Charged off Credit Card, Utilization and number of cards with balances

[Anonymous]

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@AnonymousAU account just reported this morning at 4% utilization. FICO 2 when from 577 to 589. Fico 8 went from 617 - 636. Reason codes state I’m not using any revolving accounts so patiently waiting for other cap 1 to post. 

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You'd then expect to see around a 15-20 point gain (FICO 8) once you have a revolver report a small balance.

[Anonymous]

Thanks! I have 3 cap 1 accounts all with the same statement dates including the AU, 2 that have reported for the month of August and one that has not. It is a secured card I got in July. The AU card was also new in July. I put and small balance on both before the statement cut. I wonder if there is any issue with the secured card and if it takes a while for the first report to hit the CRAs.

[Anonymous]

Well, I received the mailed statement from Capital One for the AU account and my new account on the same date, but the credit reported for the AU account and not my new account. The AU account was opened on July 5th and the new account was opened July 14th. Waiting game sucks when its something you need to report...

[Anonymous]

Since my secured capital one doesnt look like it will report until around September 4th, I am going to put a small charge on the store card to see what it does. I dont know how the FICO 2 store card small charge will react with the new AU account. It was a +12 Fico 2/+17 Fico 8 in June and when the store card was paid to 0 I lost those points.  I think adding the AU card even with utilization of 4% is mutually exclusive from adding the small balance on the store card. The statment closes on the 17th and will update around August 22nd so we will see.  

[Anonymous]

Another wrinkle, I did apply for a Credit One Card and was approved for $500.00 with the $75 AF. The small balance on at reporting and the very quick reporting was the only reason I applied for it. It was mailed out on the 15th. So hopefully if the Capital One or Credit One Card posts, i will look at FICO scores and update. I will pay off the store card before the statement date to get rid of the small balance.

[Anonymous]

The last thing you want is an AF Credit One card.  I'd start putting a plan in place immediately to close it down and vow to never pay a cent of that AF.

[Anonymous]

I know, but in this case it works that they report the AF with the balance rather quickly to Experian since the card is sent and needs to be activated. In the big scheme of this deal to pay $75 AF is definitely worth the 20-30 point boost to Fico 2 of adding another credit card with 17% utilization with both primary cards at Zero utility. The quicker I can get to 600 the easier it will be for me. I will carry the card for a year then close before monthly AF comes in.

[Anonymous]

Well just got CreditOne card in mail today. Does anyone know how quickly they report? I don’t believe I have a statement generated yet as I tried to pay the AF and was not allowed to.

[Anonymous]

Credit one posted today @ 15% and to my dismay there was no increase on the FICO 2 589 but fico 8 jumped 18 points 636 to 654. Total utilization is at 5% with AU card reporting. I still have a capital one reporting around August 4th at Zero balance. I have 4 cards with 2 reporting a small balance and two at Zero balance. With one of those cards an AU card. My thought is to dispute the AU card to remove it and have 3 cards reporting, one with a small balance and two at zero. Still strange that the 32 utilization points that I lost in June I believe I only recovered 12 of them back and missing the other 20.

Also, I am getting rid of a midland collection by paying in full September 4th ish. 

[Anonymous]

I did dispute the AU card on 8-26. Nothing has happened yet, but since my capital ones are due on the 1st it might be a moot point anyway. I have payed all cards down to 0 except credit one which reported at $77/500. AU will be at zero. New capital one will be at 0. So I should have 5 CCs with one reporting a balance on the 1st or the 4th. By every other scoring model scores are over 600 EXCEPT Fico 2...still excited!