6 Components of a high credit score.

**Wanderer** · September 20th, 2010, 04:28 AM

Originally Posted by Joeyman

What happens when your utilization is 1%? Does your credit score just stay the same? Possibly raise on an annual basis, rather monthly? I'm getting to the point where my utilization will be the lowest ever, I'm so close and the feeling makes me nervous — believe it or not. Next month I get three pay periods, specifically the October 1st payday will mark the day when all three of my credit cards will only hold $60 balances. Actually I plan on making some payments before this month is up with my savings, so my reports will update, and just replenish the savings on October 1st from the extra paycheck. Currently, my utilization is below 15%; so it seems like I have no room for raising my score regarding utilization at this point. Because if we estimate our scores online they use utilization increments such as 15%, 30%, etc..

By the way, I'm also gonna go on a mega shopping spree on October 1st!

So I'm not just using the fun money for boring credit cards. Hehe.

The actual credit report unique to each one of us will hold the key to your answer. In my case the reports give me a few extra points if I owe around $900. My scores are lower if I have all my accounts at zero (these are actual account dollars not score estimators). The total credit report weighs in on the effect of scoring and credit limits, account usage and so on. You need to play and check results. Just to feel good you may want to zero everything and then experiment over a few months. Note in my case paid off or not didn't really effect the points that much (note, I am talking utilization under 10% not some huge dollar amount).

**smcc** · September 20th, 2010, 05:29 AM

Joeyman, wait till your utilization falls below 1% or hovers at 0% for months at a time......... Wanderer is right but it sucks when you have tons of revolving credit, manage it well so your utilization is never over 1%, pay your charges the day you acquire them or the next day if you use your bank's online bill pay and what's your reward, small or no movement in your credit score. Lets say you want to buy a car for $9000 and you have the cash, you decide to pay for the car with your cc and then take the cash and pay off your card. You have collected 9000 points, paid off your card, have your car, but no movement in your credit scrore, and to top if all off your utilization is back at 0% !

**Wanderer** · September 20th, 2010, 04:28 PM

Originally Posted by smcc

Joeyman, wait till your utilization falls below 1% or hovers at 0% for months at a time......... Wanderer is right but it sucks when you have tons of revolving credit, manage it well so your utilization is never over 1%, pay your charges the day you acquire them or the next day if you use your bank's online bill pay and what's your reward, small or no movement in your credit score. Lets say you want to buy a car for $9000 and you have the cash, you decide to pay for the car with your cc and then take the cash and pay off your card. You have collected 9000 points, paid off your card, have your car, but no movement in your credit scrore, and to top if all off your utilization is back at 0% !

Joeyman - smcc hit the credit game right on the head. My FICO Scores have very slowly... inched up. The aveage age of accounts and the oldest accounts carry a lot of weight (assuming no baddies). Only time to grow your credit history will solve this one. The FICO 800's are for those who average at least 6+ years with accounts dating back to 16+ years so it takes time and a good credit history. Only now after two plus years am I seeing any very slow creep up in my scores. It takes time and there is NO quick fix.

**smcc** · September 21st, 2010, 03:45 PM

You know Wanderer that's the hardest pill to swallow, time. Its like, "keep doing what your doing, don't falter and your time will come" How about rewarding me for the "keep doing what your doing" in larger score increments like twice a year ?

I guess Wanderer you have to revel in the joy knowing that you can get what you want provided you have a way of paying it off and knowing that that elusive 800 is out there.......

**Meya** · October 3rd, 2010, 05:32 PM

I agree with you both! You both have valid points here. Yes Colo, time is a hard pill to swallow but at the same time I think it teaches us patience. I have been patient for so long, until I fell backwards due to the economic hard times that still exists. Because I learned to be patient, I am not as frustrated as I thought I would be climbing back to where I left off. Another thing you mentioned, "reward me heavily" I totally agree to that option also. I was rewarded slowly for my hard work, and then boom, here comes the 800's. I would not be surprised if the 900's is not around the corner.