Scores Stop Moving... Why?

[Anonymous]

Okay, to save you all of the boring details of my credit journey, I started in a REALLY bad score range and after a year and some months I was able to get 4 credit cards (one of which is a Gold Delta AMEX - I also have a CapOne QS).

I pay all of my credit cards in full every month. I don’t wait until the statement is cut. I always have a utilization of 0%. For the last few months ( maybe 4-5 months) my scores have stopped moving. With the exception of it going up due to a CLI or getting a new card it has stopped moving. I have changed nothing in my habits. Everything is EXACTLY the same. What am I doing wrong? How can I keep it going up. The only other thing on my report is my car and it’s current and paid on time.

I have heard that possibly I should be letting every card I have report 0% except one and let it report small balance (about 1%-2% utilization) and then pay it off before it gets any interest. Will that help my scores to start moving again?

HELP!!

My goal is to get some premium credit cards (Chase Sapphire Reserve, Citi Prestige & Ritz Carlton Card). I want to be able to comfortably apply and not worry. I believe I’d be approved for a Amex Platinum Card now, but I want options. Any suggestions?

[Anonymous]

Yes.  Your score is being hurt by having all cards reporting $0.  Far better is one card reporting a positive balance (like $15 say) and the rest reporting $0.  That will cause your score to go up 15-20 points.  In addition, you will benefit a lot by having 13 solid months elapsing between the last account opening with no other applications for credit in between.

Since you describe your scores as really bad not long ago, that must mean that you have a number of derogs on them.  Working on getting those removed would help you a great deal.

Finally, I notice that all of the cards you mention wanting have high annual fees.  That's a red flag in my view.  Such cards are things that most people should stay away from, not seek out.

[SouthJamaica]

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wrote:

Okay, to save you all of the boring details of my credit journey, I started in a REALLY bad score range and after a year and some months I was able to get 4 credit cards (one of which is a Gold Delta AMEX - I also have a CapOne QS).

I pay all of my credit cards in full every month. I don’t wait until the statement is cut. I always have a utilization of 0%. For the last few months ( maybe 4-5 months) my scores have stopped moving. With the exception of it going up due to a CLI or getting a new card it has stopped moving. I have changed nothing in my habits. Everything is EXACTLY the same. What am I doing wrong? How can I keep it going up. The only other thing on my report is my car and it’s current and paid on time.

As you pay the car loan down it will add points to your scores; once you're at 9% or less you'll be in the sweet spot.

I have heard that possibly I should be letting every card I have report 0% except one and let it report small balance (about 1%-2% utilization) and then pay it off before it gets any interest. Will that help my scores to start moving again?

That will give you a pop.

HELP!!

My goal is to get some premium credit cards (Chase Sapphire Reserve, Citi Prestige & Ritz Carlton Card). I want to be able to comfortably apply and not worry. I believe I’d be approved for a Amex Platinum Card now, but I want options. Any suggestions?

If you're looking for a premium travel card, the Amex Platinum is the one to have IMHO. 

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[Anonymous]

Thank you so much! I am just trying to get my scores to continue to go up. For a while I saw a boost every month. Then, nothing. I need to make sure that I’m doing everything I can to continue to have my scores increase.

Will that help every month?

[Anonymous]

Thank you so much. Yes, I had a lot of stuff that wasn’t supposed to be on there. I got all of it off. Now that my report is clean I am trying to get my scores to continue to go up, not stay in the good range. I want them to be in the excellent range.

Will what you said help?

[thornback]

Yea, you're being held back, penalized actually, by a "lack of revolving credit usage." - even though you're using them. Report a tiny balance on one card - you should see an increase as soon as it reports. Keep doing that every month. That + time will offer incremental increases in your scores.

I did the same thing at the beginning of my rebuild - reporting all zeros - overly-cautious - then I realized that was wrong. The day I reported a $10 balance I gained 16 points.

[Anonymous]

That is exactly what I had / have been doing. I am going to change it right away. I really appreciate it!

[SouthJamaica]

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wrote:
Thank you so much! I am just trying to get my scores to continue to go up. For a while I saw a boost every month. Then, nothing. I need to make sure that I’m doing everything I can to continue to have my scores increase.

Will that help every month?

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The pop you get from having one card report a small balance, as opposed to no cards reporting a balance, is a 1-time thing.