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What do you do?  Let $2 report on a single credit card.  All of your other cards should report $0, which means you must pay them to $0 before the statements close.

Why $2?  Because you want the lowest amount possible to report that is greater than $0.  $2 is the most reliable number to use that will generally report and not be credited to $0.

Does this work with any cards? Do not do this with Chase, Discover or charge cards.  Chase often updates mid cycle if you pay a balance to $0, leaving you with nothing reporting.  If you want to use Discover, you need to use $3 because they will credit $2 to $0.  Charge cards are counted much differently for utilization, and it varies by scoring model.

But MyFico and CreditKarma say that my utilization is 0%.  Credit Karma is a FAKO, and although even MF will give you this number as a percentage, it is calculated as a ratio by FICO.  $2 counts as usage.

What is the goal of the $2 trick?  The goal is to get the most points possible out of FICO for the utilization portion of your scores AND to maintain it all the time.  The "all the time" part is the reason you don't use Chase cards.


More Detailed Explanation At CreditBoards

https://creditboards.com/forums/index.php?showtopic=544017

$2 Trick Will Not Work With A Charge Card https://creditboards.com/forums/index.php?showtopic=557648

« Last edited by Mendelssohn on April 12, 2016, 12:43:40 PM »

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Author Topic: $2 trick to increase FICO score.  (Read 116631 times)

Offline Dan

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Re: $2 trick to increase FICO score.
« Reply #60 on: February 02, 2015, 07:27:07 PM »
Great bank for debit returns :)
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Offline etech0

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Re: $2 trick to increase FICO score.
« Reply #61 on: February 02, 2015, 07:27:36 PM »
Quote from: ChaimMoskowitz on February 02, 2015, 07:08:22 PM
EX FICO and report for $1. This is a 7 day trial so remember to cancel.
http://www.experian.com/

Important information:
When you order your $1 Credit Report & FICO® Score, you will begin your 7‑day trial membership in Experian Credit TrackerSM. If you don't cancel your membership within the 7‑day trial period*, you will be billed $21.95 for each month that you continue your membership. You may cancel your trial membership anytime within the trial period without charge.
Is this a limited time promotion? Or always available?
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Offline AJK

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Re: $2 trick to increase FICO score.
« Reply #62 on: February 02, 2015, 07:28:31 PM »
Quote from: Dan on February 02, 2015, 07:27:07 PM
Great bank for debit returns :)

No need to use them. There are much more widely known banks which have no issue with such activity.
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Offline coralsnake

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Re: $2 trick to increase FICO score.
« Reply #63 on: February 02, 2015, 07:42:24 PM »
Quote from: AJK on February 02, 2015, 07:26:30 PM
Besides, who in sam hill is Fifth Third Bancorp?
Ummmmm..... They're a pretty big player in the mortgage market.
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Offline AJK

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Re: $2 trick to increase FICO score.
« Reply #64 on: February 02, 2015, 07:45:52 PM »
Quote from: coralsnake on February 02, 2015, 07:42:24 PM
Ummmmm..... They're a pretty big player in the mortgage market.

Not even in the top 20.

By way of comparison, JPM is 20x the size.
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Offline coralsnake

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Re: $2 trick to increase FICO score.
« Reply #65 on: February 02, 2015, 07:58:12 PM »
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Offline AJK

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Re: $2 trick to increase FICO score.
« Reply #66 on: February 02, 2015, 08:03:49 PM »
Quote from: coralsnake on February 02, 2015, 07:58:12 PM
-1

http://www.cleveland.com/business/index.ssf/2014/02/fifth_third_jumps_to_one_of_to.html

K, you go ahead and trust an article on Cleveland.com from a nearly a year ago.

I'll trust the Federal Reserve from last quarter.

In any event, #22 or #15, they're still a piker compared to the big boys.
« Last Edit: February 02, 2015, 08:07:22 PM by AJK »
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Offline avrumy22

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Re: $2 trick to increase FICO score.
« Reply #67 on: February 02, 2015, 09:00:39 PM »
Quote from: AJK on February 02, 2015, 08:03:49 PM
K, you go ahead and trust an article on Cleveland.com from a nearly a year ago.

I'll trust the Federal Reserve from last quarter.

In any event, #22 or #15, they're still a piker compared to the big boys.

