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Thread: FICO/credit question?

post 1632865003 03-03-2021, 04:34 PM
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FICO/credit question?

Hello Misc.. have a quick question for any FICO nerds out there.

I have a question based off credit utilization.



I currently have a few credit cards, with a total credit line of $91,000.

I only maintain a balance on just one of my cards ($900 current balance, meaning total utilization is roughly 0.98%)



My question is... is it best to keep a minimal balance, as I currently am... or better to have a zero balance across all cards?





I read conflicting feedback on this matter. What says you, misc?
post 1632865243 03-03-2021, 04:37 PM
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It’s best to keep credit utilization below 10%.
post 1632865923 03-03-2021, 04:45 PM
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Originally Posted By YellowAy⏩
It’s best to keep credit utilization below 10%.
And pay it off every month.
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post 1632866333 03-03-2021, 04:50 PM
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Exactly keep the utilization low, I have two cards and i use them both every monoth, but put on a small amount and pay it off a day or so before the due date.
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post 1632866563 03-03-2021, 04:53 PM
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thanks for the replies, everyone

i have always heard it might be best to LET a small balance (on only one of the cards) to be reported to the credit bureaus [of course paying off the minimum due or more]... if you pay all of them off to zero before the closing date(s), it would appear that you have not used the cards at all?
post 1632866753 03-03-2021, 04:56 PM
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it never makes sense to maintain a balance, even if it did raise your score (unless it knocked you into prime aka 760+ and you were about to get a loan)
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post 1632866863 03-03-2021, 04:57 PM
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800 crew checking in

I always pay it off or leave a small balance

Leaving a balance won't raise it by much
post 1632866923 03-03-2021, 04:59 PM
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Credit scores probably won't be a thing in a few years. Srs.

Also funny thing about my FICO score. I have zero debt because I paid it all off, and just turned in a leased car end of december. The only thing I have now is my credit card. Have had it for 11 years. Have never missed a payment on anything. Had a FICO score of 821. Went and paid off my monthly balance of about $200, and saw my score dropped 43 pts to 778. Why? Because I don't have enough debt. So one credit card is a no no in this world. Hilarious stuff.
post 1632867263 03-03-2021, 05:04 PM
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Originally Posted By IonZephyr⏩
thanks for the replies, everyone

i have always heard it might be best to LET a small balance (on only one of the cards) to be reported to the credit bureaus [of course paying off the minimum due or more]... if you pay all of them off to zero before the closing date(s), it would appear that you have not used the cards at all?
~20 day gap between your statement posting and payment due date means you can float a balance while still paying off the statement in full and never paying interest. jezz its not that complicated
post 1632867363 03-03-2021, 05:06 PM
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Originally Posted By Atlastrength⏩
Credit scores probably won't be a thing in a few years. Srs.

Also funny thing about my FICO score. I have zero debt because I paid it all off, and just turned in a leased car end of december. The only thing I have now is my credit card. Have had it for 11 years. Have never missed a payment on anything. Had a FICO score of 821. Went and paid off my monthly balance of about $200, and saw my score dropped 43 pts to 778. Why? Because I don't have enough debt. So one credit card is a no no in this world. Hilarious stuff.
Hence why I am asking if its best to let it report a small balance (1-10% of total utilization) than to have them all report 0%

I have always read conflicting reports about this. VERY close to 800 scores across the board, finally.


Regardless, thanks for all the replies/input; misc
post 1632867573 03-03-2021, 05:08 PM
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Originally Posted By Atlastrength⏩
Credit scores probably won't be a thing in a few years. Srs.

Also funny thing about my FICO score. I have zero debt because I paid it all off, and just turned in a leased car end of december. The only thing I have now is my credit card. Have had it for 11 years. Have never missed a payment on anything. Had a FICO score of 821. Went and paid off my monthly balance of about $200, and saw my score dropped 43 pts to 778. Why? Because I don't have enough debt. So one credit card is a no no in this world. Hilarious stuff.
well if you took time to look at how fico is calculated then you wouldn't have been surprised. but 778 isnt bad either, and about as good as your going to get with just one active account
post 1632867863 03-03-2021, 05:11 PM
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Originally Posted By Atlastrength⏩
Credit scores probably won't be a thing in a few years. Srs.

Also funny thing about my FICO score. I have zero debt because I paid it all off, and just turned in a leased car end of december. The only thing I have now is my credit card. Have had it for 11 years. Have never missed a payment on anything. Had a FICO score of 821. Went and paid off my monthly balance of about $200, and saw my score dropped 43 pts to 778. Why? Because I don't have enough debt. So one credit card is a no no in this world. Hilarious stuff.
same thing happened to me when i paid off my house. went from 845ish to 815ish srs
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post 1632868293 03-03-2021, 05:18 PM
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Originally Posted By gluon⏩
well if you took time to look at how fico is calculated then you wouldn't have been surprised. but 778 isnt bad either, and about as good as your going to get with just one active account
That's what I am saying. FICO means nothing. I was showing how irrelevant it is in reality.
post 1632868443 03-03-2021, 05:20 PM
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Originally Posted By ShortMonster⏩
Exactly keep the utilization low, I have two cards and i use them both every monoth, but put on a small amount and pay it off a day or so before the due date.
This hurts your score

