topic Re: FICO score i ncrease with CC util in General Credit Topics

FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 22:55:25 GMT

I am trying to boost a TU FICO score of 722. In Nov I started util $100 of a $6,000 limit. Pay $20 every month. When will i see this increase my FICO score? only other Loans i have are 1st and 2nd mortgages since 2005 never late

Re: FICO score i ncrease with CC util

Anonymous — Fri, 06 Mar 2009 23:00:22 GMT

$100/$6000 = .016% util

You aren't going to get any points for decreasing that.

Do you have other CC?

Re: FICO score i ncrease with CC util

llecs — Fri, 06 Mar 2009 23:01:33 GMT

Did you mean $100 balance of a $6,000 CL or did you mean 100% util of a $6,000 CL? Either way, you'll see no change if this is your only card paying $20/mo. Paying $20/mo on $100 balance won't really drop your util any lower than what it is now. You could try paying it to $0, but you may not see much of a change if this is your only CC. If the card was at 100% utilization, then paying it to $0 will net you a gain.

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:04:55 GMT

I have 7 cards with total limits of 29,7000 credit lines total. 0 balances on all with exception of the 6,000 limit 1. That has the $112 balance What do i need to do to increase my score. ? Oldest CC is over 5 YRS old

Re: FICO score i ncrease with CC util

llecs — Fri, 06 Mar 2009 23:16:02 GMT

Time may be your only answer. Your 5 yr history is holding you back and your AAoA would be less. BTW, $29k in TLs with only 5 yrs of history is very impressive.

Do you have any baddies?

Tweak and play around with the balances. IMO, try to let 1/2 report $0 with the other half reporting $1 or more (but less than 9%).

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:18:19 GMT

I have a bk from 6/2001 no Baddies since. So what do i have to do to increase my score?

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:19:33 GMT

Also you mean get 3 or 4 cards to report at least $1 ? or 1%. Would just using them once a month and paying them off do it?

Re: FICO score i ncrease with CC util

llecs — Fri, 06 Mar 2009 23:25:54 GMT

joeblow2 wrote:
Also you mean get 3 or 4 cards to report at least $1 ? or 1%. Would just using them once a month and paying them off do it?

$1 or 1%, it does not matter to your score. FICO can be quirky in that some have reported small gains be getting half of their CCs to report $0 and the other half $1. If you did this it wouldn't be too many points. Don't ask me why it can help because I have no idea. If this doesn't work out, then you could always go back and pay off your balances for the following month.

Other than that, time is the only thing that can help.

BTW, did you open any of these CCs within the past 1 year? If so, you could see some gains at the 1 yr mark.

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:29:34 GMT

So my best bet might be to pay the CC with the $112 balance off have 0 balances on all CC and just pay my 2 mortgage accounts. also got 2 INQ - 1 from 03/08 and 1 from 11/08 how much will my score inceaase when they hit the 1 year mark? I just need a 740 FICO on TU

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:31:20 GMT

newest CC is over 2 1/2 yrs old

Re: FICO score i ncrease with CC util

llecs — Fri, 06 Mar 2009 23:36:25 GMT

Try the 1/2 & 1/2 bit to see if that helps any. Otherwise, use the card and PIF each month. Pay the mortgages as scheduled.

You likely won't see any increases for the removal of the inquiries from scoring, which will happen starting this month, if not already happened. Question: did you receive any new accounts with these inquiries? If so, you may see some gains at the 1 yr mark.

ETA...just saw that your newest is 2.5 yrs.

Message Edited by llecs on 03-06-2009 06:36 PM

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:40:53 GMT

So i use 4 cards? just charge small stuff and pay it off right away? or how do i do it? Also no new accounts opened since 08/2006. How long do you think it will take to get to 740 TU

Re: FICO score i ncrease with CC util

Anonymous — Fri, 06 Mar 2009 23:47:54 GMT

Letting all cards report a $0 balance will likely get you a ding. FICO scores you on how well you manage your credit, if you aren't using it, you aren't managing it.

A BK from 2001? What chapter?

Because of the PR on your report, you may be at the top of the ceiling for your bucket. For more information on that, search the forums for "buckets" "score buckets" "rebucketing" or things like that.

Lots of reading available on them.

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:51:08 GMT

It was a CH 7. So which is better keeping this small balance and paying on it $20 a month or having 0 balances on all cards

Re: FICO score i ncrease with CC util

llecs — Fri, 06 Mar 2009 23:52:29 GMT

joeblow2 wrote:

So i use 4 cards? just charge small stuff and pay it off right away? or how do i do it? Also no new accounts opened since 08/2006. How long do you think it will take to get to 740 TU

Try cycling through your cards. Use them and PIF and leave 1/2 w/ $1 or so. Doesn't matter how much you spend. What matters is what gets reported. You can max out all of your CCs monthly and PIF in the same month or not use them at all, the effects are the same.

So, are there no baddies associated with the BK, like CAs, CO'd accounts, etc.?

If not, then time is it. I've seen changes at the anniversary dates for the oldest accounts. Changes in the AAoA from one year to the next. Anniversary for some baddies like the BK.

Message Edited by llecs on 03-06-2009 06:52 PM

Re: FICO score i ncrease with CC util

joeblow2 — Fri, 06 Mar 2009 23:55:33 GMT

OK I'll try and cycle thru the cards. If i charge a small amount and PIF right away will that get reported? as usage? how many cards of the 7 do i have to do that with min ? also all other baddies assoc. with BK are off of all CR

Re: FICO score i ncrease with CC util

Anonymous — Fri, 06 Mar 2009 23:56:07 GMT

IMO, a FICO score of 722 with a PR is impressive.

From what I know about buckets and scoring, I'd say it is the PR holding you back. You may not be able to increase your score much more until it is removed.

Having said that, I don't know a lot about buckets and scoring.

Re: FICO score i ncrease with CC util

haulingthescoreup — Sat, 07 Mar 2009 00:13:07 GMT

There's a score ceiling that comes with a public record (like a BK), just as there is with other serious derogs (90-day lates, 120-day lates, CO's, CA's), but I don't think that you're there yet.

Right now, I think you've done everything right in your post-BK journey, and now you just have to let time do its thing.

As for the util game, I'd say to use every card during the month, but only allow one to post a balance per month. (Every now and again, you'll have two reporting, because of different reporting dates.) Almost every card reports on its statement date (known exceptions: HSBC/Orchard bank cards, US Bank, and American Express.) Stop using each card about 6 days before you expect the next statement to drop. Pay online 2-3 days before you think the statement will report. PIF all but one card with this method; on that one card, let $10 report, and then pay it off before the due date.

You might eke out a few more points this way, but again, I think that you're just going to have to let the planet circle the Sun one or two more times to see significant score change. That's just part of life --sometimes you have to exercise the patience muscle.

When you pull your FICO EQ and TU reports, what do they say are your positives and negatives on the second screen (the one with the balance scales)? That can give you some insight as to what the score formulas "want" you to do.

Re: FICO score i ncrease with CC util

joeblow2 — Sat, 07 Mar 2009 00:22:42 GMT

I still have my EX crdit score and report here. 3 negs are the 1) BK

2) too short of history oldest CC is from 4/02 and Mortgage is 08/05

3) i have no installment loans.

Re: FICO score i ncrease with CC util

joeblow2 — Sat, 07 Mar 2009 00:42:13 GMT

Can someone try to read my profile I want to make sure its priv and no one can see who i am