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Tip to increase positive accounts


MannyLNJ
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The last post in this topic was posted 1103 days ago. 

 

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  • 13 years later...

"If you apply for and am approved for a card before the date they report to CRA's you still get a Paid on time notation on your report."

 

Yet another observation supporting Special Relativity.

 

I'm having trouble imagining a scenario where a card would report before you applied for it, unless it's possible to transmit information backwards in time.

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  • 3 weeks later...

Example. Card is applied for an approved on 7/18 the bank that issues the card sends their info on 7/20 and you don't don't get the card until 7/29 because your card was opened prior to 7/20 you get credit for the 0 due 7/20 because you could not spend on the card until you get it in August.

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That happened to me when I opened my Walmart MC card. Reported 0 balance and on time before I got the card.

 

The other odd thing that happened was I got about a 40 point bump in FICOs because the bucket I was in had dropped my scores a large amount for having balances on all my existing cards even though the balances were quite low compared to my CLs. The additional, 0 balance card recovered my scores even though it was also a new account reporting.

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On 6/17/2019 at 12:56 PM, cashnocredit said:

That happened to me when I opened my Walmart MC card. Reported 0 balance and on time before I got the card.

 

The other odd thing that happened was I got about a 40 point bump in FICOs because the bucket I was in had dropped my scores a large amount for having balances on all my existing cards even though the balances were quite low compared to my CLs. The additional, 0 balance card recovered my scores even though it was also a new account reporting.

Utilization ratios look at not just overall percentages on each card and total available, but ALSO the ratio of cards with a balance to cards.  This is why only ONE card should report a small balance for maximum score potential...

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1 hour ago, centex said:

Utilization ratios look at not just overall percentages on each card and total available, but ALSO the ratio of cards with a balance to cards.  This is why only ONE card should report a small balance for maximum score potential...

This was the older FICO from about 5 years ago. One card with a balance was optimal and there were small drops as the number with balances increased but when all of them had small balances it dropped like a stone. So when the new Walmart account reported (with only $800 CL-lol  My other cards were all 10K or more), and it had zero balance, there was a strong pop up which overcame the new account penalty. That showed up later when I zeroed out most of the balances. It was only a few points IIRC. Also, the newer FICO score is much less sensitive to having all the cards reported balances. I see FICOs now drop only about 10 points from 810 to 800 or so with small balances on all accounts. OTOH, my accounts are a lot older.  I no longer prepay balances as the differences are not material and I'm not really into the optimize FICO thingy anymore. It's good enough.

Edited by cashnocredit
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On 6/17/2019 at 1:56 PM, cashnocredit said:

That happened to me when I opened my Walmart MC card. Reported 0 balance and on time before I got the card.

This also happened to me with PenFed.  I’m assuming the challenge is figuring out the closing date. 

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10 hours ago, misterq said:

This also happened to me with PenFed.  I’m assuming the challenge is figuring out the closing date. 

Shouldn't be a challenge...a call to the customer service number on the card will generally yield that information. 

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