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So I have the following scenario all are new cards:
All reported the same month-
Discover limit 2000(AU) bal $166- When balance reported received a 45 point jump
AMEX 1000 bal $40- When reported received 16 points
NFCU cash rewards 10,000 bal 0(never used)
NOW Just received alert- AMEX- PIF reported 0= Experian alert dropped 32 points!!!!
Question:
I plan on applying for a car loan and mortgage in the next few months so I need boosted scores.
Experian- 696 now dropped to 664
Equifax- 682
TU- 663
Thank you!
Float $40 right back on the Amex and let it report. I believe your score dropped 32 points cause both of your primary cards show 0 utilization. At least one card should show 1 - 8% utilization. For optimal score performance, have 3 cards and show a small balance on one.
Thank you! Will the points come back? Also, since I never used the NFCU at some point do I need to show activity?
You should be able to recover your points, emphasis on "more or less". It all depends on the bureau's algorithm. With time, you'll recover your points and then some.
I would definitely use your NFCU here and there to keep it open. You can always pay it back down to 0 the next day. I do that with all my cards to keep them from shutting down. My main "utilization card" is my CSP and I always keep it around 2 to 5% (personal preference). This is not to be confused with actually paying any interest on the card. I always pay my previous statement balance in full, and I make sure to pay down my current balance to at least 5% before the next statement cuts. I hope that made sense.
Okay. I think I got it when I use the NFCU pay it right away so that the lender shows activity and it will still report as 0. Use the AMEX as primary card and let it report a balance. I have seen on the forum that I should pay all but $5.
Discover will do mid-cycle reports. If you want your points back quickly, bring your Discover balance to a tiny amount either by paying or charging something, then call in and ask them to report.
@HeavenOhio wrote:Discover will do mid-cycle reports. If you want your points back quickly, bring your Discover balance to a tiny amount either by paying or charging something, then call in and ask them to report.
+1 did exactly this just recently. My case was similar to yours and did gain some of my points back
Thank you!
Question on your AU account, is that a new account with AAoA = 0? I am in the same boat where I have 2 credit cards, a bank card and store card at 0% utilization and lost 32 points. I have recently added another bank card which I added a small balance before it reports and an AU card of my wifes that is new that has a small balance as well. I have a relatively dirty profile but wating for August 4th to see if there will be addition gains beyond the 32 points that is the 0% utilizaition.