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What a con!!

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Established Contributor

Re: What a con!!

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?

Message 11 of 49
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Established Contributor

Re: What a con!!

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.

Message 12 of 49
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Valued Contributor

Re: What a con!!


@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?


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.

FICO 8: EX-753, EQ-752, TU-766 - [9/8/2020]
FICO 9: EX-801, EQ-826, TU-840 (9/8/2020)
Mortgage: EX-725, EQ-724, TU-744 - [9/1/2020]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | Barclay Aviator MC 12.5K | Discover It 37K | Alliant Visa 25K | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
214.5K Total Revolving.
Alliant Auto Loan 3K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 13 of 49
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Valued Contributor

Re: What a con!!


@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?


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.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Technical Advisor: Birdman7's General Scoring Primer and Version 8 Master Thread.

Instructions for saving a blank table form as a personal myFICO forum Macro. This can be used to insert a score report into new posts.

Message 14 of 49
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Established Contributor

Re: What a con!!

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!! Smiley Happy

Message 15 of 49
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Senior Contributor

Re: What a con!!


@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!! Smiley Happy


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.  

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 16 of 49
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Valued Contributor

Re: What a con!!


@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!! Smiley Happy


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.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Technical Advisor: Birdman7's General Scoring Primer and Version 8 Master Thread.

Instructions for saving a blank table form as a personal myFICO forum Macro. This can be used to insert a score report into new posts.

Message 17 of 49
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Established Contributor

Re: What a con!!

excellent!

Message 18 of 49
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Super Contributor

Re: What a con!!

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


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2020 CCT EX 818 TU 826 EQ 840

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 19 of 49
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Established Contributor

Re: What a con!!

One account was already showing a zero balance but now both are and I took a big hit.
Message 20 of 49
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