Hi all, long time follower, new member, first post.
Good stuff up front. Details later.
July 7 - TransUnion Vantage - 652 - July 28 - 731 (+79)
June 22 - Experian Vantage - 688 - July 28 - 736 (+48)
July 6 - Experian FICO - 714 - July 28 - 761 (+47)
July 26 - Equifax Vantage - 660 - July 28 - 737 (+77)
June 26 - Equifax FICO - 711
I was a very successful Realtor for 12 years, but I lost my spouse to Cancer in 2011. After that ordeal and a bout of grieving/depression, my score bottomed out in the low 500's. Lots of late payments--sometimes due to lack of money--sometimes due to a lack of energy to pay the bills. I started rebuilding my credit with a secured card 5.5 years ago. The last seriously late payment dropped off my report last Spring.
1) Your payment history counts more than other single item in your score calculation (no news here).
2) Credit utilization is considered next.
3) Credit age is almost as important as credit utilization.
4) Recent inquires have a minimal impact.
As a Realtor and a student of credit, I have always been told that transferring balances from one account to another does not greatly impact your credit score. However, I am a student of bureaucracies and how to find loopholes in their systems. So, my idea is that I know that I can handle my debt load, but each of my accounts reports on a different day of the month (typically 1-4 days after the statement prints). By transferring balances between accounts, I can decrease my credit utilization--the second most important part of the score calculation.
I have 7 credit card accounts showing on my reports:
On July 1 here is what my reports showed...
Credit Utilzation 76%, several cards close to limit, and one card over limit.
I had some money to apply to these balances, but all did some transferring around and today, my report shows...
Credit Utilization 35%, only one card close to limit, nothing over.
In two more, weeks, I will be done with moving some additional balances and my report will show...
Credit Utilization will be 5%, nothing close to limit.
1) I wanted to see if I could do this and what the impact would be.
2) I need some capital for my business and rates will be better if my score is better.
1) Credit only matter on the day that you apply.
2) Credit utilization is really two things (a) total utilization AND (b) utilization per account.
I'll post my results back once I am done with this project (about August 13)