I personally pay everything I possibly can with my cards for the rewards. This doesn't mean I max them and leave a balance it just means I only spend what I have to pay in cash but just use the card first for rewards and to give reason for CLI and PIF each month and sometimes multiple times a month.
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@RobynJ I gotta find the thread where someone using AZEO decided to leave a small 1%-2% balance on their cards and their score jumped 3 or 4 pts that month. I will post the link soon as I find it. I found it to be very interesting.
I would have to bet something else changed also on their reports (maybe age of youngest account going over one year or something like that) because it's been proven over and over again that AZEO is the best way to increase to the maximum point for util. You can try it for yourself once you get a score but until then Just focus on responsible spending and make all payments on time. Once you get one you can toy around each month to examine how your file reacts to different methods.
@RobynJ yup that's the plan. I'm still very new so my score keeps going up monthly regardless if I carry a balance or not as long as my payments are made on time. My TU vantagescore jumped 10 pts yesterday after discover reported my new statement. I'm not expecting a fico score until October the earliest so I'm patiently waiting. Once capital one reports, my vantagescore should jump high enough to be in the "good" range so that will be a cool milestone to reach.
Here's a quick rundown on my vantagescore3.0 changes since opening new accounts for the first time.
TU;
Started with a score of 524 due to having a collection account listed.
4/4/22- drops 2 pts after Self reported my new account (524-522)
4/13/22- rises 33 pts after Discover reported my new card (522-555)
5/13/22- rises 10 pts after Self + Doscover reported my new statements (555-565)
EQ;
Had no score at all
4/4/22- rises 587 pts after Self reported my new account (0-587)
4/10/22- rises randomly 6 pts (587-593)
4/12/22- rises 42 pts after Discover reported my new card (593-635)
5/6/22- rises randomly 6 pts (635-638)
5/12/22- rises 6 pts after Self + Discover reported my new statements (638-644)
EX;
Started with a score of 524 due to having a collection account listed. I'm only able to monitor this score once a month from the Self app.
4/20/22- by now I had my collections account randomly removed and Self + Discover had reported both my new accounts. My score rose by 104 pts (524-628)
@MarkyB Keep up the good work. Stay focused and prepare for the marathon as we both now know it's not a race. We are both a little alike, starting on a new journey of credit worthiness.
I've been doing lots of research on auto loan lenders and whatnot. One name that seems to come up a lot is "PenFed" CU. I'm actually very interested in becoming a PenFed member so I can build a relationship with them with the hopes of getting the biggest loan possible. They seem very lenient in terms of approvals. I'm curious what the best approach would be? I was thinking about simply opening a savings account with them which I can deposit money into weekly and let it grow over time until I apply for a auto loan. Then I would use that money saved up towards my down payment on the car (I'm sure I won't get approved for the full amount and will need to add cash on top). Will a savings account with a constant growing balance be enough "relationship building" for the next 8-9 months before I apply for the loan?
@MarkyB wrote:I've been doing lots of research on auto loan lenders and whatnot. One name that seems to come up a lot is "PenFed" CU. I'm actually very interested in becoming a PenFed member so I can build a relationship with them with the hopes of getting the biggest loan possible. They seem very lenient in terms of approvals. I'm curious what the best approach would be? I was thinking about simply opening a savings account with them which I can deposit money into weekly and let it grow over time until I apply for a auto loan. Then I would use that money saved up towards my down payment on the car (I'm sure I won't get approved for the full amount and will need to add cash on top). Will a savings account with a constant growing balance be enough "relationship building" for the next 8-9 months before I apply for the loan?
I don't have a loan with them, but I opened a savings account roughly 3 months after my BK7 was discharged. I was adding funds every 2 weeks on pay day and then roughly 4 months after my BK7 discharge, I cold applied for a credit card from them and was approved witha $6K limit, so they are definitely very lenient and are great to deal with. Definitely recommend starting with getting that savings account opened with them and get that relationship started.
@MarkyB wrote:I've been doing lots of research on auto loan lenders and whatnot. One name that seems to come up a lot is "PenFed" CU. I'm actually very interested in becoming a PenFed member so I can build a relationship with them with the hopes of getting the biggest loan possible. They seem very lenient in terms of approvals. I'm curious what the best approach would be? I was thinking about simply opening a savings account with them which I can deposit money into weekly and let it grow over time until I apply for a auto loan. Then I would use that money saved up towards my down payment on the car (I'm sure I won't get approved for the full amount and will need to add cash on top). Will a savings account with a constant growing balance be enough "relationship building" for the next 8-9 months before I apply for the loan?
I just opened a checking and savings with them a few days ago. You get your free Fico score if you open a checking but not with just a savings account. I think it's either TU or EQ 9 that you get but not positive yet.