Re: Balances on all cards

Anonymous · ‎07-13-2020

Ok let start with due to covid-19 I don't spend much. It not because I'm not working, I haven't stopped working because I'm a healthcare worker. I have 11 credit cards and I have let at least one card show a balance. I did all zero balance before and my credit score dropped. Anyways I want all the credit card companies know I am using their cards so I have a balance on all 11 cards right now. I paid off 1 card and create these balances this month(of course with things I was going to buy). No carry overs. Once they post for the august I will pay them all off.

amex-90/10000

apple-9/7500

capital one Walmart-38/7000

capital savor-21/11000

chase-14/23500

citi-119/11000

discover-173/11000

penfed-94/5000

navy fed-25/25000

USAA-15/11000

Wells fargo-10/10000

is this a good idea from going to only one card to all cards with balances? I am expecting a drop in score but hopefully not significantly that it will close my accounts.

scores

fico 8-810 eq, 802-tu, 796 ex

Anonymous · ‎07-13-2020

You don't have to report balances for your lenders to know you're using their money. Keep practicing AZEO (one card reporting) to maintain your high scores if you choose. If you're not apping for anything in the near future your scores aren't as important and you can let your cards report organically - no "created" spend needed.

Anonymous · ‎07-13-2020

@Anonymous Thanks, I will keep up with azeo. I always thought I have to let it report to show I am using them.

Anonymous · ‎07-13-2020

You'd have to let them report so lender A could see that you spent money on your card from lender B. But for lender A to know you used their card, you just have to use it. They know every transaction on your card(s) with them.

Anonymous · ‎07-13-2020

I think AZEO always confused me because I thought "ok, Except One, I will always carry a balance" ... but no

I broke it down to this:

- choose the card that will give you the lowest utilization, the One you love. That's the One.

- find out the due dates for all.

- PIF All the cards down to Zero, Except the One before their due dates.

- after the due date of the One, the One will cut a statement a few days later, so you let it report a small balance on that statement

- PIF the One before its due date

rinse and repeat

I'm not sure why you thought carrying balances on all your cards was the way to go. AZEO is that none of those cards should report balances EXCEPT ONE. it's not clear that you have been doing AZEO, but maybe I'm misunderstanding your method

I modified slightly due to my up and down cash-flow, so that I pay the minimum on most cards right after they cut, which buys me time until the next cut date, so I ignore the due dates, because ups just have to make sure a payment posts by the due date. But that's just my crazy method

Anonymous · ‎07-13-2020

@Anonymous Ok maybe I wasnt clear. I always did azeo but this time I was going to let all credit cards report a balance(it hasn't happened yet) so it can show I was using them all.

Anonymous · ‎07-13-2020

@Anonymous wrote:
You'd have to let them report so lender A could see that you spent money on your card from lender B. But for lender A to know you used their card, you just have to use it. They know every transaction on your card(s) with them.

gotcha! Thanks!

AllZero · ‎07-13-2020

For your reading pleasure https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/From-AZ-gt-AZEO-gt-100-w-balances-data/m...

SouthJamaica · ‎07-13-2020

@Anonymous wrote:
Ok let start with due to covid-19 I don't spend much. It not because I'm not working, I haven't stopped working because I'm a healthcare worker. I have 11 credit cards and I have let at least one card show a balance. I did all zero balance before and my credit score dropped. Anyways I want all the credit card companies know I am using their cards so I have a balance on all 11 cards right now. I paid off 1 card and create these balances this month(of course with things I was going to buy). No carry overs. Once they post for the august I will pay them all off.

amex-90/10000
apple-9/7500
capital one Walmart-38/7000
capital savor-21/11000
chase-14/23500
citi-119/11000
discover-173/11000
penfed-94/5000
navy fed-25/25000
USAA-15/11000
Wells fargo-10/10000

is this a good idea from going to only one card to all cards with balances? I am expecting a drop in score but hopefully not significantly that it will close my accounts.

scores
fico 8-810 eq, 802-tu, 796 ex