Should I Open a CJ Account To Help My Score If I Have Revolving Credit Already?

[Anonymous]

Assuming that all those cards listed appear on both your report and your DH's report, your overall util is 7.9% or 8%.

Total Balances = $1197.69

Total CL = $15005.00

1197.69/15005.00= 7.9%

Add CJ to two reports(and you'd each have to get one because I don't believe they do AU) and your util would be

Total Balances = $1197.69

Total CL = $17505.00

1197.69/17505.00= 6.8%

This isn't going to make a difference in your scores on util.

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reddkaandy wrote:

If you are saying that you need to add more available credit to keep your util down because you are going to be increasing those $0 balances, then that would be a choice you must make.

Precisely sidewinder, I will be using my cc's to pay small bills that I would normally use cash for just to keep the activity going and to keep up good paymnt history (PIF at end of month or 2x a month or whatever is best ...haven't gotten that strategy down yet...need to read up on it some more). As far as this being a choice I have to make..........this is what I'm trying to find out: pros and cons so I CAN make an informed decision. I want to maximize this opportunity you know what I'm saying?

From what you have provided, I can list no pro to getting a CJ card.

If this is the case, are you going to pay the balances back down to $0 before app'ing for a mortgage? If so, then that is all that matters.

As stated above, balances will be paid each month accordingly, so yes before applying for mortgage, balances should be $0 or really low (depending on how CR update falls with app). 

Your score between now and when you app isn't a big deal, it is your score when you app that is important.

But if I should be rebuilidng the score...don't the decisions I make between time affect that moment when I apply?

Yes, decisions you make in the meantime could affect your score. If your balances on your CC are going to be similar to what they are now, there is no reason for the CJ card. If you were't planning on paying down your balances, then it could help-- but only on 2 reports. Once your balances are paid down, your score is going to be dinged because you did have util above 9%, it will only be dinged if you currently have util above 9% when you pull the score.

What are your current scores?

You say you are rebuilding your score, do you have negatives on your report? Or is the util the only problem?

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Message Edited by sidewinder on 09-14-2008 04:50 PM

[Anonymous]

Now that was some good freaking advice LilMirth!! Thanks a bunch for the breakdowns...its making sense to me now what I should do and why. I didn't realize that my personal util was so low. I kept combining our numbers and that's what had me worried. But now the question for me is how do I time the payments so that the balances reported on the cc's are low to $0; keeping my util low?

[Anonymous]

You need to find out when your CC issuers report and what balance they report.

Some report the statement balance, some report the balance the day they report, some report on statement date, some on due date.

HSBC reports on the last business day of the month and reports the balance on that day.

If you have TC, click "more info" and it will show date reported.

I'm not sure how/if this is displayed on reports from other places.

You can also call the CC issuers and ask when they report and you can search the CC forum by typing in "Name of CC" and "reporting date"....for instance type in   "HSBC reporting date" and you may find the answer.

[Anonymous]

Thanks for the breakdown Sidewinder.

To answer your question, I did the FICO trial in 8/2008 and scores were EQ 578 for me and EQ 533 for hubby.

Since then I signed up for BoA Privacy Assist trial which I believe gives FAKO scores and this is what I have for now as I am saving the FICO for when I think the changes (payments, etc) have updated...since i know it won't be free again.

09/2008

Mine: EQ 565                   Hubby: EQ 621

          EX 590                                EX 635

          TU 582                                TU 611

Other past scores given by mortgage companies when we started this journey...not sure what they use but the more recent one didn't give our TU scores.

06/2008

Mine: EQ 614                   Hubby: EQ 451

          EX 533                                EX 561

06/2006

Mine: EQ 634                   Hubby: EQ 618

         EX 629                                 EX 666

         TU 628                                 TU 649

[Anonymous]

reddkaandy,

It's only been a few months that I have come to understand the ins and outs of credit and credit scoring, and I've still got lots to learn. I have the kind and helpful people of this forum to thank for my new found knowledge. I would advise you to keep reading, and give a great amount of consideration to the BTDT advice of the contributers, particularly the mods, and the super and valued contributers. Not to mention those that have FICOs in the 800s, LOL!!! They really do know their stuff here, and have not steered me wrong (even when I was only lurking).

I would first try asking the CCCs when they report, although some won't tell you (boo to them!). Then, I'd try searching this board for the answer. I'm willing to bet that you'll find those dates! If those don't work (and assuming you haven't already done so) use a monitoring service like TC where you'll be able to pull your CR frequently. Eventually, you'll see when the update is made, and you'll be able to establish their pattern. Finally, I've read (in these forums) that some people make several payments per month (weekly if need be) just to make certain that a low or no balance is reported.

Re: Should I Open a CJ Account To Help My Score If I Have Revolving Credit Already?   reddkaandy
Contributor
Posts: 18
Registered: 08-07-2008

Now that was some good freaking advice LilMirth!! Thanks a bunch for the breakdowns...its making sense to me now what I should do and why. I didn't realize that my personal util was so low. I kept combining our numbers and that's what had me worried. But now the question for me is how do I time the payments so that the balances reported on the cc's are low to $0; keeping my util low?