Getting a little tired of playing the CC reporting game

[Anonymous]

Cheddar,

I agree with your original post.  Paying all of CCs before the statement cuts is way too much of a hassle.  I have 6 CCs that I use, and I use them heavily due to the rewards.  I am at a point now where I have fairly high CLs and not enough spare time to spend figuring "when I need to pay each card to maximize my FICO score." 

Not even the elusive 800 club is incentive enough for me to become obsessive about my CCs.  I grew up with a banker for a father and my first husband was a CPA.  Trust me, I know enough about how to budget, to be fiscally responsible, and to live beneath my means.  With my family, I really did not have much of a choice.

My available credit is currently @ 1.5 times my annual income.  DH is excluded from this calculation as we have separate credit.

I let all of my cards report a balance, it really doesn't seem to hurt my scores.  I mostly stay on top of my reports to check for ID theft.

[marty56]

I try to use only one card per month or so.  This month I used 2 out of 3 and I am confused allready.  LOL I guess CRS get worse when you are over 50.

[Anonymous]

When in doubt, I like to use the FICO simulator to decide what to do.  For example, one of the questions asks "How many accounts have a balance?" and the options are 0-4, 5-6, etc.   It is reasonable to assume that 0 to 4 accts with balances are pretty much counted the same or pretty close.   So, as long as the # of accounts are not more than 4,  you should be ok.

[Anonymous]

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Boscoe wrote:

When in doubt, I like to use the FICO simulator to decide what to do.  For example, one of the questions asks "How many accounts have a balance?" and the options are 0-4, 5-6, etc.   It is reasonable to assume that 0 to 4 accts with balances are pretty much counted the same or pretty close.   So, as long as the # of accounts are not more than 4,  you should be ok.

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The number of accounts is expected to be 10 out of 12, as I posted above.

Great idea to play with the FICO score estimator.  I'll do that and post back the results.

[Anonymous]

OK, I ran the estimator using the anticipated data on all three reports.  I didn't use my actual FICO scores as a starting point because the estimator is a bit off on two of my three scores.  Instead, I only measured the point difference between the estimator's range using my reports as they stand and my reports as I anticipate they'll look in mid-August.  The results:

TU: - 30 points

EQ: - 30 points

EX: - 45 points

It looks like this would put me firmly in the high 600s across the board, except for TU, where I just may manage to squeak out a 710 or so.  (Until a few you-know-what show back up, anyway.)

Message Edited by cheddar on 07-05-2008 07:24 PM

[haulingthescoreup]

You're a brave man.

I know that my scores are artificially inflated by doing the early paydown, but for morale's sake, I can't willingly sign up for a drop like that. I'm just now getting over the 74-point drop on EX for all those new accounts.

I also think my situation is a bit different in that I screwed up my credit by late pays due to ADHD and general sloppiness. I panic so much at the thought of ever being late again that early payments let me sleep at night, I think. I thought yesterday about letting the balances post, and my stomach immediately clenched into a giant knot!

[marty56]

Add checking your CCC balance each day to double and tripple check the balance and due date and you have me.

[smallfry]

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@marty56 wrote:

Add checking your CCC balance each day to double and tripple check the balance and due date and you have me.

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Doesn't everyone do that?

[Anonymous]

There is always the "auto pay" option may ccc's allow online......that way, you PIF around the due date each month and are guaranteed never to be late.....

[smallfry]

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@Anonymous wrote:

There is always the "auto pay" option may ccc's allow online......that way, you PIF around the due date each month and are guaranteed never to be late.....

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I don't trust anyone but me to make sure my bills get paid on time. I never use auto pay. I have worked too hard on my credit for a computer glitch to ruin everything. Since I check the accounts daily it is not a problem to pay them myself. If you're on the computer anyway how long can it possibly take to check your accounts?