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Thread: Ok..now what? part 2
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- 04-28-2009, 10:42 AM #1
Gold Belt
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- Mar 2009
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Ok..now what? part 2
I have another post on here explaining how I just paid off all my bills, and that my credit score was not moving. It was 607. I am happy to say it is now 655 with Equifax and 724 wth Experian.( didn't check Transunion.)
So as far as Equifax goes I'm still in the not good rating (6 pts away from good). This is how it reads(Equifax)
New Credit = great
Amount of debt= great
Payment History= good
Length of credit history= not good
This is my question how can I make it go up more. I have paid everything off. Credit report is clean, no collections or anything. So there is nothing left for me to pay off to make it go up. I'm really at a standstill now. What should be my next move.
Also, the length of time with credit there is nothing I can do about that. Is there? My longest account is 3 years.
Side Note... I did make a purchase on one of my credit cards this weekend. Should I let the card report it this month and then pay it off next month (so it looks likeI made more debt and got out of it quickly) Or should I just pay it off before hand to avoid the interest?
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Yeah you can't do anything but let time work it's wonder for the last item on the list.
I'd say just continue to pay your cards, but that's because I like to have my money work for me instead of making other people's money work for them
- 04-29-2009, 10:42 AM #3
Gold Belt
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I read on here (somewhere) that if you carry a small balance 1-9% it will help your rating go up. Is that true?
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Yeah I've seen people saying that as well. I honestly don't have hard evidence from my own experience, simply because I never intentionally carry a balance. My scores are high 700's/800's, so I feel okay with what I'm doing now.
If you use your card regularly during the month and pay off the balance at statement time, I think you'll still get the benefit of "showing" a small balance to the bureas (if such a bonus exists). The only way you would not show any balance is if your credit card company reported your status to the bureaus the day you make your payment, which seems highly unlikely to me.
What I do is get the best rebate cards I can find (airline miles with no annual fee, cash back rewards) and then use those cards instead of my debit card. Might as well get some perks to go along with regular spending habits, right?
I don't use my cards to carry debt, unless I somehow get in a pickle.
- 04-30-2009, 10:35 AM #5
Gold Belt
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- Mar 2009
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Sounds like a good idea to get a card that gives rebates. It makes perfect sense(like getting paid to shop)
I know when my cards report because I have been watching my score so closely these last few months. I am going to carry over 7.25% of the overall balance and then pay it off, and I will let you know if it changed and how.( so we'll know if it really works)
The card will report it for May and then I'll pay it(in te middle of May) and then they will report the the 0 balance in June so I'll check it then(mid june)They report at the beginning of every month.
Your score is great, once I get to the 700"s I am going just leave everything at 0 balance.
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Experimenting to see what works is a great idea. I'll be very interested to hear about your findings.
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