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Shaking things up!

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Valued Contributor

Shaking things up!

My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment.  I was ready to start decorating my house & needed at least 6 rooms of new furniture.  Put my bedroom and living deposit on about 4 cc's.  I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.  Now showing that an over 800 score can be achieved much sooner when I pay those back down!  I will report back when I have them down to 1%.


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 1 of 9
8 REPLIES 8
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Super Contributor

Re: Shaking things up!

Interesting, going from zeros on several cards to thousands with no drop in score. Yes, it will be interesting to see if paying those down accelerates your growth to 800.

I also have all cards reporting various balances, and after ceasing apping, I am seeing some pretty big jumps as my utilization comes down at a reasonable pace.

FICO is measuring payment history, so there should be something to a cardholder showing they can handle multiple cards wtih balances and paying them down responsibly.

 

Good luck! Keep us updated!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 2 of 9
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Super Contributor

Re: Shaking things up!


@Sandibeach22 wrote:

My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment.  I was ready to start decorating my house & needed at least 6 rooms of new furniture.  Put my bedroom and living deposit on about 4 cc's.  I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.  Now showing that an over 800 score can be achieved much sooner when I pay those back down!  I will report back when I have them down to 1%.


I wouldn't put too much stock in the simulators


Total revolving limits 644000 (568000 reporting)



Message 3 of 9
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Senior Contributor

Re: Shaking things up!

Valued Contributor wrote:

 

[My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment. I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.]

 

Thanks for sharing the info. Your results are in-line with what Liz Weston illustrates in her "Your Credit Score" book 4th edition for Fico 8 modeling. You may want to check it out. The one card only approach for "optimizing" score is a nice quick hit but just does not provide the potential for a sustainable upward increase in score.

 

The simulators, while not perfect, can provide valueable insight on developing a strategy for building credit.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 897
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 4 of 9
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Super Contributor

Re: Shaking things up!


@SouthJamaica wrote:

@Sandibeach22 wrote:

My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment.  I was ready to start decorating my house & needed at least 6 rooms of new furniture.  Put my bedroom and living deposit on about 4 cc's.  I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.  Now showing that an over 800 score can be achieved much sooner when I pay those back down!  I will report back when I have them down to 1%.


I wouldn't put too much stock in the simulators


As a predictor of specific point values, sure, a simulator has limitations. As a directionally helpful indicator of how various strategy components might or might not make a difference, and some ideas for the range of possibilities, they probably have some value.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 5 of 9
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Valued Contributor

Re: Shaking things up!


@NRB525 wrote:

Interesting, going from zeros on several cards to thousands with no drop in score. Yes, it will be interesting to see if paying those down accelerates your growth to 800.

I also have all cards reporting various balances, and after ceasing apping, I am seeing some pretty big jumps as my utilization comes down at a reasonable pace.

FICO is measuring payment history, so there should be something to a cardholder showing they can handle multiple cards wtih balances and paying them down responsibly.

 

Good luck! Keep us updated!


Thank you and good luck to you too!  Smiley Wink  It must be working if yours are doing the same!   I will have to wait until next month to see what really happens when those balances aren't much or pif.  Or carry them over for another month?   I think it will be a good way to get over that 800 mark a bit quicker.


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 6 of 9
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Valued Contributor

Re: Shaking things up!


@SouthJamaica wrote:

@Sandibeach22 wrote:

My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment.  I was ready to start decorating my house & needed at least 6 rooms of new furniture.  Put my bedroom and living deposit on about 4 cc's.  I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.  Now showing that an over 800 score can be achieved much sooner when I pay those back down!  I will report back when I have them down to 1%.


I wouldn't put too much stock in the simulators


Not really all simulators.  My actual scores are rising from this!  


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 7 of 9
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Valued Contributor

Re: Shaking things up!


@Thomas_Thumb wrote:

@Sandibeach22

@Valued Contributor wrote:

 

[My score has been stagnant for a while now.  Went up 1 point.  So I decided to try an experiment. I have a 20k limit on my 2 Ventures but only put about 4k on each, 4k on BofA, and the rest on Amex.  Let them report (all but Amex) with the 5k still owing on my RH card also.  Total was over 14k.  I've been letting just RH report before with all others at zero.  So far, things are looking promising!  Score hasn't changed much (gone up 6 points) but all simulators are showing that I will have at least a 30 point increase 8 months sooner than it showed before.]

 

Thanks for sharing the info. Your results are in-line with what Liz Weston illustrates in her "Your Credit Score" book 4th edition for Fico 8 modeling. You may want to check it out. The one card only approach for "optimizing" score is a nice quick hit but just does not provide the potential for a sustainable upward increase in score.

 

The simulators, while not perfect, can provide valueable insight on developing a strategy for building credit.


Thanks!  Will definitely check it out!  Smiley Wink


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 8 of 9
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Valued Contributor

Re: Shaking things up!

I agree that using cards normally and allowing them to report balances builds a better relationship with lenders in the long run. IMHO you really should only groom your scores with the 1 card reporting less than 10% method when you are planning to apply for new credit.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 9 of 9
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