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credithoarder

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  1. I am letting a balance report from the cards that report the current balance a few days after the statement closing date. With this strategy, I am letting a garbage CapOne secured card report a $2 balance after I have paid off the statement balance. I simply place a random charge on the card after my statement balance is PIF, then pay off that small charge, minus $2, just before that floating current balance is issued to the bureaus. I do have a Discover and BOA card, but I know they report the balance on the closing date. Store charge cards like Amazon, Google Store,
  2. For clarification, what is the consensus for the targeted total utilization percentage for this strategy? The $2 Trick is throwing me off as it can reflect 0% utilization for portfolios with large balances or > 0% for smaller balances. Or is this variable moot to helping boost scores for low to mid level credit scores?
  3. Lol, I did realize the irony in that after I submitted my post. However, even though I don't plan on chasing credit cards, I hope my credit status becomes good enough to where prime offers start coming my way.
  4. You're absolutely right. I did pivot into discussing an entirely different goal. Sorry if I confused anyone.
  5. I plan to leave a $2 balance on my least used card so I don't accidently add charges right before the account settles. As long as I can manage to accelerate the trajectory of my credit score in an upward direction, I plan to continue using this strategy. Once I am at a favorable interest rate and credit limit offer, I don't plan on chasing credit cards any more. My business is the only asset that will make use of credit in the long run.
  6. Thank you guys for the clarification once again. I do make sure to use all of my accounts quite a bit throughout the billing cycle to ensure they do not go dormant. To my understanding, lenders like to see high usage and full pay offs on the cards. Especially if the goal is to aim for CLIs and better card offers. One strategy that I use is to ring up 90% + on each card, then pay off the current card balance within 2-3days after they post. I rinse and repeat several times throughout the billing cycle right before the closing date. My rationale is to demonstrate to the l
  7. Thank you for shedding light on what score is good enough to allow me to qualify for decent rates over time. Regarding the scoring system, I became aware of that after discovering which credit monitoring systems used Vantage vs FICO and what each lender group utilize. That is why I have a sub with myFico.com's FICO Premier service. They have a customer service department who is kind enough to answer questions, however, I find myself even more confused when they walk through reasons why I may see differences in scores between the different FICO versions or between different bureaus.
  8. Well, seems like I got the whole strategy wrong 😂 So I calculated that if I were to leave a $2 balance on my card with the lowest limit, I would have a 0.17% credit utilization. That said, how does the credit utilization score get affected by having 0% utilization vs > 0.17%? Thanks in advance
  9. I simply want to qualify for better rates. My rates are horrible because of a short credit history. I have never relied on credit in my life because I paid everything with cash, including my house and car. However, after opening a business, I learned a hard lesson of not being able to do much without a credit profile. My 20 year old cousin who works as a barista and lives at home with her parents, has a score over 800 simply because her parents placed her as an authorized user when she was a teenager. She qualified for a $75k car loan with less than 3% APR. Unfortunately, my six-
  10. Thank you for the feedback. I didn't realize the it will continue to age up to 10 years.
  11. Hi All, I have searched this board to identify a singular thread that nails down the personal experience of members who follow the AZERO but ONE credit card utilization balance strategy Unfortunately, I have not found any expansive explanation behind who came up with this strategy, how to best implement it, and its success rate among credit card holders. To my understanding, the gist of the AZERO but ONE strategy is to zero out the balance on all credit cards in one's profile, but carry a balance on one. I do hope I have this right, because I am trying to take put it i
  12. I have a pending Walmart application with them and waiting for approval. Should I get a third card from them (Quicksilver + Platinum + Walmart), I will continue to use the secured Platinum to pay a < $10 subscription service and zero out the balance each statement period. Unfortunately, this is the oldest account on my profile. Therefore, I may need to get the next card in my list to a milestone before I cut this one loose.
  13. Always made my payments in full with no skipped payments. It's only a $200 limit so it allowed me to zero out the balance for every statement.
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