re: ! What am I doing wrong!

Anonymous — Tue, 07 Jul 2015 21:42:35 GMT

@jamie123 wrote:
@Anonymous wrote:
@Anonymous wrote:
You have great cards and limits. Since the purpose of Fico scores is to get great cards and limits, and you already have them, I'm not sure I'd spend much time worrying about it. Time will take care of it.
We'll see what happens when the balances carry over. If scores get affected, ill pay them off immediately and maybe have lower balances carry over.
If you want to groom your scores to see the highest that you are capable of getting them, you need to do this:

One CC needs to report a balance of less than 10% of its credit line. All other cards need to report $0.

When you have your cards reporting this way, you will see just how high you can get your scores. And yes, the 1 card does NEED to report a small balance. If all your cards report $0 your scores will actually drop. I personally lose 18 points if all my cards report $0.

You only need to groom your scores this way if you want to see how high you can get them or are planning on applying for new credit in the next month.

Ummm, interesting. I will try that for sure.

Thanks!!

Re: ! What am I doing wrong!

Revelate — Wed, 08 Jul 2015 00:21:37 GMT

It's worthwhile doing the grooming exercise if you're wondering where you stand.

Post BK scores are nearly impossible to predict because it all depends on what credit history a user had before they filed BK; also in some part what lead up to the BK too (bunch of lates, or suddenly got a bunch of debt dropped on them and filed BK as a result as two different examples). Don't read too much into the scores others have as a result.

Re: ! What am I doing wrong!

NRB525 — Thu, 09 Jul 2015 04:59:03 GMT

@Anonymous wrote:
@tufa4311 wrote:
So the UTIL for ALL your cards is 0%?

Doesn't matter what you use but then pay before it gets reported, what is reported? What UTIL is reported for all your cards?
$0 gets reported and i've been reading that i need to have some balance report on all cards to also show usage on all of them. I will be letting balance show on all cards except the retail cards.

Quicksilver - $524 - Will pay off in two payments If that is necessary.
Venture - $2000 - Will pay off by october (hawaii trip) Ok
NFL - Maybe I can charge $50? This should be a regular spend item such as groceries or a tank of gas.
Arrival - will charge the $180 cell bill and let it carry over "Carry Over" sounds like you will pay interest. Just let it report on the statement, then pay $180 by the payment due date.
Quicksilver 1 - $25 - - Made a purchase two days before statement closes so will report Fine, and pay before payment due date.
Discover - $24 - Made a purchase two days before statement closes so will report Fine, and pay before payment due date.
CSP - Already going to report about $450 (main card) and statement closes on the 10th

If you are going from no cards reporting balances ( not sure I heard that correctly but I think that is the situation ) and then ALL these cards report balances, could be a shock to the score. I let all my cards report (a few have been drifting to zero recently, but will be back reporting soon) but I've been doing that for all my credit career. I, personally, don't have a problem with all my cards reporting, but others don't want all their cards to report. Some short term benefit can be had by letting fewer cards report, but one is the minimum you should let report. I let mine report because, well, why else would I have the card if I wasn't going to use it?

Good luck!

Re: ! What am I doing wrong!

Anonymous — Thu, 09 Jul 2015 13:27:57 GMT

Yeah, i had to explain ch7 when recon CSP...my wife lost her job during the bad economy, a few months after our son was born. There was no way to make it just on my income so we filed. We had a perfect credit history before that...i didnt want to do it but we had new cards, balances on our cards and child care. Anyways, thats done with and moving on.

Thanks for the advice..much appreciated.

Re: ! What am I doing wrong!

Anonymous — Thu, 09 Jul 2015 13:30:49 GMT

@NRB525 wrote:
@Anonymous wrote:
@tufa4311 wrote:
So the UTIL for ALL your cards is 0%?

Doesn't matter what you use but then pay before it gets reported, what is reported? What UTIL is reported for all your cards?
$0 gets reported and i've been reading that i need to have some balance report on all cards to also show usage on all of them. I will be letting balance show on all cards except the retail cards.

Quicksilver - $524 - Will pay off in two payments If that is necessary.
Venture - $2000 - Will pay off by october (hawaii trip) Ok
NFL - Maybe I can charge $50? This should be a regular spend item such as groceries or a tank of gas.
Arrival - will charge the $180 cell bill and let it carry over "Carry Over" sounds like you will pay interest. Just let it report on the statement, then pay $180 by the payment due date.
Quicksilver 1 - $25 - - Made a purchase two days before statement closes so will report Fine, and pay before payment due date.
Discover - $24 - Made a purchase two days before statement closes so will report Fine, and pay before payment due date.
CSP - Already going to report about $450 (main card) and statement closes on the 10th
If you are going from no cards reporting balances ( not sure I heard that correctly but I think that is the situation ) and then ALL these cards report balances, could be a shock to the score. I let all my cards report (a few have been drifting to zero recently, but will be back reporting soon) but I've been doing that for all my credit career. I, personally, don't have a problem with all my cards reporting, but others don't want all their cards to report. Some short term benefit can be had by letting fewer cards report, but one is the minimum you should let report. I let mine report because, well, why else would I have the card if I wasn't going to use it?

Good luck!

True and the banks make their money off interest...i'll stay conservative with low balances and test that.

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topic ! What am I doing wrong! in Understanding FICO® Scoring

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