Topic Wiki

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 »

« previous next »
Pages: 1 ... 23 24 25 26 27 28 [29]   Go Down

Author Topic: $2 trick to increase FICO score.  (Read 115567 times)

Offline JACKBLUE

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2014
  • Posts: 2409
  • Total likes: 401
  • DansDeals.com Hat Tips 4
    • View Profile
  • Location: USA
Re: $2 trick to increase FICO score.
« Reply #560 on: October 28, 2020, 04:19:21 PM »
Quote from: Yo ssi on October 28, 2020, 01:50:33 PM
Have you read the post?
Back then, Yes. see below.

Amounts owed: 30%
This measures your credit utilization ratio. The more money you spend, the higher your utilization ratio will be, which lowers your score. The more total credit you have available, the lower your utilization ratio will be, which raises your score. So the more accounts and credit that you have, the better your score will be here. Credit utilization ratio applies for each card you have individually (don’t use too much of your credit on any card) and across all of your cards collectively.
Pay your account balance off, besides for a buck or 2, the day before your statement closes. This will greatly increase your credit score. Once your statement closes and your bill prints with a balance owed, your score will go down even if you pay the balance off on time
Logged

Offline Yo ssi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2019
  • Posts: 6814
  • Total likes: 2643
  • DansDeals.com Hat Tips 60
  • Gender: Male
    • View Profile
Re: $2 trick to increase FICO score.
« Reply #561 on: October 28, 2020, 04:28:38 PM »
Quote from: JACKBLUE on October 28, 2020, 04:19:21 PM
Back then, Yes. see below.

Amounts owed: 30%
This measures your credit utilization ratio. The more money you spend, the higher your utilization ratio will be, which lowers your score. The more total credit you have available, the lower your utilization ratio will be, which raises your score. So the more accounts and credit that you have, the better your score will be here. Credit utilization ratio applies for each card you have individually (don’t use too much of your credit on any card) and across all of your cards collectively.
Pay your account balance off, besides for a buck or 2, the day before your statement closes. This will greatly increase your credit score. Once your statement closes and your bill prints with a balance owed, your score will go down even if you pay the balance off on time
Have you read my post / question? (it was made specifically on what you've quoted …)
Logged
_    ,
' )  /
 /  / __   _   _   o
(__/_(_)  /_)_/_)_<_
 //
(/

Offline myi

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Feb 2015
  • Posts: 23618
  • Total likes: 2438
  • DansDeals.com Hat Tips 356
  • Gender: Male
    • View Profile
  • Location: InMyPants! 🙈
  • Programs: 2Many2List!
Re: $2 trick to increase FICO score.
« Reply #562 on: October 30, 2020, 03:04:53 AM »
Quote from: Yo ssi on October 28, 2020, 04:28:38 PM
Have you read my post / question? (it was made specifically on what you've quoted …)
Did the chase part change? Or charge card?
Logged
Quote
Need your LG Exalt fixed? Cracked in half? Water damage? Or parts to repair yourself. 347.201.2501

Offline Yo ssi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2019
  • Posts: 6814
  • Total likes: 2643
  • DansDeals.com Hat Tips 60
  • Gender: Male
    • View Profile
Re: $2 trick to increase FICO score.
« Reply #563 on: October 30, 2020, 11:52:31 AM »
Quote from: myi on October 30, 2020, 03:04:53 AM
Did the chase part change? Or charge card?
I don't understand PBMS
Logged
_    ,
' )  /
 /  / __   _   _   o
(__/_(_)  /_)_/_)_<_
 //
(/

Offline Yo ssi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2019
  • Posts: 6814
  • Total likes: 2643
  • DansDeals.com Hat Tips 60
  • Gender: Male
    • View Profile
Re: $2 trick to increase FICO score.
« Reply #564 on: February 17, 2022, 10:14:28 PM »
Quote from: israel11219 on February 17, 2022, 09:49:27 PM
Hi all! is there a phone # for Capital one recon?
Why this thread? :o
Logged
_    ,
' )  /
 /  / __   _   _   o
(__/_(_)  /_)_/_)_<_
 //
(/

Offline israel11219

  • Dansdeals Gold Elite
  • ***
  • Join Date: Nov 2014
  • Posts: 150
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: $2 trick to increase FICO score.
« Reply #565 on: February 17, 2022, 10:27:15 PM »
sorry my mistake, removed!
Logged
Pages: 1 ... 23 24 25 26 27 28 [29]   Go Up
« previous next »