Jump to content

Sign in to follow this  
DAR77

Advice for Max Credit Score Boost ?

Recommended Posts

Hi

 

Thanks to CB I have become pretty verse in my credit. Lately I haven’t “needed” a high score so my balances crept up. Now I want to buy a new house and trying to get my mid score to 680 or preferably 720.

 

My current scores are EQ 627, TU 672, EX 656

 

I have the following balances

 

PSECU 19k/20k

Credit Union 14k/15k

Barclays 5k/9k

AMEX Blue Cash 9k/12k

WalMart Visa 9k/12k

Citi 9k/10k

 

I have about 30k to pay off before my cards cycle this month.

 

What do you think I should to get the max potential credit score boost? Pay PSECU and the Credit Union or Citi, Walmart, Amex and Barclays?

 

Share this post


Link to post
Share on other sites

You don't have enough cash to do what you really need. You need to have no card over 70% util but you also need to reduce the number of cards with balances to 1 or 2. Simply can't be done without more cash.

Share this post


Link to post
Share on other sites

Currently your are at 83% on CC debt

 

Your thresholds for score increases or decreases are as follows 68.9, 48.9, 28.9, 8.9 YMMV or points per threshold but for me it is usually around 6 to 8 points

 

with you paying down 30k your cc debt you would be 45% and that would get you about 12 to 16 points. Im sure someone will someone will say im wrong but that's been what I've seen on balances carried and score increases or decreases.

 

pay them down under whatever threshold and report back on score increase

Share this post


Link to post
Share on other sites

 

Lately I haven’t “needed” a high score so my balances crept up.

 

 

There are bigger reasons than this not to carry balances.

Share this post


Link to post
Share on other sites

You don't have enough cash to do what you really need. You need to have no card over 70% util but you also need to reduce the number of cards with balances to 1 or 2. Simply can't be done without more cash.

Thanks, thats what i pay pay this month, next moth i can get PSECU and The CU under 70%

 

 

Lately I haven’t “needed” a high score so my balances crept up.

 

 

There are bigger reasons than this not to carry balances.

 

I dont understand your point.

Share this post


Link to post
Share on other sites

@

nooneimportant yes these are FICO from the mortage section of the 3b report and yes i have other cards with balances that i have paid to zero in the last few weeks

Share this post


Link to post
Share on other sites

 

You don't have enough cash to do what you really need. You need to have no card over 70% util but you also need to reduce the number of cards with balances to 1 or 2. Simply can't be done without more cash.

Thanks, thats what i pay pay this month, next moth i can get PSECU and The CU under 70%

Sounds like a plan. Pay off the 4 this month and then pay as much as possible on the other two. Under 70% is good, under 50% is better.

Share this post


Link to post
Share on other sites

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

 

 

There are bigger reasons than this not to carry balances.

 

I dont understand your point.

 

CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Share this post


Link to post
Share on other sites

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

 

 

There are bigger reasons than this not to carry balances.

 

I dont understand your point.

 

CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

 

Noted but i was using my free cash to day trade which has been profitable.

Share this post


Link to post
Share on other sites

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

 

There are bigger reasons than this not to carry balances.

I dont understand your point.

CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

Share this post


Link to post
Share on other sites

 

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

There are bigger reasons than this not to carry balances.

I dont understand your point.
CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

 

Hence me knowing when to get out and paying the cards... and this has nothing to do with the original question.... lol

Share this post


Link to post
Share on other sites

 

 

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

There are bigger reasons than this not to carry balances.

I dont understand your point.
CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

 

Hence me knowing when to get out and paying the cards... and this has nothing to do with the original question.... lol

 

 

https://creditboards.com/forums/index.php?showtopic=611178&hl=

Share this post


Link to post
Share on other sites

I get a lot of scores raised very quickly for ppl who like you are trying to raise it enough to get a loan or mortgage. It requires a little work so don't be lazy.

 

Find out the approximate date that each tradeline updates the balance for the month. Balance transfer from card A to card B before account A updates on your reports. After it reports, balance transfer from card B back to A. After card B reports, you will have pulled off the illusion of paying off debt.

 

It's really the only way you're going to get a credit jump without honestly paying down the balances.

Share this post


Link to post
Share on other sites

Currently your are at 83% on CC debt

 

Your thresholds for score increases or decreases are as follows 68.9, 48.9, 28.9, 8.9 YMMV or points per threshold but for me it is usually around 6 to 8 points

 

with you paying down 30k your cc debt you would be 45% and that would get you about 12 to 16 points. Im sure someone will someone will say im wrong but that's been what I've seen on balances carried and score increases or decreases.

 

pay them down under whatever threshold and report back on score increase

 

Is this verified or just a theory? Curious to know why *8.9 triggers a score change but *9.9 does not...

