Why Manage FICO Score Month to Month?

[Anonymous]

In reading a lot of posts here I note that people do things like paying off a credit card at strategic times so the lowest possible balance is reported to credit agencies.  I'm not sure I understand the motivation for this.  Is there some a cumulative aspect to one's FICO score?  I thought it was just a snapshot of current financial status--if so, why not only worry about gaining or losing a few point when you're applying for specific credit?

[driftless]

It is micromanaging but don't forget that many of us have had credit issues in the past. Being slightly obsessed about credit provides the discipline and focus many need to maintain and improve their credit.

[MyLoFICO]

[Anonymous]

Score peacocking. Having a 740 is no big deal if you are not trying to get another account! Everyone is browsing the approval section and longing for the next conquest.

[MyLoFICO]

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@Anonymous wrote:
Score peacocking. Having a 740 is no big deal if you are not trying to get another account! Everyone is browsing the approval section and longing for the next conquest.

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What? You got approved? For what? TELL ME NOW SO I CAN GO APP!!!!! Feed the need!!! 

[Anonymous]

Also, credit reports/scores are used for screenings these days such as when applying for a new job, property rental, insurance, etc.

[kdm31091]

IMO unless you have a major app or loan coming up there's no real reason to worry about it every month, but some people enjoy optimizing. For me it's not worth the time/effort vs the gain which is often minimal. YMMV

[sr383]

My goal is to have sufficient limits with the cards I use, such that, at any point in time, my utilization is always below 10%. Creditors will get one payment, when that payment comes due.

[driftless]

FWIW - I have few cards and high usage. I PIF every month and every card is set on autopay.

[barthooper]

There are only two times when I'll manage month to month. If I'm about to go for another card or other loan in the next month, or to optimize just to see how much of a boost I can get from optimizing, in anticipation of a card/loan in the future.