LoL
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Offline Boruch999

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Re: $2 trick to increase FICO score.
« Reply #68 on: February 02, 2015, 09:11:45 PM »
Quote from: ChaimMoskowitz on February 02, 2015, 07:08:22 PM
EX FICO and report for $1. This is a 7 day trial so remember to cancel.
http://www.experian.com/

Important information:
When you order your $1 Credit Report & FICO® Score, you will begin your 7‑day trial membership in Experian Credit TrackerSM. If you don't cancel your membership within the 7‑day trial period*, you will be billed $21.95 for each month that you continue your membership. You may cancel your trial membership anytime within the trial period without charge.

Thanks!  Used a Citi Virtual Account Number, so I don't have to worry about canceling.

Gives a FICO 8

Provided this which is relevant to the thread (sort of)

Quote
High credit usage

You've made heavy use of your available revolving credit.
Ratio of your revolving balances to your credit limits
19%
Your FICO® Score evaluates your revolving credit balances in relation to your credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.
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Offline coralsnake

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Re: $2 trick to increase FICO score.
« Reply #69 on: February 02, 2015, 09:16:46 PM »
Quote from: AJK on February 02, 2015, 08:03:49 PM
K, you go ahead and trust an article on Cleveland.com from a nearly a year ago.

I'll trust the Federal Reserve from last quarter.

In any event, #22 or #15, they're still a piker compared to the big boys.
Insurance companies are not banks.
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Offline ChaimMoskowitz

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Re: $2 trick to increase FICO score.
« Reply #70 on: February 03, 2015, 12:14:24 AM »
Quote from: Dan on February 02, 2015, 07:27:07 PM
Great bank for debit returns :)
...and HELOC abuse friendly.
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Offline ChaimMoskowitz

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Re: $2 trick to increase FICO score.
« Reply #71 on: February 03, 2015, 12:15:25 AM »
Quote from: etech0 on February 02, 2015, 07:27:36 PM
Is this a limited time promotion? Or always available?
AFAIK limited.
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Offline smaxber

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Re: $2 trick to increase FICO score.
« Reply #72 on: February 03, 2015, 09:11:56 AM »
So $2 per card or just $2 on 1 card ever cycle?
If it's 1 card do we need to cycle which 1 it is?
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Online TimT

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Re: $2 trick to increase FICO score.
« Reply #73 on: February 03, 2015, 09:14:02 AM »
Quote from: smaxber on February 03, 2015, 09:11:56 AM
So $2 per card or just $2 on 1 card ever cycle?
If it's 1 card do we need to cycle which 1 it is?
According to OP "having one revolving cc report a $2 balance".
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Offline smaxber

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Re: $2 trick to increase FICO score.
« Reply #74 on: February 03, 2015, 09:27:30 AM »
Quote from: TimT on February 03, 2015, 09:14:02 AM
According to OP "having one revolving cc report a $2 balance".
interesting.
I know credit karma isn't fico. But every time a card closes with 0 and then following month has a balance I get an alert saying a card that previously had no activity is reporting.

What's his source?
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Online TimT

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Re: $2 trick to increase FICO score.
« Reply #75 on: February 03, 2015, 09:42:35 AM »
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Offline @Yehuda

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Re: $2 trick to increase FICO score.
« Reply #76 on: February 03, 2015, 12:24:11 PM »
How does one make sure that all his CCs close with $0 except for one that closes with $1 (or $2)? My CCs all have different statement dates and even if I took the time to call up and change everyone to the same date, it would still be hard to track whether I have pending purchases that may post before the cycle closes and ruin the $1 or $0 balances.
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Offline benjie1305

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Re: $2 trick to increase FICO score.
« Reply #77 on: February 03, 2015, 12:44:51 PM »
Quote from: @Yehuda on February 03, 2015, 12:24:11 PM
How does one make sure that all his CCs close with $0 except for one that closes with $1 (or $2)? My CCs all have different statement dates and even if I took the time to call up and change everyone to the same date, it would still be hard to track whether I have pending purchases that may post before the cycle closes and ruin the $1 or $0 balances.

You can use Mint. You can use creditkarma. Or just be on top of the bills and pay them off before the statement closes.
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Offline etech0

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Re: $2 trick to increase FICO score.
« Reply #78 on: February 03, 2015, 12:45:42 PM »
Quote from: benjie1305 on February 03, 2015, 12:44:51 PM
You can use Mint. You can use creditkarma. Or just be on top of the bills and pay them off before the statement closes.
How does that help with pending purchases?
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Offline avromie7

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Re: $2 trick to increase FICO score.
« Reply #79 on: February 03, 2015, 12:48:13 PM »
Quote from: etech0 on February 03, 2015, 12:45:42 PM
How does that help with pending purchases?
+1
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