Credit scoring is a snapshot in time. While it depends on many factors, having utilization over 30% on a card will typically result in a score decrease and paying it off will result in a score increase. But the simple act of doing so wouldn't increase the score. You simply gained the points back because you lost them. Multiple payments in a billing cycle make zero difference. Ten payments or one payment result in the same change when a statement balance is reported. (Exceptions are lenders who don't report on statement date or like Chase where paying to $0 at any time will result in the $0 balance being reported.)
Man, you already know what to do!
AZE'O'! All Zeros Except One. That 'O'ne should have1-6% (alledgedly) of that card's CL only.
Let that AZEO report properly in full.
BOOM!
Sorry but that's nothing but bologna. There are no hacks to boosting your score. It's a marathon, not a race. Number of payments doesn't matter, only the reported balance at the end of the billing cycle. Keep reported utilization under 9.8% on ONE card, and keep all other cards at zero balance.
Once you build a credit file with at least 3 bank cards at AZEO and an installment loan, the only credit hack is time...
Accounts age while paid on time = score increase
derogs fall off = score increase
inquiries fall off = score increase
Around these parts, we call it 'The Garden".
I am wondering what is it that makes us gain points, AAoA? Assuming everything else is in good standing, like DTI etc.
I think @ChargedUp answered my question. 👍
I doubt it would help your scores but it could help with CLIs on the cards you charge up quickly and payoff quickly.
@cambia46 wrote:A friend sent me a TikTok video of a "credit guru" sharing a CC hack with claims of it skyrocketing your score. According to the video, significantly increase the balance of one of your credit cards (he actually suggested that going over 30% usage is optimal), let that balance report one cycle, then pay it all off the next cycle in 2 separate payments (15/3 rule). While I kinda see the logic in this to some degree, as it relates to showing usage and the ability to pay off the balance in full, bI also know that it will depend on many other factors, such as overall utlization, credit balance, etc, which he failed to mention into the video.
I am curious as to whether anyone has tried the hack and if/how it affected their score (up or down). If so, please share. I’m trying to get my scores to 800 within the next few months in hopes of getting a a good rate on a business loan in the near future. Currently my scores are TU 736/TQ 742/EX 735, so I'm not too far. I just need a good increase to push me over.
I’m currently at 12% usage ($5780) of $50,150 at last reporting, but since then I’ve used a few cards to fund the business for now, which has put me over 30% usage on 3 cards, with one being at 61%.
Thanks for all input!
That "hack" is complete baloney. All it will do is decrease your score in one cycle, and then restore it in another.
