credit score

[Luvtotravel]

it should close at under 500.

oh that sounds better. statement should close with under 10% utilization.

[ya]

does amex do a hard pull when asking for a credit increase?

[Mendelssohn]

it should close at under 500.

Ideally it should close with less than that.

As I've mentioned numerous times in this thread, to get the most points out of the utilization portion for FICO scoring, you want the smallest amount possible that is greater than $0 reporting on only 1 card. The rest of your cards should report $0.

$2 is a reliable amount in most cases. Discover will credit $2 to $0, so use $3 if you card with a balance reporting is Discover.

Factors for utilization with FICO scoring:
1. Overall utilization
2. Individual utilization
3. # of cards with a balance

[Marko Rubio]

Ideally it should close with less than that.

As I've mentioned numerous times in this thread, to get the most points out of the utilization portion for FICO scoring, you want the smallest amount possible that is greater than $0 reporting on only 1 card. The rest of your cards should report $0.

$2 is a reliable amount in most cases. Discover will credit $2 to $0, so use $3 if you card with a balance reporting is Discover.

Factors for utilization with FICO scoring:
1. Overall utilization
2. Individual utilization
3. # of cards with a balance

a stupid question, I'm just curious, will there really be a difference in the score if you leave $2 or $5 or $10? The points is it should be under 1% utilization so why bother to make it for $2?

[Mendelssohn]

a stupid question, I'm just curious, will there really be a difference in the score if you leave $2 or $5 or $10? The points is it should be under 1% utilization so why bother to make it for $2?

There can be a difference between less than 1% and $2.

There will be a cutoff point where you won't gain any more points based on your overall profile, but to ensure that you get the most points possible without having to experiment, just do what I outlined.

This is science that has been studied and proven, not my opinion.

[Marko Rubio]

 

There can be a difference between less than 1% and $2.

There will be a cutoff point where you won't gain any more points based on your overall profile, but to ensure that you get the most points possible without having to experiment, just do what I outlined.

This is science that has been studied and proven, not my opinion.

is there such a thing that I cant gain anything more based on my profile? Every month my AAoA is going up and my oldest account getting older and my payment history getting older is that not helping my score?

[Mendelssohn]

:Dis there such a thing that I cant gain anything more based on my profile? Every month my AAoA is going up and my oldest account getting older and my payment history getting older is that not helping my score?

Assuming your credit reports are free of negative information, this helps most with young and thin profiles.

Once your AAoA is over 10 years, FICO doesn't penalize you as much for many things, including the number of cards reporting a balance.

If your scores are well into the 800s, you can obviously expect to gain less.

[ya]

Assuming your credit reports are free of negative information, this helps most with young and thin profiles.

Once your AAoA is over 10 years, FICO doesn't penalize you as much for many things, including the number of cards reporting a balance.

If your scores are well into the 800s, you can obviously expect to gain less.

Congrats on the new house

[Mendelssohn]

Congrats on the new house

Thanks!

Time for some apps now. 

[David Smith]

does amex do a hard pull when asking for a credit increase?

No. Please don't cross post.

[Marko Rubio]

Assuming your credit reports are free of negative information, this helps most with young and thin profiles.

Once your AAoA is over 10 years, FICO doesn't penalize you as much for many things, including the number of cards reporting a balance.

If your scores are well into the 800s, you can obviously expect to gain less.

so once your AAoA are more then 10 years you wont gain anything more on your score when your AAoA are getting older, and your oldest accout is getting older?

[Mendelssohn]

so once your AAoA are more then 10 years you wont gain anything more on your score when your AAoA are getting older, and your oldest accout is getting older?

That's not what I said. 10 years AAoA is a major milestone though, and so is your oldest account hitting 20 years. That's why Amex D* was so good.

[David Smith]

That's not what I said. 10 years AAoA is a major milestone though, and so is your oldest account hitting 20 years. That's why Amex D* was so good.

I don't think everyone knows that D*=backdating. (Although I'm sure most can figure it out.)

[ya]

Being an Amex Au on my father account help with average age on my reports?

[Mendelssohn]

Being an Amex Au on my father account help with average age on my reports?

Not anymore.

For the past several years, all Amex AU accounts report as new regardless of the history. If you were added as an AU to a 20 year old Amex, it would still report as a new account.

And as of March 2015, Amex no longer backdates new primary accounts.

[David Smith]

Being an Amex Au on my father account help with average age on my reports?

Get your own cards and build your own profile. Much better than having to depend on that.

[David Smith]

Not anymore.

For the past several years, all Amex AU accounts report as new regardless of the history. If you were added as an AU to a 20 year old Amex, it would still report as a new account.

And as of March 2015, Amex no longer backdates new primary accounts.

I think he meant to ask if it helps in general, not if it got the bonus of being backdated.

[ya]

Not anymore.

For the past several years, all Amex AU accounts report as new regardless of the history. If you were added as an AU to a 20 year old Amex, it would still report as a new account.

And as of March 2015, Amex no longer backdates new primary accounts.

It's backed for me in June 2015.
I have a Amex card already and a full credit profile .  Just asking if it would help

[Mendelssohn]

I think he meant to ask if it helps in general, not if it got the bonus of being backdated.

Definitely not. Amex AUs don't help at all with building credit.

Any other AU that reports, is old and has low to no reported utilization will help.

It's best to build a profile based on your own cards though. AUs can help you get started, but should not be the focus.

[ya]

Definitely not. Amex AUs don't help at all with building credit.

Any other AU that reports, is old and has low to no reported utilization will help.

It's best to build a profile based on your own cards though. AUs can help you get started, but should not be the focus.

Yup just trying to boost my wife's profile thanx