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Credit Card Plan

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PrettyGyrl
Frequent Contributor

Credit Card Plan

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts?
Thanks In Advance

Started from the bottom, now I'm here: 4/20/15: EX-674 TU 704 EQ-677
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T minus 4 months until Operation EE!!
Goal: 750 Across the board! AMEX Approved! Living in the Garden
Message 1 of 7
6 REPLIES 6
Dustink
Valued Contributor

Re: Credit Card Plan

You have to see when your card reports the balance. Not all banks report statement balance.

 

For example:

US Bank reports my balance on the day the payment is due.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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Message 2 of 7
newportguy
Frequent Contributor

Re: Credit Card Plan


@PrettyGyrl wrote:

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% ( 1% would MAX your Score ) on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts? CORRECT
Thanks In Advance


 


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
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Message 3 of 7
distantarray
Established Contributor

Re: Credit Card Plan

The ideal for me and many others is say you had 3 cards at $1,000 each.

 

$60 on 1 card (2% of total credit limit)

$0 on card 2

$0 on card 3

 

this was used to obtain a 819 Equifax 04 credit score which is one of the highest reported online by anyone. 850 is impossible on the 04 Fico scoring even the Fico President wasn't in the 800 club a few years ago.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 4 of 7
distantarray
Established Contributor

Re: Credit Card Plan

 

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

 

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year Smiley Happy  I <3 them


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 5 of 7
shakalaka
Established Contributor

Re: Credit Card Plan


@distantarray wrote:

 

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

 

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year Smiley Happy  I <3 them


Interesting - Many thanks



FICO (TU/EX/EQ): 773/766/778 - Total CL 255+K
Message 6 of 7
Wolf3
Senior Contributor

Re: Credit Card Plan

I have not seen anyone post who understands how the maximum utilization of 1 card is weighted compared to the overall utilization.  Or how the number of cards with balances is weighted.

 

My guess is that overall utilization carries the most wieght.    Anyone figured this out yet?

 

 

 

 

Message 7 of 7
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