Author Topic: $2 trick to increase FICO score. (Read 117221 times)

ShlockDoc · « **Reply #40 on:** February 02, 2015, 05:05:09 PM »

Quote from: bermo on February 02, 2015, 04:53:05 PM

Iirc Dan said you should leave $1 on all your credit cards. Cmiiw

That's how I always understood Dan's advice; One dollar on each of your cards.

sam28 · « **Reply #41 on:** February 02, 2015, 05:05:32 PM »

if I am using right now 48% of my credit and I have 10 hard pull and no late payment . If I bring down my amount I owe in the next 30 days how much will my score go up ?

avrumy22 · « **Reply #42 on:** February 02, 2015, 05:10:12 PM »

Paying before it closes means the day before? Meaning if close date is Feb 2 then pay everything besides $1 on feb 1st?

ShlockDoc · « **Reply #43 on:** February 02, 2015, 05:10:52 PM »

Quote from: avrumy22 on February 02, 2015, 05:10:12 PM

Paying before it closes means the day before? Meaning if close date is Feb 2 then pay everything besides $1 on feb 1st?

Or before.

D93 · « **Reply #44 on:** February 02, 2015, 05:11:41 PM »

Quote from: avrumy22 on February 02, 2015, 05:10:12 PM

Paying before it closes means the day before? Meaning if close date is Feb 2 then pay everything besides $1 on feb 1st?

Some credit cards take 2-3 days for a payment to post, so you might wanna pay it a little earlier than 1 day before statement closes.

etech0 · « **Reply #45 on:** February 02, 2015, 05:16:42 PM »

Quote from: D93 on February 02, 2015, 05:11:41 PM

Some banks take 2-3 days for a payment to post, so you might wanna pay it a little earlier than 1 day before statement closes.

Does that depend on if you initiate the payment from the CC or the bank?

Joe4007 · « **Reply #46 on:** February 02, 2015, 05:34:33 PM »

Quote from: @Yehuda on February 02, 2015, 04:55:48 PM

You're checking with people you know that work at the CBs?

I believe he means credit boards.

TimT · « **Reply #47 on:** February 02, 2015, 05:42:25 PM »

Quote from: sam28 on February 02, 2015, 05:05:32 PM

if I am using right now 48% of my credit and I have 10 hard pull and no late payment . If I bring down my amount I owe in the next 30 days how much will my score go up ?

Amounts owed is 1 part of the credit score. It'll certainly help if you owe less. Hard pulls stay around a little bit too.

AJK · « **Reply #48 on:** February 02, 2015, 05:49:21 PM »

Wow, the amount of chatter that is being expended on what your score is... surprising.

Who cares whether your score is 770 or 785?

benjie1305 · « **Reply #49 on:** February 02, 2015, 06:02:01 PM »

Quote from: AJK on February 02, 2015, 05:49:21 PM

Wow, the amount of chatter that is being expended on what your score is... surprising.

Who cares whether your score is 770 or 785?

If it would be an easy fix to bump it up a few points why not? Mortgage, car insurance, card approvals all become easier and cheaper so why not?

AJK · « **Reply #50 on:** February 02, 2015, 06:04:45 PM »

Quote from: benjie1305 on February 02, 2015, 06:02:01 PM

If it would be an easy fix to bump it up a few points why not? Mortgage, car insurance, card approvals all become easier and cheaper so why not?

There is no meaningful difference as it relates to mortgage, insurance, or card approvals once you're in the top tier.

You're more likely going to have to explain why you have so many inquiries, not enough and/or varied accounts, or your AAoA.

ChaimMoskowitz · « **Reply #51 on:** February 02, 2015, 06:07:13 PM »

Quote from: AJK on February 02, 2015, 06:04:45 PM

There is no meaningful difference as it relates to mortgage, insurance, or card approvals once you're in the top tier.

Not everyone is in the top tier. I would bet most here are not. Basing this on the young age of DDF members.

benjie1305 · « **Reply #52 on:** February 02, 2015, 06:14:55 PM »

Quote from: AJK on February 02, 2015, 06:04:45 PM

There is no meaningful difference as it relates to mortgage, insurance, or card approvals once you're in the top tier.

You're more likely going to have to explain why you have so many inquiries, not enough and/or varied accounts, or your AAoA.

Do u actually know your exact score across the board? Also- if it can get me closer to the top tier, once you start looking for car or house it will make it that bit easier to get to the next tier if possible.

It is not definite but it's such an easy tweet, why not do it?

cholent · « **Reply #53 on:** February 02, 2015, 06:51:09 PM »

Speaking for myself, my credit should be in the top tier, and used to be until I was messed up by a relative who had money in my name that I wasn't aware of. So now my score is 729 and I'm happy to learn new tricks to bring it up. Though I'm not sure this is really different than leaving ~$1 on each card, which I have been doing.

Joe4007 · « **Reply #54 on:** February 02, 2015, 07:03:32 PM »

Quote from: AJK on February 02, 2015, 05:49:21 PM

Wow, the amount of chatter that is being expended on what your score is... surprising.

Who cares whether your score is 770 or 785?

Well, according to this, there actually is a difference even if you're in the "top tier".

AJK · « **Reply #55 on:** February 02, 2015, 07:06:53 PM »

Quote from: ChaimMoskowitz on February 02, 2015, 06:07:13 PM

Not everyone is in the top tier. I would bet most here are not. Basing this on the young age of DDF members.

I agree, but what I'm saying is that this $2 "trick" isn't going to compel someone who's score is otherwise not "top-tier" into the top tier due to the other components of the score, like hard inquiries, AAoA, type of accounts, etc.

Quote from: Joe4007 on February 02, 2015, 07:03:32 PM

Well, according to this, there actually is a difference even if you're in the "top tier".

Which specific part of that article?

ChaimMoskowitz · « **Reply #56 on:** February 02, 2015, 07:08:22 PM »

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ChaimMoskowitz · « **Reply #57 on:** February 02, 2015, 07:10:07 PM »

Quote from: AJK on February 02, 2015, 07:06:53 PM

I agree, but what I'm saying is that this $2 "trick" isn't going to compel someone who's score is otherwise not "top-tier" into the top tier due to the other components of the score, like hard inquiries, AAoA, type of accounts, etc.

Just thought it might help those that were a few points short of hitting the next tier. Not going to help me at all.

Joe4007 · « **Reply #58 on:** February 02, 2015, 07:11:17 PM »

Quote from: AJK on February 02, 2015, 07:06:53 PM

Which specific part of that article?

For starters:

Quote

Cincinnati-based Fifth Third Bancorp , for example, sometimes offers lower interest rates to borrowers with FICO scores over 800 than to borrowers with FICO scores from 760 to 800 for jumbo mortgages—home loans that exceed $417,000 in most of the country, or $625,500 in pricier markets such as New York and San Francisco, according to Informa.

AJK · « **Reply #59 on:** February 02, 2015, 07:26:30 PM »

Quote from: Joe4007 on February 02, 2015, 07:11:17 PM

For starters:

Always an exception to prove the rule. Besides, who in sam hill is Fifth Third Bancorp?

Get back to me when Fifth Third Bancorp is JPM, WF, BoA, Citi, etc.

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Author Topic: $2 trick to increase FICO score. (Read 117221 times)