@Junejer wrote:Question: What are your individual card utilization percentages? Question: Do you have any open installment loans?
Thank you for the advice @Junejer , much appreciated!
To answer your questions:
1. I usually only PIF at the end of the month, so at the end of February my utilization rates were:
- 0% on Amex Cash Magnet,
- 0% on Chase Freedom Unlimited Visa Signature,
- 38% on Chase Freedom Flex Mastercard,
- 9% on TJX Platinum Rewards Mastercard,
- 11% on TD Cash Rewards Visa Signature.
2. I have never had any installment loans.
[Mar. 2024]
Starting Score: 753
@credit_economist wrote:
@Junejer wrote:Question: What are your individual card utilization percentages? Question: Do you have any open installment loans?
Thank you for the advice @Junejer , much appreciated!
To answer your questions:
1. I usually only PIF at the end of the month, so at the end of February my utilization rates were:
- 0% on Amex Cash Magnet,
- 0% on Chase Freedom Unlimited Visa Signature,
- 38% on Chase Freedom Flex Mastercard,
- 9% on TJX Platinum Rewards Mastercard,
- 11% on TD Cash Rewards Visa Signature.
2. I have never had any installment loans.
Hey @credit_economist, I'm sure you're receiving too many accounts with balances as a negative. Score bump under 28.9% and under 9% (I like that one under 5%) utilization. Individual utilization matters a lot.
You're also getting nailed for not having an open installment loan. Not saying you should run out and get one, but that is contributing to your score not being maximized.
Thank you for the tips @Junejer !
I'm gonna try paying my CCs weekly instead of monthly and see if that helps the score.
I wasn't planning on getting an open installment loan until I apply for a mortgage. Is that a bad approach? Should I try to get a smaller loan and pay it off before I apply for a mortgage?
@credit_economist wrote:Thank you for the tips @Junejer !
I'm gonna try paying my CCs weekly instead of monthly and see if that helps the score. That might help you to get on top of your credit cards better. Just remember to allow one to report a small balance. The "all zero" penalty could be quite damaging.
I wasn't planning on getting an open installment loan until I apply for a mortgage. Is that a bad approach? I think it is a bad approach. There's no need to get an installment loan.
Should I try to get a smaller loan and pay it off before I apply for a mortgage? If you did that, it would undermine what you are trying to accomplish for a couple reasons: One, you don't want to app for anything before apping for your mortgage. Two, the loan only helps if you have a balance. The $0 balance installment loan is not going to help your FICO scores.
@Manifest2024 wrote:I tried to find the signature line on my profile to use the link, but it didn't work for me.
New Members can't do it. I think when your title drops the "New" designation you can, when it says "Member" instead of "New Member."
lol