Ultrafico

[vicky3vicky]

last year I signed up for Experian boost and gained 7 points. I have a question about the ultrafico. I am not sure if this will help or hurt me. I have several accounts. my main one is a checking account and that is where I pay my bills that I can't through my credit cards. I have a personal line of credit. I DO let the checking account spill over into my personal line of payment, which I pay off as soon as I get paid. There is no extra cost or penalty to me. BUT if I were to sign up for ultrafico would it negatively effect my score because of allowing the checking account balance spill into my personal line of credit.

If you do think it would be a negative, how long do you think I would have to stop allowing that for it to be a positive on my ultrafico score?

[Anonymous]

There are no lenders currently using UltraFico so don't waste your time. A lender has to actually use it for you to see any benefit. Otherwise its just a pretty score for us to look at that no one handing out credit will ever see. But to answer your question....yes, I think the way you are currently using your accounts will hurt you with UltraFico. UltraFico attempts to boost your credit profile by showing you have cash on hand. If you are spending more than your cash flow and using the PLOC to float you until pay day I do not think you will get any boost from UltraFico.

https://www.nerdwallet.com/blog/finance/ultrafico-score/

Credit newbies are more likely to see a significant benefit, assuming they have not had a negative account balance in the past three months and maintain a decent savings balance. Shellenberger referred to a “moderate amount” of savings, meaning $400 or more.

FICO said that among consumers who had kept a positive balance in a deposit account and maintained an average of at least $400 in a savings account, 70% improved their scores with the addition of that information. Shellenberger said 40% of credit newbies saw an increase of 20 points or more. Among those with previous financial distress — such as an account in collections — 1 in 10 saw an increase of 20 points or more, he said.

[NRB525]

You have a couple of threads going, looking for advice to improve your scores. 

It would be more efficient for you to let us know what your scores currently are, from a usable FICO score source, as well as certain other useful data points:

Do you have any baddies? It sounds like no BK from the other thread, but lates?
30 day? 60 day or more?

What is the exact count of these and the approximate age of each?
Which credit cards do you have and their limits? 

The marketed "boost" items might help a bit, but longer term there are other steps to take.