Hi,
I just pulled my credit score and I'm around 720's on both Credit Bureaus.
1 Year ago I didn't even have a credit report, MyFICO wouldn't even sell me a credit report saying they couldn't verify my identity.
I do not have any baddies, 0% util, students loans paid the same month I got them (I got them forced, friend insisted I had to "kickstart" my credit somehow ...)
I realize I'm around this score range probably because I don't have a sufficient long history.
Up until two weeks ago, I only had two capital one credit cards.. both $750 CL, I barely used them, and if I did I paid not only in full, but next day after the purchase.
I'm obssessed with having 0% util... sometimes I pay my credit card 7 times a month, just to make sure not even $1 is being reported.
This week I added two new cards to my collection - Amex Zync and Citi Forward with instant 4k approval.
I'm not going to use them either ... but I guess being stuck with Capital One forever won't do me any good.
How to manage all of that for MAXIMUM fico score increase?
Well, I thought about making a game/experiment out of this.
Maybe you can help me come up with the bet set of strategies to maximize FICO.
I'm going to write a piece of software that performs the payments and the amounts automatically for me.
I will not interfere with the credit card usage, other than making sure the parameters set forth are met.
I plan on doing this for 6 months, and if it yields any results I will continue further.
Parameters that I can configure:
1. When & How Much charge is made (i.e., on 12/15/2010 spend $200 on credit card X and $150 on credit card Y)
2. How much % util to report (pay all purchases such that the % util in total is %X)
3. When & How much to pay a purchase (i.e., on 12/18/2010, pay card X in full, or pay 20% of card Y, $50 to card Z)
All the rules will be followed programatically.
For example, I heard the "stay below 10% util", I did .. I stayed at 0%. But which % is the maximum?
Thank you and great forum.
With your help I did estabilish a bit of credit. Not much, but its a start.
