$0 balance vs. 1-9% utility???? Confused

[smallfry]

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@fused111 wrote:

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@Anonymous wrote:

Aren't car loans and mortgages looked at differently than CC's and other revolving balances? I don't think that it would hurt to have a car loan, mortgage and a couple of CC's showing balances as long as the CC Util % is below the 9% point.

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AGREED!

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That's four. I wouldn't let anymore than that report a balance. If you don't have a mortgage or a car loan you can add a card. FICO loved having only three report believe me. Rotate which cards you report every month if you like.

[Anonymous]

smallfry wrote:
I need to see concrete proof that you will get any meaningful pop in FICO by not paying in full. I know people who say they have their highest scores reporting 0 balances across the board. Maybe 1% but surely not 9%. Even the high achievers supposedly have no more than 7% showing. Probably closer to 4%. Don't pay interest whatever you do. That makes 0 zero no sense at all.

Message Edited by smallfry on 07-26-2007 09:52 PMT

The thing is the score is calculated by a computer, so it only programmed logic, uses preset ranges, as far score is concered 1-9% is all the same, but then again, if lenders actually take the time to LOOK at CR they may like lower util

[fused]

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@smallfry wrote:

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@fused111 wrote:

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@Anonymous wrote:

Aren't car loans and mortgages looked at differently than CC's and other revolving balances? I don't think that it would hurt to have a car loan, mortgage and a couple of CC's showing balances as long as the CC Util % is below the 9% point.

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AGREED!

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That's four. I wouldn't let anymore than that report a balance. If you don't have a mortgage or a car loan you can add a card. FICO loved having only three report believe me. Rotate which cards you report every month if you like.

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Do you think util of 1-9% on all CCs is not ideal?

[smallfry]

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@fused111 wrote:

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@smallfry wrote:

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@fused111 wrote:

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@Anonymous wrote:

Aren't car loans and mortgages looked at differently than CC's and other revolving balances? I don't think that it would hurt to have a car loan, mortgage and a couple of CC's showing balances as long as the CC Util % is below the 9% point.

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AGREED!

---

That's four. I wouldn't let anymore than that report a balance. If you don't have a mortgage or a car loan you can add a card. FICO loved having only three report believe me. Rotate which cards you report every month if you like.

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Do you think util of 1-9% on all CCs is not ideal?

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Quite a few people who I have seen post high scores whether their own or others say that more often than not the highest scores are accompanied by utilitization of 1% and under. For sure under 10% is pretty good but I'm reporting 1% and under.

[Anonymous]

I'm still uber-confused about paying it off and all that.

I got a Chase Rewards card in the mail today - it's the one with the Rolling Stone singing on the commercial.

My credit limit is $400, and the ONLY reason I have this card is to help build back my credit.

From what I've read here so far, I should only charge $40 a month - 10%, right? - and then pay off all but a dollar or so...OR pay it off completely and put a latte on the card the same day.

Thoughts?

[fused]

Smallfry:

I'm not so sure 1-9% is ideal on all CCs. I would prefer FI give confirmation that having all revolving accounts reporting 1-9% util is ideal.

[Anonymous]

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windrow2324 wrote:

I'm still uber-confused about paying it off and all that.

I got a Chase Rewards card in the mail today - it's the one with the Rolling Stone singing on the commercial.

My credit limit is $400, and the ONLY reason I have this card is to help build back my credit.

From what I've read here so far, I should only charge $40 a month - 10%, right? - and then pay off all but a dollar or so...OR pay it off completely and put a latte on the card the same day.

Thoughts?

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sign up for automatic payments. at least minimum  payment , so if you forget to make a payment they still get their money, if you pay more than the minmum before the due auto minmum won't kick in.

If you plan to PIF sign up for the statement balance, and they wiil take the statement balance on you due date less any payments you already this month.

They took my 7/2 statement balance on the 26th,