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first Chase PIF

CardNut
Valued Contributor

Re: first Chase PIF


@elixerin wrote:

True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe. 

 

ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)

 

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

 

Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time)  or does it only show the +1 payment after closing like all others

 

sorry if my question is a little confusing.. it crossed my mind n now i must know xD

 

EDIT: Thanks Remedios hue >.>

 

 

thanks for the replies


You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score.

 

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models. 

 

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

 

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 11 of 17
Remedios
Moderator

Re: first Chase PIF

Highest score possible means absence of penalty in those areas 

You have no negatives, so your payment history is already at that full 35%

30% refers to utilization, but that doesnt mean if you max your cards, you will lose 30% of points. It's bit more intricate than that.

15%, you have long ways to go to maximize length of credit history 

I dont know if you have loans that would contribute to credit mix

You have new accounts, so that new credit category has new account penalty in place 

Message 12 of 17
elixerin
Established Contributor

Re: first Chase PIF


@CardNut wrote:

@elixerin wrote:

True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe. 

 

ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)

 

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

 

Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time)  or does it only show the +1 payment after closing like all others

 

sorry if my question is a little confusing.. it crossed my mind n now i must know xD

 

EDIT: Thanks Remedios hue >.>

 

 

thanks for the replies


You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score. 

 

tru

 

 

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models. 

 

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

 


for some reason i thought every month and payment boosted each weighted percentage accordingly month to month vs overall... the more you knowMan Very Happy  

Message 13 of 17
elixerin
Established Contributor

Re: first Chase PIF


@Remedios wrote:

Highest score possible means absence of penalty in those areas 

You have no negatives, so your payment history is already at that full 35%

30% refers to utilization, but that doesnt mean if you max your cards, you will lose 30% of points. It's bit more intricate than that.

15%, you have long ways to go to maximize length of credit history 

I dont know if you have loans that would contribute to credit mix.  nope Smiley Tongue

You have new accounts, so that new credit category has new account penalty in place 


Wow, here i was thinking month to month these points factors were fully being "added" rather than just being maintained(With chase since the option of off cycle report is automatic and right there i was trying to see exactly how this action would contribute to my scores at the time of vs the other cards), my "highest score" im wanting is just around 715 by next month for a Schwab Plat app. I should be good for it fingers crossed Smiley Very Happy

Message 14 of 17
CardNut
Valued Contributor

Re: first Chase PIF


@elixerin wrote:

@CardNut wrote:

@elixerin wrote:

True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe. 

 

ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)

 

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

 

Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time)  or does it only show the +1 payment after closing like all others

 

sorry if my question is a little confusing.. it crossed my mind n now i must know xD

 

EDIT: Thanks Remedios hue >.>

 

 

thanks for the replies


You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score. 

 

tru

 

 

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models. 

 

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

 


for some reason i thought every month and payment boosted each weighted percentage accordingly month to month vs overall... the more you knowMan Very Happy  


Well, if you pay on time every month, as time goes by, your profile gets stronger and your score goes up. Do that for years and years and years,  avoid over applying for cards and other credit options, stay out of debt troubles, and you're going to end up in pretty good shape. High scores, large CLs, low APRs, and a high probability of being approved for new credit with a low APR. 

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 15 of 17
CreditobsessedinFL
Established Contributor

Re: first Chase PIF

 


@Remedios wrote:

You dont get a "boost" for making a payment. That's expected.

You do get *un-boost* if you miss one.

 

I think you're convoluting that slightly with just passage of time we lovingly call AAoA.

Those increase when certain thresholds are passed, and I'm not sure you'll be at one next month. 

 

If you want to know more about those, ask in scoring forum. I keep forgetting what some of them are because I keep pounding mine into the ground. 


-------
😂, same, same, it seems.Thanks for the clarification. 
Message 16 of 17
SouthJamaica
Super Contributor

Re: first Chase PIF


@elixerin wrote:

heya friends, my first chase statement closes on April 12th, if i PIF on the 13th with no pending transactions how long of no usage should i expect nowadays before the infamous Chase $0 off cycle report? recent experiences?

 

thanks


A day or two.

Message 17 of 17
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