What a con!!

[babbles]

I like the concept but wouldn't I run into the same issue, reporting a small balance and then taking the same hit again because I paid off the $10 after the statment closing date?

[babbles]

No the account was no where near delinquent, I paid the $1 balance the same date as statment day.  But what I will do as others have stated is pay the balance down to about $10 or so and the statement closing date is 8 Sep.

[CH-7-Mission-Accomplished]

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@babbles wrote:

I like the concept but wouldn't I run into the same issue, reporting a small balance and then taking the same hit again because I paid off the $10 after the statment closing date?

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No you wouldn't take the hit.   FICO scores based on what shows up on your credit report.   It takes that data and crunches it through its algorithm.   So long as SOMETHING reports on at least one revolving account, you won't lose the 20 - 25 points for all accounts reporting zero. But don't pay off that $10 until at least one day after the statement has cut (but pay before the due date which is usally like 25 days later).   Just log into your account and make sure the statement has cut.   Sometimes they will cut off early based on holidays or some such thing.

Lots of people get very angry at FICO scoring but it's really like any other game and once you undersatnd the rules you are okay.   Most peole get creamed the first time they play any game.

[Anonymous]

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@babbles wrote:

I like the concept but wouldn't I run into the same issue, reporting a small balance and then taking the same hit again because I paid off the $10 after the statment closing date?

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Some card issuers - like Chase - do report a $0 balance as soon as you pay it down, and yes you would see a drop in score for 'no revolving credit usage' if the other card was at $0.

I don't have that problem with my credit union issued Mastercard and Citi issued Visa.

[babbles]

So in that case I may see some points come back? and then on 21 Sep two inquiries fall off.  Sorry for so many questions but I greatly appreciate the replies!!

[GApeachy]

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@babbles wrote:

So in that case I may see some points come back? and then on 21 Sep two inquiries fall off.  Sorry for so many questions but I greatly appreciate the replies!!

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Shoot, ask away....after paying all that money for it to report like that I'd be on the phone begging them for an off cycle report. Who'd want to wait after dropping the balance like that.$$$$  Hope you get that other one down quickly too.  Idk bout your creditor and whether or not they'd do an off cycle like Discover but hell, squeaky wheel gets the oil.  After those inquiries drop, the balances straighten out post back results.  

[Anonymous]

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@babbles wrote:

So in that case I may see some points come back? and then on 21 Sep two inquiries fall off.  Sorry for so many questions but I greatly appreciate the replies!!

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If you have a card that will report the $0 balance whenever you pay it off , even between monthly statement reports (like Chase), then use that one for your $0 balance card and the other one for your 1-4% utilization card.

If you're new to credit (say under 2 years like me) and those inquiries are under 1 year old you could see a lot of points come back. I have 20 and 19 points coming back on EQ and EX in late December from 1 inquiry on each. So much is amplified on new credit scorecards.

I'm assuming you only have 2 cards like I do, so yes, you will see some really significant gains in several of the 28 FICO scores available from myFICO.

You can see the effects here in a table that shows what happened when I went from 2 of 2 cards with a balance to 1 of 2 cards with a balance.

[babbles]

excellent!

[Meanmchine]

If I am wrong here, please correct me

From what Ive read OP has 2 credit cards both carrying a balance. (Fico penality)

OP PIF one account and scores go up (Fico loves you)

OP reports now shows both accounts showng a balance - This is where your recent score loss comes from. All your accounts are showing a balance.

Clear up this $1 balance and your scores will rebound next month

[babbles]

One account was already showing a zero balance but now both are and I took a big hit.