Optimizing FICO score with a charge card?

[CBTS]

In order to optimize the FICO score, can I let only my charge card report a balance, and all the revolving cards with $0 balance? Or does the balance have to be on one of the revolvers?

[myjourney]

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@Anonymous- wrote:

In order to optimize the FICO score, can I let only my charge card report a balance, and all the revolving cards with $0 balance? Or does the balance has to be on one of the revolvers?

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Works on either one you choose 

[CBTS]

It's a bit confusing to understand how charge cards work with the FICO scoring system. I figured, if the charge cards don't have any impact whatsoever on utility, it might be a good idea to let a balance report on a revolver as well. Guess I was wrong.

[myjourney]

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@Anonymous- wrote:

It's a bit confusing to understand how charge cards work with the FICO scoring system. I figured, if the charge cards don't have any impact whatsoever on utility, it might be a good idea to let a balance report on a revolver as well. Guess I was wrong.

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Even tho its a charge card in fico eyes its still revolving credit ....I know even tho you can't carry a balance you have 30 days to pay your bill

[CBTS]

After reading the countless threads on how charge cards affect the FICO score, it's pretty obvious that they don't have any effect on utlization at all. So, is it safe to say that a charge card reporting a balance of, say, $1000 and the revolvers of $0, equals to 0% utility? If this is in fact the case, wouldn't it be better, for scoring purposes, to show the 1-9% utility on one of the revolvers (in addition to the $1000 on the charge card)?

I think I might be reading too much into this. What's still unclear to me is how the charge cards don't affect the util. but they're still going to be counted as an account that I owe money on, hence lowering my score if I owe to 2 accounts versus just 1.

[wHiTeSoL]

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@Anonymous- wrote:

After reading the countless threads on how charge cards affect the FICO score, it's pretty obvious that they don't have any effect on utlization at all. So, is it safe to say that a charge card reporting a balance of, say, $1000 and the revolvers of $0, equals to 0% utility? If this is in fact the case, wouldn't it be better, for scoring purposes, to show the 1-9% utility on one of the revolvers (in addition to the $1000 on the charge card)?

I think I might be reading too much into this. What's still unclear to me is how the charge cards don't affect the util. but they're still going to be counted as an account that I owe money on, hence lowering my score if I owe to 2 accounts versus just 1.

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From what I understand it doesn't could towards utility BUT it does count towards having another card with a balance. The best was to optimize your Fico score is to only have 1 card (charge or not) reporting a balance of 1-9%

[ryanbush]

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@wHiTeSoL wrote:

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@Anonymous- wrote:

After reading the countless threads on how charge cards affect the FICO score, it's pretty obvious that they don't have any effect on utlization at all. So, is it safe to say that a charge card reporting a balance of, say, $1000 and the revolvers of $0, equals to 0% utility? If this is in fact the case, wouldn't it be better, for scoring purposes, to show the 1-9% utility on one of the revolvers (in addition to the $1000 on the charge card)?

I think I might be reading too much into this. What's still unclear to me is how the charge cards don't affect the util. but they're still going to be counted as an account that I owe money on, hence lowering my score if I owe to 2 accounts versus just 1.

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From what I understand it doesn't could towards utility BUT it does count towards having another card with a balance. The best was to optimize your Fico score is to only have 1 card (charge or not) reporting a balance of 1-9%

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How do you make a charge card report a balance between 1-9%?

[wHiTeSoL]

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@ryanbush wrote:

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@wHiTeSoL wrote:

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@Anonymous- wrote:

After reading the countless threads on how charge cards affect the FICO score, it's pretty obvious that they don't have any effect on utlization at all. So, is it safe to say that a charge card reporting a balance of, say, $1000 and the revolvers of $0, equals to 0% utility? If this is in fact the case, wouldn't it be better, for scoring purposes, to show the 1-9% utility on one of the revolvers (in addition to the $1000 on the charge card)?

I think I might be reading too much into this. What's still unclear to me is how the charge cards don't affect the util. but they're still going to be counted as an account that I owe money on, hence lowering my score if I owe to 2 accounts versus just 1.

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From what I understand it doesn't could towards utility BUT it does count towards having another card with a balance. The best was to optimize your Fico score is to only have 1 card (charge or not) reporting a balance of 1-9%

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How do you make a charge card report a balance between 1-9%?

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You dont but lets hope this clears it up

Scenerio 1

1. Revolver $100 balance $2000 limit = 5%

2. Revolver 0 Balance $1000 limit = 0%

3. Charge $50 balance NPSL

Total 3% Utl 2 cards reporting balance

Scenerio 2

1. Revolver $100 balance $2000 limit = 5%

2. Revolver 0 Balance $1000 limit = 0%

3. Charge $0 balance NPSL

Total 3% Utl 1 card reporting balance

Scenerio 2 will yeild you a better Fico score.

[DaveSignal]

I could be wrong, but I don't think that the score boost is specifically from having util at 1-9%.    It is actually the combination of having one card show use (you have active accounts) AND you have extremely low utilization.  If you have extremely low utilization, but are not showing use (all accounts are at $0), then it appears as though you are not actively using your credit.

An NPSL charge card showing a balance (any balance) and 0% util on your credit cards accomplishes the same goal.

[CBTS]

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@wHiTeSoL wrote:

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@ryanbush wrote:

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@wHiTeSoL wrote:

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@Anonymous- wrote:

After reading the countless threads on how charge cards affect the FICO score, it's pretty obvious that they don't have any effect on utlization at all. So, is it safe to say that a charge card reporting a balance of, say, $1000 and the revolvers of $0, equals to 0% utility? If this is in fact the case, wouldn't it be better, for scoring purposes, to show the 1-9% utility on one of the revolvers (in addition to the $1000 on the charge card)?

I think I might be reading too much into this. What's still unclear to me is how the charge cards don't affect the util. but they're still going to be counted as an account that I owe money on, hence lowering my score if I owe to 2 accounts versus just 1.

---

From what I understand it doesn't could towards utility BUT it does count towards having another card with a balance. The best was to optimize your Fico score is to only have 1 card (charge or not) reporting a balance of 1-9%

---

How do you make a charge card report a balance between 1-9%?

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You dont but lets hope this clears it up

Scenerio 1

1. Revolver $100 balance $2000 limit = 5%

2. Revolver 0 Balance $1000 limit = 0%

3. Charge $50 balance NPSL

Total 3% Utl 2 cards reporting balance

Scenerio 2

1. Revolver $100 balance $2000 limit = 5%

2. Revolver 0 Balance $1000 limit = 0%

3. Charge $0 balance NPSL

Total 3% Utl 1 card reporting balance

Scenerio 2 will yeild you a better Fico score.

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So how about a scenario 3 with :

1. Revolver $0 balance, $2000 limit = 0%

2. Revolver $0 balance, $1000 limit = 0%

3. Charge $1000 balance, NPSL.

Will this necessarily have the exact outcome as Scenario 2?