The Master $2 reporting "trick" explained

[DiegoC]

I got it... but i want to learn theory so I will read thru this thread to see why a Discover and a Chase is not a good card to leave 2.

 

Thanks

 

 

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[DiegoC]

Is it that Discover and Chase cards if you leave a balance, they take longer to report all the new balances

Edited February 4, 2017 by DiegoC

[illusemycreditcard]

I got it... but i want to learn theory so I will read thru this thread to see why a Discover and a Chase is not a good card to leave 2.

Chase will report again as soon as the $2 is paid. Since there is a period of time between your payment due date and your next statement cut, you have to deal with the fact that your card will report $0 for some period. To me this is an unnecessary hassle.

 

I can see no reason why using Discover for this is inappropriate.

[mendelssohn]

Not inappropriate but there is no reason to use it just because they will update at any time.

[DiegoC]

So your saying..... My cut date is the 1st and I have $10,000 usage on my card, I usually pay like 2 days before the cut date, but they just felt like reporting earlier and they will report the $10,000 balance before the statement cut date.

 

 

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[illusemycreditcard]

So your saying..... My cut date is the 1st and I have $10,000 usage on my card, I usually pay like 2 days before the cut date, but they just felt like reporting earlier and they will report the $10,000 balance before the statement cut date.

No. If you pay Chase before your statement cuts, it they will report $0.

 

If you have any other amount reporting, either because you waited until your statement cut to pay or because you intentionally paid down to a non-zero amount, they will report the amount left when the statement cuts. However, assuming you PIF monthly, they will then report $0 as soon as your balance is paid down to $0. This makes it harder to keep Chase balances at a specific number when compared to companies that do not automatically report when you pay your balance to $0.

 

EDIT: Formatting

Edited February 4, 2017 by illusemycreditcard

[ubercat]

I got it... but i want to learn theory so I will read thru this thread to see why a Discover and a Chase is not a good card to leave 2.

 

Thanks

 

 

Sent from my iPhone using Tapatalk

 

Free money.

 

Don't be distracted by trees when you're in the forest.

[DiegoC]

Whats the most drop in fico score someone has had for a 0% Utilization

 

Im not to worried but my score dropped 31 points in 1 week

 

 

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Edited February 4, 2017 by DiegoC

[chrishillson]

I think I posted the exact numbers before, IIRC my score went from 755 with $2 balance on one card to 738 with $0 on everything.

[DiegoC]

Yeah im not to worried but pretty radical how fico score works.

 

 

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[illusemycreditcard]

I think I posted the exact numbers before, IIRC my score went from 755 with $2 balance on one card to 738 with $0 on everything.

This matches my experience on FICO 08. I am used to seeing an increase of around 20 points in the low-mid 700s, down to a 15 point increase in the high 700s and low 800s.

[JDK83]

Whats the most drop in fico score someone has had for a 0% Utilization

 

Im not to worried but my score dropped 31 points in 1 week

 

 

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31 points is unusually high. Are you sure there weren't other factors? Weren't you due to have some new accounts report and possible AAOA changes?

[DiegoC]

No I checked that and they haven't reported yet, so im probably taking a bigger hit, but all good as long as im in the mid 700s

 

 

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[mec]

My Capital One Quicksilver One Just Reported $1.00 to Experian on a $1.64 balance.

[EricDET]

 

Whats the most drop in fico score someone has had for a 0% Utilization

 

Im not to worried but my score dropped 31 points in 1 week

 

 

Sent from my iPhone using Tapatalk

31 points is unusually high. Are you sure there weren't other factors? Weren't you due to have some new accounts report and possible AAOA changes?

Agreed that is pretty high. I've done this purposely a few times to see the effect on cards that report a few days apart. The most I've ever seen is 15 points. It's always 14-15 points on my profile. That's going from $2 to $0 and back to $2.

[mendelssohn]

My Capital One Quicksilver One Just Reported $1.00 to Experian on a $1.64 balance.

[EricDET]

I think I posted the exact numbers before, IIRC my score went from 755 with $2 balance on one card to 738 with $0 on everything.

 

 

 

I think I posted the exact numbers before, IIRC my score went from 755 with $2 balance on one card to 738 with $0 on everything.

This matches my experience on FICO 08. I am used to seeing an increase of around 20 points in the low-mid 700s, down to a 15 point increase in the high 700s and low 800s.

 

 

 

 

 

Whats the most drop in fico score someone has had for a 0% Utilization

 

Im not to worried but my score dropped 31 points in 1 week

 

 

Sent from my iPhone using Tapatalk

31 points is unusually high. Are you sure there weren't other factors? Weren't you due to have some new accounts report and possible AAOA changes?

Agreed that is pretty high. I've done this purposely a few times to see the effect on cards that report a few days apart. The most I've ever seen is 15 points. It's always 14-15 points on my profile. That's going from $2 to $0 and back to $2.

 

 

I just did this again with a 1-day stretch in between. Score went from 755-> 740-> 755. $1001-> $0-> $3

[whipped]

As far as the points increase/decrease, I do agree with the chart on the first page.

When my recent EX reported 10% utilization, it dropped by 7 points. Updated today with slight decrease which went back to 9% and gained that 7 points back. No other changes.

 

I'm assuming once the 9% cuts into the 5% threshold it'll drop by another 7% or so. Would be interesting to see once I can get one of the card to $2

Edited March 30, 2017 by whipped

[blake10]

I just paid all my CC in full I am paying off my only installment loan tomorrow. I am going to see where my scores report and then I am going to do the $2 plus Alliant shared. Any guesses how much of a difference together they will make? 25 points?

[drew3918]

ttt

[Kat58]

ttt

 

[Big Bear]

 

ttt

 

 

[Kat58]

 

 

ttt

 

 

Unhappy Birthday!!!

[Redlegs]

I did this and my FICO scores went from 698>720, 707>715 and 714>721.

[Big Bear]

 

 

 

ttt

 

 

Unhappy Birthday!!!

 

You're over a week late!

I did this and my FICO scores went from 698>720, 707>715 and 714>721.

 

Nice!

 

What was your utilization reporting, and number of card reporting before only one reported $2?