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The Master $2 reporting "trick" explained


mendelssohn
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The last post in this topic was posted 1901 days ago. 

 

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One of the reasons why I'm an advocate of the $2 method, even with dirty reports, is that it requires a high level of discipline to track your accounts and prepay. This ensures that you are not relying on a grace period float and are using CCs as a transactor.

For people rebuilding their credit, this helps keep you from making the same mistakes again and helps develop discipline.

This!

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One of the reasons why I'm an advocate of the $2 method, even with dirty reports, is that it requires a high level of discipline to track your accounts and prepay. This ensures that you are not relying on a grace period float and are using CCs as a transactor.

 

For people rebuilding their credit, this helps keep you from making the same mistakes again and helps develop discipline.

And... THIS!!!!

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Yeah, the $2 trick works for everyone, no matter what. This is fact from the BW bible, and it is as reliable as the sun rising in the morning.

 

I hope BW is doing well. Hopefully he makes a return at some point. Then again, he did leave no stone unturned, and maybe he's bored of credit, in addition to whatever else he has going on.

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How do AU cards count when doing the $2 trick?

 

Specifically, does the $2 need to be reported on an individual card?

Or can the $2 instead be reported on an AU card?

If you want to micromanage your credit, you are better off letting the balance report on your own card and letting your AU cards report $0.

 

I've never wanted to depend on or also possibly have negative things from AU accounts, so I have none.

 

Wasn't this question already answered (and asked by you) in another thread recently? If so, please link the thread.

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Wasn't this question already answered (and asked by you) in another thread recently? If so, please link the thread.

 

I did ask it here, but no one had a definitive answer.

 

I agree that making an individual card report $2 (as opposed to an AU card) has advantages.

But I think it is still an interesting question, and may be useful to some people

(e.g. a couple, who can kill two birds with one stone by reporting $2 on a single card between them).

 

I also thought it was worth including the AU $2 trick question in this thread, to keep all information in one place.

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Okay, I'll add another question (for the future Bob list -- in case no one here knows). :grin:

 

My understanding is that FICO distinguishes between bank-issued cards and store cards for some of their metrics.

 

 

Do store cards work the same as bank cards when doing the $2 trick?

 

Specifically, can you let $2 report on a single store card?

Or is it best to let $2 report on a single bank-issued card?

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Okay, I'll add another question (for the future Bob list -- in case no one here knows). :grin:

 

My understanding is that FICO distinguishes between bank-issued cards and store cards for some of their metrics.

 

 

Do store cards work the same as bank cards when doing the $2 trick?

 

Specifically, can you let $2 report on a single store card?

Or is it best to let $2 report on a single bank-issued card?

Keep in mind that Bob's advice was also to have the $2 report to a card with a decent credit limit, so in most cases a store card would not be ideal anyway.

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I was at the Sherriff's station in San Bernardino to train their SWAT officers in fast rope and dynamic entry techniques. I kept hearing this guy in booking saying "Let me go, I'll fix your credit. Just $2 on one card, you'll have scores in the 1000's!" I knew it was you.

 

How did you talk your way out of the money laundering charges with the sheriff, for all of those suspicious money orders?

 

Which card did you use to post bail?

How many miles did you earn?

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My Experian FICO is now showing a total balance of $2 (before that a total of $59) but my FICO score did not change at all.

 

Jimmy.

As mentioned previously, the smallest non-0 balance is to ensure maximum points for utilization. There is no guarantee that you will pick up a lot more points, if any, but it will get you the most points.

 

If you went from $5K like hdporter posted to $2, you would see an increase no matter what your profile.

Edited by mendelssohn
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...so I was thinking about this last night.

 

Let's assume a person has 20 credit cards. Let a dollar ride on each of them, and two bucks on Discover(y). Automate it. Automate the $2 trick along with it. That's 240 bucks a year for managing your accounts tightly.

 

...heck, someone could put this together and rent it to others for a few bucks a year. Free money and an automated 2$ trick? People would use a bot like that...

Edited by ubercat
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I have a total balance of $2 on all of my credit cards now. I paid my last bill one of my cards but left a $2 balance. However, because the balance was not paid in full, interest will accrue on the $2 balance. The minimum payment for the next bill states that $2 is due. How will I be sure that I can have this reported as $0 for next month after making a payment? If I pay the bill of $2 today, when the next cycle comes around, it may sue "balance due $1."

 

Thanks.

 

Jimmy.

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I have a total balance of $2 on all of my credit cards now. I paid my last bill one of my cards but left a $2 balance. However, because the balance was not paid in full, interest will accrue on the $2 balance. The minimum payment for the next bill states that $2 is due. How will I be sure that I can have this reported as $0 for next month after making a payment? If I pay the bill of $2 today, when the next cycle comes around, it may sue "balance due $1."

 

Thanks.

 

Jimmy.

Push a payment for several dollars more from bill pay.

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Yes, when you say "bill pay" do you mean from my bank account's website or from the Capital One account? Capital One won't allow you to pay more than you owe.

 

Bill pay from bank account.

 

Capital One won't let you pay online if you have a $0 balance.

But they will let you pay 110% of any non-zero balance in my experience.

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