Montana I have a question

dangphuocloc72 · ‎09-12-2007

last 10 day I have new hooters card CL 1500 , I used 1200 now I needs to paid or just wait end of the month they report to CR ? if I wait they report and I PIF . Is that hurt my Score

Anonymous · ‎09-12-2007

what will hurt your score is having it maxed out. you almost there. so, right now , before the statemen, pay it down to untill you have $130. it will report just that. if the statement already issued then it will report the whole thing, but not to worry, then next statement you pay it down and it'll show 130 then.

You can have the near maximum, noone disagrees. Just when you will apply for new credit: car loan, mortgage, othe credit cards it is better to be at or near 1-9% on utilization of your revolving credit. Installement credit however is calculated differently, so it's ok.

just remember: if you will not apply for a new credit anytime soon, do whatever you need to do with your finances. but when ready for mortgage or car loan it is better to follow this simple rule. wait untill all your revolving is at 1-9% and pay in full each month. You have to think of credit card comany too ( increase in limit, decrease in rate ) when using credit card.

So you are fine.

lol/.

dangphuocloc72 · ‎09-12-2007

Thanks Montana , from today to next year I don't apply anything . So I wait end of the month they Report . and PIF .

Anonymous · ‎09-12-2007

dangphuocloc72 wrote:
Thanks Montana , from today to next year I don't apply anything . So I wait end of the month they Report . and PIF .

I would pay the CC down to less than 10% util before they create the statement. Then after they make the statement that amount is usually what will be reported to the CB. Then you can PIF the balance so that you won't have to pay any interest on the statement balance. I think that's what I am understanding, right Montana?

Anonymous · ‎09-12-2007

yes that's right. But some CC report each 30 days: AMEX, BOFA, CITI, WAMU. So it is good to ALWAYS be at 1-9%, show some usage so that CC likes you, but not too much usage so the FICO gods will bless you.

lol.

dangphuocloc72 · ‎09-12-2007

I got it . I'll pay now . thanks so much sleigh17 and Montana . you guys so goodddddddddddddddddd .

Anonymous · ‎09-12-2007

we are here to share what we know , so that others don't repeat the mistakes we've made ( if any )

lol

dangphuocloc72 · ‎09-13-2007

Just pay online $1,100.00 today I am good to go . all my CC pay down befor they report this moth . hope my score went up .

Anonymous · ‎09-13-2007

not yet....you will see the score increase in a month or 2 when reporting kicks in. but remember that if you use this tactic and forget about applying for new credit for 6 to 12 month....then you have much more stable FICO scoring. It would be harder to bring it down substantially by maxing out or other "almost" baddies.

lol

Anonymous · ‎09-13-2007

montana wrote:
not yet....you will see the score increase in a month or 2 when reporting kicks in. but remember that if you use this tactic and forget about applying for new credit for 6 to 12 month....then you have much more stable FICO scoring. It would be harder to bring it down substantially by maxing out or other "almost" baddies.

lol

Good advice Montana