CC UTL-Do I need to pay down anymore before next reporting to CRA's?

[Anonymous]

Following is a current recap of my cc's and would like to know how I can best proceed before the accounts are reported to the CRA's next month (goal: continue to improve FICO scores):

10/28/07

Hooters:                $0 bal        $1850 cl

BOA Secured:      $37 bal       $900 cl

Credit One:           $106 bal     $400 cl

FPB:                      $1 bal         $400 cl

FPB:                      $75 bal       $300 cl

Total bal:               $219          $3850 CL   (5.7%)

Last CR Report shows:

BOA Secured:       $185 bal    $700 cl

Credit One:            $284 bal    $400 cl 

FPB:                      $351 bal    $400 cl

FPB:                      $257 bal    $300 cl

Total bal:                $1077 bal   $1800 CL (60%)

I now know when the cc's are reporting so will schedule my payments around these dates.

How should I proceed in the next week or two before next updates to CRA's?

[haulingthescoreup]

Wow, that ought to trigger some score changes!

I still don't think anyone knows for sure where the break points are in util. I've seen under 5%, under 10%, under 30%, under 50%; but I've also seen under 10%, under 25%, under 50%. I think the first set is more accurate.

FICO looks at both overall util (which is GREAT), and util on each revoloving account. Can you throw any more money at the Credit One (a little over 25%) and/or smaller FPB (right at 25%)? $70 to Credit One would get it under 10%. $50 or so to FPB would also get it under 10%. If you're tapped out, though, I wouldn't worry too much--they're not bad where they are. It's tough to keep util low with low limit cards, I know. Just get them next month.

Great job in feeding the ravenous beasts!!!!

edit: you MUST let us know what your scores look like after these payments post! Can't wait.

Message Edited by haulingthescoreup on 10-28-2007 07:17 AM

[Anonymous]

Thanks Hauling,

I just sent the payments via boa on-line banking.  Now I understand the game. I was paying down but not on the right dates previously.

I'll report what happens when these post to my CR.

I hope Hooter's is reported soon (I will use a bit and PIF before it reports).

I made a lot of progress over the past month so hope it pays off.

I will ensure that I do the same in December to continue the trend.

Following is the latest and greatest recap after the payments I just sent:

10/30/07 (after payments post)

Hooters:                $0 bal        $1850 cl

BOA Secured:      $37 bal       $900 cl

Credit One:           $21 bal       $400 cl

FPB:                      $1 bal         $400 cl

FPB:                      $15 bal       $300 cl

Total bal:               $74            $3850 CL   (1.9%)

[haulingthescoreup]

WOW! WOW WOW WOW!!!

That should freak them out! (I had to dig up Internet Explorer in order to get the fun color and font size, but it was worth it!)

[Anonymous]

I'll be sitting on pins and needles for the next 3 weeks but hope this pays off when I pull my FICO scores.

Whatever I add to these cc's in the next 2 weeks I will pay off and keep the total utl at 1.9%.  

I will definately let you know once reported.

Do you think the Hooter's CL will show in the report within 30 days of opening or should I pay a bit more down to compensate for this if it doesn't show up in the next report.

It's only a waiting game now but I will continue to plug away on the PFD and GW letters.

[haulingthescoreup]

Yep, you're pretty much down to writing and waiting now.

I don't know how quickly Hooters starts reporting, but I'll bet that the rest of this forum does! Congrats again--this thread will be fun to follow.

[Anonymous]

Great Job!

It may take 1-3 months for everything to report and fall inline -- so you whave to maintain this for at least that amount of time - then you will have the max jump from your efforts.

[Anonymous]

Fortunately I am not a big Christmas shopper. This will definately work in my favor during the holiday.

I have weekly payments already set up in online banking and will monitor it closely.  I will not give up nor do I want to go back to where I came from.

Just did a FICO score simulator for EQ and it said if I pay my bills on time for next 3 months increase in score could be from 722-762.  I wish that you could enter multiple types of actions (on time, pay down balances, etc) to really see what the simulator could show.

It's a waiting game now so I will be patient while doing a bit of cleanup at the same time.

[Anonymous]

I still think 40-50% of the revolving accounts with balances-

IMHO-
If would have 2 of them report at zero.

[Anonymous]

So you're saying I should pay 2 accounts in full to report at $0?