If your credit cards report $0 every month it looks like you don’t use them

It’s better to let a small balance report on the statement, then pay it
post 1632868573 03-03-2021, 05:22 PM
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chit my bad.

yea i agree. really a big flaw that closing an account on perfect terms hurts your score. other than that it is reasonable.

still you got to piss with the cock god gave you. for now im still ficomaxxing
post 1632872843 03-03-2021, 06:20 PM
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Originally Posted By Vhagar⏩
This hurts your score

If your credit cards report $0 every month it looks like you don’t use them

It’s better to let a small balance report on the statement, then pay it
^^^^

exactly why i asked ^_^
post 1632874473 03-03-2021, 06:42 PM
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Yeah you're getting into the really fine details here, but the formulas I've seen will score highest with utilization >0% and then less than another %. I'm not sure if it's done per card or just as a total of all credit within that category, probably the latter so you likely don't need a balance across all cards


The key here is timing, let your credit card bill hit and report a balance to the agencies and then pay it off in full immediately before it's due so you're still not charged interest. They don't want to see that you're not using credit, they want to see you using and managing it effectively
post 1632875083 03-03-2021, 06:52 PM
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Utilization < 10%

Pay the full balance off each monh

Not that hard
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post 1632876353 03-03-2021, 07:13 PM
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Pretty sure once you hit 760+ out of 850 it no longer matters and you won't get additional benefits.
post 1632877283 03-03-2021, 07:27 PM
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Originally Posted By Atlastrength⏩
Credit scores probably won't be a thing in a few years. Srs.

Also funny thing about my FICO score. I have zero debt because I paid it all off, and just turned in a leased car end of december. The only thing I have now is my credit card. Have had it for 11 years. Have never missed a payment on anything. Had a FICO score of 821. Went and paid off my monthly balance of about $200, and saw my score dropped 43 pts to 778. Why? Because I don't have enough debt. So one credit card is a no no in this world. Hilarious stuff.
It is crazy in some ways because utilizing your credit is part of your score but over utilizing it hurts you.
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post 1632878573 03-03-2021, 07:42 PM
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Originally Posted By iloveus⏩
Utilization < 10%

Pay the full balance off each monh

Not that hard
lmao how many times is this going to get posted when it completely contradicts itself

You don't have a balance if you pay it off within the month lmao
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post 1632878583 03-03-2021, 07:43 PM
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Originally Posted By Vhagar⏩
This hurts your score

If your credit cards report $0 every month it looks like you don’t use them

It’s better to let a small balance report on the statement, then pay it
Thank you for the advice, that makes a lot of sense...Repped
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post 1632878603 03-03-2021, 07:43 PM
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Originally Posted By rectifryer⏩
lmao how many times is this going to get posted when it completely contradicts itself

You don't have a balance if you pay it off within the month lmao
Wrong. Misalignments between the statement date, reporting date, and payment due date make it more common than not that a card that is paid off every month still reports a balance to the agencies.
post 1632878783 03-03-2021, 07:45 PM
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Originally Posted By rectifryer⏩
lmao how many times is this going to get posted when it completely contradicts itself

You don't have a balance if you pay it off within the month lmao
Utilization < 10%

Pay the full balance off each monh

Not that hard
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post 1632880223 03-03-2021, 08:01 PM
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Originally Posted By IonZephyr⏩
thanks for the replies, everyone

i have always heard it might be best to LET a small balance (on only one of the cards) to be reported to the credit bureaus [of course paying off the minimum due or more]... if you pay all of them off to zero before the closing date(s), it would appear that you have not used the cards at all?
no thats wrong you dont have to keep a balance
post 1632880383 03-03-2021, 08:02 PM
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Originally Posted By DizzySmalls⏩
Wrong.
Right.
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post 1632880413 03-03-2021, 08:03 PM
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Originally Posted By DizzySmalls⏩
Wrong. Misalignments between the statement date, reporting date, and payment due date make it more common than not that a card that is paid off every month still reports a balance to the agencies.
this, my score moved down a bit when i had high utilization after a move despite paying everything off on time.... meaning the agencies see the high balance between months.
post 1632880673 03-03-2021, 08:06 PM
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Originally Posted By elterrible987⏩
this, my score moved down a bit when i had high utilization after a move despite paying everything off on time.... meaning the agencies see the high balance between months.
did you pay off a mortgage?
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post 1632880763 03-03-2021, 08:07 PM
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I don't over complicate it. I have a couple chase cards with good rewards, and pay off my balance in full before my due date every month. I've had my cards for over a decade and never once payed interest all while getting probably $2000 cash back per year. My score is just above 800 and may go up or down 1 point every once in a while. Interestingly enough my mortgage lender sold my loan to another lender and for a few months both reported a home loan. My score went up 10 points during that time, until the 1st loan dropped off then it went back down. I have friends with little or no credit history trying to build credit, but they don't understand it takes years of responsibly using credit to build it up. Just being late on 1 or 2 payments can do major damage.
post 1632881173 03-03-2021, 08:11 PM
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I only have one credit card. I hate credit and debt but use the card for the cash back. I have no debt and a paid off mortgage.

FICO score vs % use

8/11/20 FICO 805 Use 4%

10/11/20 FICO 775 Use 16%

12/11/20 FICO 799 Use 9%

2/11/21 FICO 775 Use 15%
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