topic Re: Question about raising my score in General Credit Topics

Question about raising my score

Anonymous — Fri, 29 Apr 2016 12:14:58 GMT

I have about 13 total cards. 2-5 report payments and balances each month because I don't use all.

Will making a purchase on the other cards I rarely or never used and PIF those cards help get my score up?

Re: Question about raising my score

mccallb — Fri, 29 Apr 2016 12:44:12 GMT

Its difficult to say without knowing your scores and why your scores are that way.

Charging to a card that already has 0 balance and then PIF won't affect your score at all because as far as the CU knows, nothing changed.

It COULD however convince the card issuer to give you a higher limit, but thats localized.

Again, without knowing the over all file and where your score is, and why its there, its hard to say what would help

Re: Question about raising my score

takeshi74 — Fri, 29 Apr 2016 13:48:44 GMT

It's not about whether or not you use an unused card and PIF.

Consider the standard factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Revolving utilization (balance[s] / limit[s]) has a significant impact and falls under Amounts Owed. General advice is the lower revolving utilization is generally better and to not exceed 30%. Optimal is well under 10%.

Numer of reported balances also plays a part but has a smaller impact.

For those looking to eke out every possible point when applying for new credit a suggestion is to only allow one balance to report with very low revolving utilization (i.e. under 10% -- 1% if really squeezing).

All that said, revolving utilization is determined based on your balances and limits as indicated on your reports at time of consideration. Your scores will go up and down as your revolving utilization goes down and up. If you're looking for long term gains you should probably review your reports and see if there are other improvements that can be made. Payment History is the biggest factor so if you have any lates, collections or other derogs then hit the Rebuilding subforum and see if you can get them removed.

If you want our feedback on how to improve your scores then you need to give us a better idea of your credit profile. Improvements come from addressing issues with your profile. We have no idea what your profile is like and can only go on what you tell us.

@mccallb wrote:
It COULD however convince the card issuer to give you a higher limit, but thats localized.

Do not rely solely on usage for CLI's. Credit profile and income are the primary considerations.

Re: Question about raising my score

RobertEG — Sat, 30 Apr 2016 07:06:29 GMT

Rarely or never used cards always run the risk of being closed by the creditor, which when the balance is also $0 results in loss of the credit limit of the card in your overall % util calculation. You run risk of losing that card's CL as part of your overall % util denominator..........