Share this post


Link to post
Share on other sites

 

Currently your are at 83% on CC debt

 

Your thresholds for score increases or decreases are as follows 68.9, 48.9, 28.9, 8.9 YMMV or points per threshold but for me it is usually around 6 to 8 points

 

with you paying down 30k your cc debt you would be 45% and that would get you about 12 to 16 points. Im sure someone will someone will say im wrong but that's been what I've seen on balances carried and score increases or decreases.

 

pay them down under whatever threshold and report back on score increase

 

Is this verified or just a theory? Curious to know why *8.9 triggers a score change but *9.9 does not...

 

Try it yourself it works

Edited by nosup4u

Share this post


Link to post
Share on other sites

 

 

 

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

There are bigger reasons than this not to carry balances.

I dont understand your point.
CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

 

Hence me knowing when to get out and paying the cards... and this has nothing to do with the original question.... lol

 

 

https://creditboards.com/forums/index.php?showtopic=611178&hl=

 

Day trading isn't get rich quick like what this person did with Cryto's tell me where you can be wrong 50% of the time and literally make over 150k a year if you have the right discipline. Its discipline, proper stop losses and targets this is a poor example of day trading

Share this post


Link to post
Share on other sites

I get a lot of scores raised very quickly for ppl who like you are trying to raise it enough to get a loan or mortgage. It requires a little work so don't be lazy.

 

Find out the approximate date that each tradeline updates the balance for the month. Balance transfer from card A to card B before account A updates on your reports. After it reports, balance transfer from card B back to A. After card B reports, you will have pulled off the illusion of paying off debt.

 

It's really the only way you're going to get a credit jump without honestly paying down the balances.

you are correct in this process but it must be noted that OP will have to remember he will have to do this throughout the whole process from application to closing to make sure lender doesn't do a last minute credit check (which they will do) and screw up his DTI

Share this post


Link to post
Share on other sites

 

 

 

 

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

There are bigger reasons than this not to carry balances.

I dont understand your point.
CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

 

Hence me knowing when to get out and paying the cards... and this has nothing to do with the original question.... lol

 

 

https://creditboards.com/forums/index.php?showtopic=611178&hl=

 

 

Day trading isn't get rich quick like what this person did with Cryto's tell me where you can be wrong 50% of the time and literally make over 150k a year if you have the right discipline. Its discipline, proper stop losses and targets this is a poor example of day trading

 

 

Both examples are people borrowing money to gamble.

Share this post


Link to post
Share on other sites

 

 

 

 

 

 

 

 

 

Lately I haven’t “needed” a high score so my balances crept up.

There are bigger reasons than this not to carry balances.

I dont understand your point.
CV's point is you are reducing your standard of living.

 

Carrying 65k in CC balances probably costs you something like $10,000 per year in interest.

 

Not carrying those balances would amount to something like a 10k/yr AFTER TAX raise.

 

What could you do with an extra $10,000 per year?

Noted but i was using my free cash to day trade which has been profitable.

Until it isn't.

 

Hence me knowing when to get out and paying the cards... and this has nothing to do with the original question.... lol

 

 

https://creditboards.com/forums/index.php?showtopic=611178&hl=

 

 

Day trading isn't get rich quick like what this person did with Cryto's tell me where you can be wrong 50% of the time and literally make over 150k a year if you have the right discipline. Its discipline, proper stop losses and targets this is a poor example of day trading

 

 

Both examples are people borrowing money to gamble.

 

Why are SOME people here concerned on how i decide to MAKE my money ? This post isn't a "i have a margin call and cant afford it" post ? SMH !!!

Share this post


Link to post
Share on other sites

 

I get a lot of scores raised very quickly for ppl who like you are trying to raise it enough to get a loan or mortgage. It requires a little work so don't be lazy.

 

Find out the approximate date that each tradeline updates the balance for the month. Balance transfer from card A to card B before account A updates on your reports. After it reports, balance transfer from card B back to A. After card B reports, you will have pulled off the illusion of paying off debt.

 

It's really the only way you're going to get a credit jump without honestly paying down the balances.

you are correct in this process but it must be noted that OP will have to remember he will have to do this throughout the whole process from application to closing to make sure lender doesn't do a last minute credit check (which they will do) and screw up his DTI

 

Good idea but im not diligent for that, it could blow up easily but thanks for the idea !

Share this post


Link to post
Share on other sites

 

 

Lately I haven’t “needed” a high score so my balances crept up.

 

 

There are bigger reasons than this not to carry balances.

 

 

Let's step back.

 

1 - Adverse action from having multiple cards maxed out;

2 - Adverse action from having too many cards with balance;

 

If you want to gamble with borrowed money that's your business, but you're walking a tightrope with your existing creditors, and 1 and 2 above are also killing your scores.

 

If these creditors start shutting down your accounts it's going to get worse, because you're going to have the balances reporting but not the corresponding credit lines. This will send your utilization skyrocketing and will cause your scores to drop even more.

You can S your H all you want, but that doesn't change facts.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    1. black2002ls
      black2002ls
      Age: 36
  • Member Statistics

    • Total Members
      176,896
    • Most Online
      1,528

    Newest Member
    ksheree
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines