FICO score i ncrease with CC util

[llecs]

Try the 1/2 & 1/2 bit to see if that helps any. Otherwise, use the card and PIF each month. Pay the mortgages as scheduled.

You likely won't see any increases for the removal of the inquiries from scoring, which will happen starting this month, if not already happened. Question: did you receive any new accounts with these inquiries? If so, you may see some gains at the 1 yr mark.


ETA...just saw that your newest is 2.5 yrs.

Message Edited by llecs on 03-06-2009 06:36 PM

[joeblow2]

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So i use 4 cards? just charge small stuff and pay it off right away? or how do i do it? Also no new accounts opened since 08/2006. How long do you think it will take to get to 740 TU

[Anonymous]

Letting all cards report a $0 balance will likely get you a ding. FICO scores you on how well you manage your credit, if you aren't using it, you aren't managing it.

A BK from 2001? What chapter?

Because of the PR on your report, you may be at the top of the ceiling for your bucket. For more information on that, search the forums for "buckets" "score buckets" "rebucketing" or things like that.

Lots of reading available on them.

[joeblow2]

It was a CH 7. So which is better keeping this small balance and paying on it $20 a month or having 0 balances on all cards

[llecs]

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joeblow2 wrote:

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So i use 4 cards? just charge small stuff and pay it off right away? or how do i do it? Also no new accounts opened since 08/2006. How long do you think it will take to get to 740 TU

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Try cycling through your cards. Use them and PIF and leave 1/2 w/ $1 or so. Doesn't matter how much you spend. What matters is what gets reported. You can max out all of your CCs monthly and PIF in the same month or not use them at all, the effects are the same.

So, are there no baddies associated with the BK, like CAs, CO'd accounts, etc.?

If not, then time is it. I've seen changes at the anniversary dates for the oldest accounts. Changes in the AAoA from one year to the next. Anniversary for some baddies like the BK.

Message Edited by llecs on 03-06-2009 06:52 PM

[joeblow2]

OK I'll try and cycle thru the cards. If i charge a small  amount and  PIF right away will that get reported? as usage? how many cards of the 7 do i have to do that with min ? also all other baddies assoc.  with BK are off of all CR

[Anonymous]

IMO, a FICO score of 722 with a PR is impressive.

From what I know about buckets and scoring, I'd say it is the PR holding you back. You may not be able to increase your score much more until it is removed.

Having said that, I don't know a lot about buckets and scoring.

[haulingthescoreup]

There's a score ceiling that comes with a public record (like a BK), just as there is with other serious derogs (90-day lates, 120-day lates, CO's, CA's), but I don't think that you're there yet.

Right now, I think you've done everything right in your post-BK journey, and now you just have to let time do its thing.

As for the util game, I'd say to use every card during the month, but only allow one to post a balance per month. (Every now and again, you'll have two reporting, because of different reporting dates.) Almost every card reports on its statement date (known exceptions: HSBC/Orchard bank cards, US Bank, and American Express.) Stop using each card about 6 days before you expect the next statement to drop. Pay online 2-3 days before you think the statement will report. PIF all but one card with this method; on that one card, let $10 report, and then pay it off before the due date.

You might eke out a few more points this way, but again, I think that you're just going to have to let the planet circle the Sun one or two more times to see significant score change. That's just part of life --sometimes you have to exercise the patience muscle.

When you pull your FICO EQ and TU reports, what do they say are your positives and negatives on the second screen (the one with the balance scales)? That can give you some insight as to what the score formulas "want" you to do.

[joeblow2]

I still have my EX crdit score and report here. 3 negs are the 1) BK  

2) too short of history oldest CC is from 4/02 and Mortgage is 08/05 

3) i have no installment loans.

[joeblow2]

Can someone try to read my profile I want to make sure its priv and no one can see who i am