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I know it's been discussed many times about how to optimize scores and I recognize this is Karma and therefore useless but I really just chuckle every time I look at this graphic representation of how scoring models consider carrying NO debt a bad thing.
"Dear consumer, please run up your credit cards and we'll give you a better grade"
As an aside: thanks to all that contribute to the Fico science threads, looking forward to seeing Fico 9 variances added to the mix.
I'm a newbie but I did a little cleanup of my credit 2 years ago using the online disputes, now forward 2 years at the end of last month saw a house that I loved so decided to try to buy it, checked my credit score on my equifax online account and it's at 604 so I'm afraid I might not qualify for a conventional loan, one of the big problems is that I had a high credit card debt ratio with my 5 credit cards (also some settlements and a short sale), about 95% utilization, so immediately called my credit card companies and found out what day they report my new balance to the credit bureaus, so paid off as much as I could and for 2 of my credit cards I was able to increase my credit limit so I lowered my credit utilization to around 20%. now according to a person from Capital One once they report to the credit bureaus it takes them 3-5 business days to update their information, so for example Capital One reported yesterday, so at the earliest I plan on having my mortgage broker pull my credit 12/18 (5 days after), seems to good to be true that when they pull my report it will show my new lower balance, is this possible? or am I delusional and it takes much longer (1-2 months to see results)? I also got desperate and contacted Lexington Law and they're supposed to send some dispute letters.
My Chase Marriott statement cuts on the 26th. For September, that statement showed a horrific balance of $7900, on an $8,000 limit.
I was awaiting a large reimbursement which arrived a week later than I expected.
On October 1st, I paid that balance off in full, along with smaller balances on my two other Chase cards (they have statement closing dates of the 15th & 17th).
When I updated my reports today, all three Chase cards show with a zero balance, updated October 1.
I have never had a credit card update mid-month like that, but and I am thrilled I will not be showing that killer utilization all month.
Not sure if anyone else has experienced this from Chase, but they already had my banking business and were my two most used cards (Marriott and Amazon), but they just keep finding ways to earn my business.
When I look at how bad Lowe's sucks, as does Capital One, it is nice to have at least one credit partner you can count on.
Hello, I would like some advice about whether I should transfer some cc balances around so that all of my cards have the same utilization vs some high/low. I am going to apply for a new line of credit soon (Either Care Credit or Citi Simplicity) to pay for a needed dental procedure that is $4000, and I want to have the highest score possible right now. The interest on the balances is of no concern to me right now, only possibly improving my score in the short term. Some of my balances are near maxed, but a couple are low. Would it help or hurt my score to even them all out to 58% utilization? I appreciate any advice and input in advance.
FAKO score: 705
Card 1: 999/3800 26%
Card 2: 1844/2200 83%
Card 3: 2383/2800 85%
Card 4: 2360/2500 94%
Card 5: 620/2700 22%
Total Utilization: 58%
So I just got an alert that my MyFico dropped from 580 to 529 just now with reason being: "you've made heavy use of your available credit".
I do not understand this… I just opened a new secured card that has a $700 limit and a $556 balance report. Obviously that utilization sucks but I have another $700 card that only has $8 balance reported. That would mean I have apprx a 40% utilization which isn't awful. Before this new card reported I just had just the one $700 card with a $450 balance and my Fico was 580. what gives? I know I should obviously get them BOTH to around 10 bucks but I don't understand how it can say I have "heavy use of my credit" and make my score drop that bad when last month was the same… Is it because of my AAOA decreasing my score?