How to boost my Fico score in 3 months

[Anonymous]

This is not the case right now
As all credit cards are in a large credit balance of 10k each
I will ensure that I keep a small balance on one of my cards
Reason I put the credit cards in a large credit balance position is to see a material increase on my equifax credit score

[Anonymous]

I'm still quite confused.

[Anonymous]

BBS and I are still very confused. You have told us twice now that all of your cards are at $0 and also that all of your cards have ten thousand dollars on them each.

The following would help a lot.

List all your cards and tell us for each one what the balance was before your recent paydown.  E.g.

      Card 1.  Balance _______

      Card 2.  Balance _______

      Card 3.  Balance _______

 etc.

Then list them all again and tell us what you balance is on them.NOW (i.e. after your recent paydown).  E.g.

      Card 1.  Balance _______

      Card 2.  Balance _______

      Card 3.  Balance _______

 etc.

[Anonymous]

Card 1 balance $6000 limit $7500
Card 2 balance $5600 limit $6300
Card 3 balance $5000 limit $5000

Now all have 0 balance
And in a credit balance position of $10k each +

[Anonymous]

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@Anonymous wrote:
Card 1 balance $6000 limit $7500
Card 2 balance $5600 limit $6300
Card 3 balance $5000 limit $5000

Now all have 0 balance
And in a credit balance position of $10k each +

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Hey BBS.  Do you know what the OP means by a "credit balance position"?  I do not.

[newhis]

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@Anonymous wrote:

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@Anonymous wrote:
Card 1 balance $6000 limit $7500
Card 2 balance $5600 limit $6300
Card 3 balance $5000 limit $5000

Now all have 0 balance
And in a credit balance position of $10k each +

---

Hey BBS.  Do you know what the OP means by a "credit balance position"?  I do not.

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Maybe the limit on the cards are less than 10k, but the cards are flexible spend and can go up to 10k+ each?

[Anonymous]

Hi Newhis.  That was a guess I had too as to the possible meaning of our OP.  I googled the phrase credit balance position without any useful illumination, so I thought I'd see whether anyone else had a guess.

[Anonymous]

Essentially credit balance position
Means placing a large deposit into a credit card like $10k
If the credit limit is 5$k
This will show an available balance of $15k
On the credit card but this doesn't report with equifax
It will only show $0 balance of a $5k limit

[Anonymous]

Great.  That's clearer then.  You currently have a balance of -$10,000 on each card.  A negative balance.  Often called a credit to your account.  You are right that a negative blance reports as $0.  And thus currently all three of your cards will begin reporting $0.

Here is the problem.  As SouthJamaica and myself advised you, it is crucial that NOT all three cards report a $0 balance.  Rather, we explained, you need to have exactly one card reporting with a small positive balance.  The exact number is not important.  I gave $10 as an example.  It could be $10, $20, whatever.

With all three cards reporting $0, you will be penalized by FICO.  Your score will be maximized by having exactly one card reporting with a small positive balance.

THus you will need to choose a card, call the issuer, explain that you made a mistake, and ask them to send you a check for the 10k you are in credit for..  Then AFTER they do that, you need to charge something small on the card (e.g. $10).

[Anonymous]

HAhaha moment here
I will do just that
Small balance on the biggest balance credit card ??
I will ask for credit balance refund
I'm really hoping for my score to move from 590 to 630 with equifax
Thanks for all your help