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The Master $2 reporting "trick" explained

mendelssohn

By mendelssohn
in Credit Forum

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The last post in this topic was posted 2506 days ago. 

 

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Cappy

Cappy

Posted
Posted

 

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.

My idea was HARD FREE :P


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Konrad2012
Konrad2012

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.

hdporter
hdporter

I'll assume that 1% or less utilization is what's really desired ... not necessarily taking your card balances to $2.   Under FICO 8, as long as I show 1% overall utilization, my score is 842 (under

ubercat
ubercat

...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

Konrad2012

Konrad2012

Posted
Posted

 

 

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.

My idea was HARD FREE :P

Your idea involves Donkey Disco. Are you trying to woo Kitschy Kat?

Cappy

Cappy

Posted
Posted

 

 

 

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.

My idea was HARD FREE :P

Your idea involves Donkey Disco. Are you trying to woo Kitschy Kat?

Kitschy Kat :rofl:

ubercat

ubercat

Posted
Posted

 

 

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.

My idea was HARD FREE :P

 

 

A TU pull. Oh no! And BofA will double just about anything you trow at it (three to four times a year).

  • 5 months later...
CreditNewb15

CreditNewb15

Posted
Posted

I just tried this. Am waiting for everything to hit all 3 reports before I pay to pull all 3.

 

Just based on statement date, I had to let my $1,000 Amex report it. I had read earlier not to use Discover for the $2 trick.

RocketGoBoom

RocketGoBoom

Posted
Posted (edited)

I just did $2 on my Discover card and it closed August 10th.

 

They gave me a $2 "small balance credit" and closed the statement with a $0.00 balance.

 

I will experiment with $2.99 next month unless someone already knows the max.

Edited by RocketGoBoom
mendelssohn

mendelssohn

Posted
  • Author
Posted

I just did $2 on my Discover card and it closed August 10th.

 

They gave me a $2 "small balance credit" and closed the statement with a $0.00 balance.

 

I will experiment with $2.99 next month unless someone already knows the max.

Read the first post in this thread.

mendelssohn

mendelssohn

Posted
  • Author
Posted

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

Cappy

Cappy

Posted
Posted

This discussion had come up several times recently, so I thought we would have a clear thread on this subject.

 

Who does this help? People with clean reports.

 

What does it do? It helps you eek out every point possible from the utilization portion of FICO scoring.

 

What do you do? Let $2 report on 1 card and have the rest report $0.

 

Why $2? Because you want non-zero utilization reporting on 1 card that is included in FICO utilization calculations. Experimenting with amounts lower than $2 has often resulted in the balance being credited to $0, so $2 is the smallest "non-zero" amount to use reliably.

 

Are there any cards that this won't work for? Discover is $3 minimum. They will credit $2 to $0. Cards over $50K are not counted in utilization and also do not count.

 

I verified all of this with BobWang via email. I'm not going to post the emails, but if for some reason that is not good enough, I will forward the emails to Breeze and let her verify the authenticity of this information.

I don't know how I missed that :swoon:

Cappy

Cappy

Posted
Posted

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

We should change the title to

 

The Master $2 And $3 Reporting "Trick" Explained

mendelssohn

mendelssohn

Posted
  • Author
Posted

 

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

We should change the title to

 

The Master $2 And $3 Reporting "Trick" Explained

No, we should not.

Cappy

Cappy

Posted
Posted

 

 

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

We should change the title to

 

The Master $2 And $3 Reporting "Trick" Explained

No, we should not.

I don't see why not.

 

If there any exceptions to the rule, why shouldn't be it included the general title?

mendelssohn

mendelssohn

Posted
  • Author
Posted

 

 

 

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

We should change the title to

 

The Master $2 And $3 Reporting "Trick" Explained

No, we should not.
I don't see why not.

 

If there any exceptions to the rule, why shouldn't be it included the general title?

I know you like to suggest changes to my thread titles, but no.

 

"The Master $2 and $3 but never use a Chase card trick explained"

 

No.

 

People should not use Discover for this. Get the free $24 per year.

Cappy

Cappy

Posted
Posted

 

 

 

 

I have no idea what you're talking about.

 

I was clearing up the amount needed with Discover since you said it doesn't work.

 

It does work for $3, as mentioned in the OP.

We should change the title to

 

The Master $2 And $3 Reporting "Trick" Explained

No, we should not.
I don't see why not.

 

If there any exceptions to the rule, why shouldn't be it included the general title?

I know you like to suggest changes to my thread titles, but no.

 

"The Master $2 and $3 but never use a Chase card trick explained"

 

No.

 

People should not use Discover for this. Get the free $24 per year.

This isn't really about the what's the best value.

 

Yes $24 free is great to get from Disco Every year, except we are talking about a "rule" over here.

 

If Disco stopped issuing a credit for $2 or less and this thread wouldn't be editable, then the title would be incorrect.

 

This isn't about what's a better value, it's about a card trick.

indyrox

indyrox

Posted
Posted

I used this trick - Discover was at $2.86 and reported at $2. FICO 8 score went from a 631 to a 776, TU Mortgage FICO from a 615 to a 702. Good stuff!

So the answer is - it has to be over $2. I can try next month with $2.49 lol.

Konrad2012

Konrad2012

Posted
Posted

Mendel, you are a masochist.

 

I have bowed out of any further discussions on any forum of the $2 trick.

 

I did explain it to a teller at BofA a couple days ago when she asked me how to manage her credit cards. But she's kinda hot and always gives my kid chocolate so I made an exception.

Cappy

Cappy

Posted
Posted

It's explained clearly in the first post. The thread title does not need to be changed.

You should get Breeze to add into your post about charge cards

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