credit score

[davidrotts63]

Pay?

[doovid d]

Pay?

I'm asking how to boost while keeping the balances high also when paying will the credit score go up immediately and then I'll get approved for all credit cards?

[davidrotts63]

I'm asking how to boost while keeping the balances high also when paying will the credit score go up immediately and then I'll get approved for all credit cards?

You have a lot to learn. I suggest researching this up thread and elsewhere online.
You can't magically fix your FICO without paying off you balances if that's what's effecting it.
To keep it at the best you can WITH high balances here's a few things to keep in mind.

A. Try to pay some off before the statement closes so the balance reported will be lower.

B. FICO works with accomplishments, so look out for key numbers. Utilization of 54% is virtually the same as 55% while from 49% to 50% is a world apart.
Try to keep your utilization below these numbers, each number is a step 100%, 99%, (95%,) 90%, 75%, 50%, 30%,10%, and from there down.
There are 2 ways your utilization is looked at, it's looked at overall, and at specific cards as well, so try to keep it overall below those numbers, as well as each card specifically. Another key point is how many cards have balances, try to keep that lower as well.

C. Increasing the positives on the other points of your credit can hide the not so beautiful parts.
~never miss a payment.
~keep a fair amount of cards open.
~it's nice to have a mix of type of credit.
~don't try opening lots of new cards.

D. You're credit will increase as soon as your updated account is reported (assuming you improved something). Each bank will report at a different time, but as soon as its reported those changes are there.

E. If you do pay of all your balances, depending what your credit/balance is like you can see a major immediate improvement which definitely can help those approvals come easier. But again it depends what else is on your report.

[PillanSmye]

I'm asking how to boost while keeping the balances high also when paying will the credit score go up immediately and then I'll get approved for all credit cards?

Are you in debt or do just take advantage of the float?

If you're in debt you need to min pay all of your cards and then throw everything remaining at the highest APR.  Don't bother trying to play games to raise scores it just costs you money.

If you just use the float, pay everything down except one card at $2 as Rotts and NotUr talked about.  Ask for CLIs on all your cards, then apply for biz cards then apply for more personal cards. Run the float on biz cards so the utilization is shielded from other creditors.

The time to build credit is before you need it.  Once you show financial distress it's much harder and more costly.

[davidrotts63]

My current strategy for applying for cards is do them in a chunk let them age then repeat, at the moment I have 4 cards at 3 months old, and I will be waiting 3 months before applying again.
I am looking to take out a loan to put a mix on my report, should I wait 3 months untill my next AOR, which afterwards I probably won't apply for another 6 months, or do I do it now?
Meaning, will 3 months be old enough (in 3 months when I want to apply for cards), or I should wait for the next round then I should have a 6 month break before I go again?

@PillanSmye

[PillanSmye]

My current strategy for applying for cards is do them in a chunk let them age then repeat, at the moment I have 4 cards at 3 months old, and I will be waiting 3 months before applying again.
I am looking to take out a loan to put a mix on my report, should I wait 3 months untill my next AOR, which afterwards I probably won't apply for another 6 months, or do I do it now?
Meaning, will 3 months be old enough (in 3 months when I want to apply for cards), or I should wait for the next round then I should have a 6 month break before I go again?

@PillanSmye

If you can find one of the share secured loans that you can pay down to 9% immediately, do it now.  The new loan will drag down your AAoA slightly, but once paid down to 9% it counts as a well seasoned tradeline from a scoring perspective...helping your next app spree.

But you have to find an installment loan that you can pay down immediately and in the process push the payments out.   Just getting a loan will drag your score down, raise your DTI and needlessly waste money on interest.

[davidrotts63]

If you can find one of the share secured loans that you can pay down to 9% immediately, do it now.  The new loan will drag down your AAoA slightly, but once paid down to 9% it counts as a well seasoned tradeline from a scoring perspective...helping your next app spree.

But you have to find an installment loan that you can pay down immediately and in the process push the payments out.   Just getting a loan will drag your score down, raise your DTI and needlessly waste money on interest.

I don't know much about this, but what's the situation with Self Lender.
@mileagejunkie recommended it to me yesterday.

[PillanSmye]

I don't know much about this, but what's the situation with Self Lender.
@mileagejunkie recommended it to me yesterday.

Not a clue

[davidrotts63]

Seems like you can't prepay

[mord1]

No. Benefit is with only one closing.
The trick is to have the lowest reportable balance on 1 card. $2 is selected since most banks report $1 as zero.
Having 2 cards close with min reportable will decrease the score.

is 1.33 good or will that get reported as 0?
I will be applying for a mortgage somewhere around July 10th or so, - i have many cards with statement closes at different times in the month? so which card do I want to have $2 and when? I have paid everything else off and will not let any personal cards statements close between now and when the mortgage company pulls my credit with any balance

[noturbizniss]

is 1.33 good or will that get reported as 0?
I will be applying for a mortgage somewhere around July 10th or so, - i have many cards with statement closes at different times in the month? so which card do I want to have $2 and when? I have paid everything else off and will not let any personal cards statements close between now and when the mortgage company pulls my credit with any balance

What bank? @Pillansmye and others would know if 1.33 is ok.
Might as well do 2 if your not sure.

[mord1]

What bank? @PillanSmye and others would know if 1.33 is ok.
Might as well do 2 if your not sure.

Bofa. Will send kid to get another slurpee. Any idea on the other question?

[noturbizniss]

Bofa. Will send kid to get another slurpee. Any idea on the other question?

Doesn't matter as long as it's not chase (for reasons described above) and no other card has a balance.

[mord1]

Doesn't matter as long as it's not chase (for reasons described above) and no other card has a balance.

Ok, so I am letting a Boca card close tomorrow with $ 2 on it and then have no other personal cards close with a balance between now and July 10th when they pull my credit, and that will give me the biggest boost?

[noturbizniss]

Yes, assuming they report the no balance by that date. Sometimes it cam take a week to update

Ok, so I am letting a Boca card close tomorrow with $ 2 on it and then have no other personal cards close with a balance between now and July 10th when they pull my credit, and that will give me the biggest boost?

[PillanSmye]

Yes, assuming they report the no balance by that date. Sometimes it cam take a week to update

This.  You might also call and ask and lenders you've paid off to do a mid cycle report.  Not all issuers will do it, but doesn't hurt to ask.

[mord1]

This.  You might also call and ask and lenders you've paid off to do a mid cycle report.  Not all issuers will do it, but doesn't hurt to ask.

hmm, ok, its amex is the big, i will try to chat and see what happens, thanks for all your help

[davidrotts63]

hmm, ok, its amex is the big, i will try to chat and see what happens, thanks for all your help

Amex won't do it, try elsewhere.

[mord1]

Amex won't do it, try elsewhere.

amex is where i had the big balance- thats paid off now, so I want them to report that as 0, if they wont do it, then i am stuck, i just did $2 on bofa, statement closes tomorrow, that should do it

[davidrotts63]

If you can find one of the share secured loans that you can pay down to 9% immediately, do it now.  The new loan will drag down your AAoA slightly, but once paid down to 9% it counts as a well seasoned tradeline from a scoring perspective...helping your next app spree.

But you have to find an installment loan that you can pay down immediately and in the process push the payments out.   Just getting a loan will drag your score down, raise your DTI and needlessly waste money on interest.

I think I found a good option with FAFCU.
The question is, what is the ideal loan dollar amount, and the ideal loan length?