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The Master $2 reporting "trick" explained


mendelssohn
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The last post in this topic was posted 1794 days ago. 

 

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What does rebucketing mean? I have a paid collection deleting this month but my util was 3% last month anyway. Would like something to offset 2 new accounts I opened this month (both CCs). My overall cl is $4000 now instead of $2700 last month. But $2300 is my dad's cc so we'll see.

 

It means that FICO will put you on a different scorecard. They have different scorecards and each has a possible score range, and basically your FICOs are determined by comparing your profile to others with a similar profile within the scorecard.

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So with my 1 collection account and 9 months since last late pay, i won't be re-bucketed for awhile if i continue to maintain $2 method, e,g late pays are way older/off reports, and no collections?

 

As long as you have negatives reporting, including late pays, you will not be in the bucket that rewards you the most for low utilization. That doesn't mean that you shouldn't get in the habit now of keeping utilization low though.

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So with my 1 collection account and 9 months since last late pay, i won't be re-bucketed for awhile if i continue to maintain $2 method, e,g late pays are way older/off reports, and no collections?

As long as you have negatives reporting, including late pays, you will not be in the bucket that rewards you the most for low utilization. That doesn't mean that you shouldn't get in the habit now of keeping utilization low though.

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  • 1 month later...

OK Mendels need some help here cause I don't think I did this correctly.

 

IMG_2144_zpsg7b4otey.jpg

 

this is my daughters account so she has

 

1- AU Revolver $2.00 balance

1- AU Revolver $0.00 balance

 

Her own CC

Citi Best Buy Revolving $0 balance

Chase Freedom Revolving $0 balance

Comenity VS Revolving $0 balance

Discover Revolving $0 balance

Amex Everyday CC Revolving $0 balance

 

Now I'm hoping the picture post its my first time posting a pic, if it doesn't come out it shows 0% Utility with the $2.00 credit balance

 

So did I mess up by making the AU leave the $2 balance?

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OK Mendels need some help here cause I don't think I did this correctly.

 

 

 

this is my daughters account so she has

 

1- AU Revolver $2.00 balance

1- AU Revolver $0.00 balance

 

Her own CC

Citi Best Buy Revolving $0 balance

Chase Freedom Revolving $0 balance

Comenity VS Revolving $0 balance

Discover Revolving $0 balance

Amex Everyday CC Revolving $0 balance

 

Now I'm hoping the picture post its my first time posting a pic, if it doesn't come out it shows 0% Utility with the $2.00 credit balance

 

So did I mess up by making the AU leave the $2 balance?

What are you expecting? Score at 848?

Score depends on several factors among which utilization is one. AAOA is a major factor along with types of credit.

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Mine was like that too last month. I was at $75 of $17500 and it said 0% but it was really 1% I believe, in terms of how it was scored.

 

I'd guess it's a rounding issue. 75 is 0.428% of 17,500. Because it was less than 0.5, they rounded it down to 0%. Shoot for a balance of $100 next time (0.57%), and see if it doesn't round up to 1%

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Mendels

 

I think the $2 trick hurt my score, let me know what you think.

 

I did a study on my credit for the past 4 months and my EX went from 745 to 687

 

I added everything in an excel sheet and there are couple of things that trend my score downward.

 

1 is that I added a Cap 1 Venture 3 months ago and it has always been at $0, I haven't let it cut with a balance.

 

2nd my Utilization was at 17% and now its at 5% with the majority of the cards at 0% and just a few with some balances. So you have stated before that having some cards report at 0% could ding my score if we did not a clean record.

 

Could this be whats happen?

 

Also I have disputed some baddies how if I had a fraud alert can that affect my score so much and for more than 2 months?

 

Thanks

DC

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Mendels

 

I think the $2 trick hurt my score, let me know what you think.

 

I did a study on my credit for the past 4 months and my EX went from 745 to 687

 

I added everything in an excel sheet and there are couple of things that trend my score downward.

 

1 is that I added a Cap 1 Venture 3 months ago and it has always been at $0, I haven't let it cut with a balance.

 

2nd my Utilization was at 17% and now its at 5% with the majority of the cards at 0% and just a few with some balances. So you have stated before that having some cards report at 0% could ding my score if we did not a clean record.

 

Could this be whats happen?

 

Also I have disputed some baddies how if I had a fraud alert can that affect my score so much and for more than 2 months?

 

Thanks

DC

 

First off, if you had "a few" accounts with balances, you weren't doing the $2 trick.

 

Having ALL accounts report $0, can possibly ding your score.

 

If your UT went from 17% -> 5%, that would cause a score boost.

 

Depending on what you're disputing, it could possibly affect your AAOA, etc. (just guessing)

 

More importantly... Where are you getting your scores? Have they been from the same source, for the past 4 months?

 

Sorry in advance, if I didn't understand some of your questions.

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Mine was like that too last month. I was at $75 of $17500 and it said 0% but it was really 1% I believe, in terms of how it was scored.

I'd guess it's a rounding issue. 75 is 0.428% of 17,500. Because it was less than 0.5, they rounded it down to 0%. Shoot for a balance of $100 next time (0.57%), and see if it doesn't round up to 1%

It may say 0% but it wasn't counted as 0%. No need to let more report.

Mendels

 

I think the $2 trick hurt my score, let me know what you think.

 

I did a study on my credit for the past 4 months and my EX went from 745 to 687

 

I added everything in an excel sheet and there are couple of things that trend my score downward.

 

1 is that I added a Cap 1 Venture 3 months ago and it has always been at $0, I haven't let it cut with a balance.

 

2nd my Utilization was at 17% and now its at 5% with the majority of the cards at 0% and just a few with some balances. So you have stated before that having some cards report at 0% could ding my score if we did not a clean record.

 

Could this be whats happen?

 

Also I have disputed some baddies how if I had a fraud alert can that affect my score so much and for more than 2 months?

 

Thanks

DC

$2 on one card only.

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Mendels i didnt mean to jack your thread. In reality obliviously im not doing the $2 trick but i was trying however theres an old account that was transferred for HSBC to Cap 1 that still reports a balance.

The majority of the accounts are at $0 except 1 or 2.

 

Im going to start another thread with the excel file so you guys can maybe see whats going on.

 

 

 

Sent from my iPhone using Tapatalk

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  • 3 months later...

I was just thinking of something.

 

On Discover if you let your statement close at $2, Discover will credit you back the $2 hence making your balance at $0 to report and $2 for free.

 

If one month you accidentally pay off everything and nothing's reporting, you could just use your card for $2 and wait until it posts and call discover and ask them to report it at the current balance. Within a few days, your scores will go right back up.

 

Not saying this is ideal, but just a thought.

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I was just thinking of something.

On Discover if you let your statement close at $2, Discover will credit you back the $2 hence making your balance at $0 to report and $2 for free.

If one month you accidentally pay off everything and nothing's reporting, you could just use your card for $2 and wait until it posts and call discover and ask them to report it at the current balance. Within a few days, your scores will go right back up.

Not saying this is ideal, but just a thought.

or put $2 on BofA and get a CLI. They'll be sure to insta-report it.
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