Does myFICO Scorewatch give you all three scores?

[ThePeacock]

Looking to find something that just monitors all three FICO scores. Don't need reports. Is there such a thing? How much is it?

[CreditDiva]

Myfico will monitor equifax, you can purchase the other two for a fee..other people here have used equifax gold watch...may be able to provide some feedback

[crofttk]

... Is there such a thing?...

Nope.

[ThePeacock]

Thanks.

I have a question that's bugging me. Okay it seems that you need to use your credit to establish good relationship with the creditor. So I pay off everything I charge every month within $20. ( I left an $11 balance on my Household account this month). But whenever I get a credit report the simulator says that if I would keep my revolving balances paid off within 80-100% it would significantly raise my score.

This sucks because I'm constantly using the cards to "build credit" but even though I pay them off every month the CRA's still show it as holding a balance because of how the update. I guess my question is is when it comes time to make a purchase like a home or car or whatever, should I cool it on using the cards the previous month so that the accounts show a Zero balance in order to raise my score, or is that not an issue? I'm sure

this is a common question.

I was planning on using my new Providian Visa to Pay rent at the apartment I live in. It would take $785 of the 1000 limit every month and then pay it off. But that's going to make it look like I always have a $785 balance. Unless what, I pay the card the very next day?

So, better use it, or don't use it? You just open these accounts and then always have zero balance. Best way to do that is not use them....

Frustrated here!

[crofttk]

Percentage utilization of revolving credit lines makes up roughly 1/3 of your score.

If you can figure out which day your creditors update the CRAs (they'll vary from creditor to creditor but often the same day every month), just pay the balance down a few days in advance of their reporting date.

[Sultan]

Percentage utilization of revolving credit lines makes up roughly 1/3 of your score.

If you can figure out which day your creditors update the CRAs (they'll vary from creditor to creditor but often the same day every month), just pay the balance down a few days in advance of their reporting date.

Solid!

[ThePeacock]

Okay well it could be a lot worse. At least I know there is a method. So I should continue to use the cards and pay them off right? And when it comes to a point to purchase a vehicle or home or whatever I can just make sure everything is paid before they report.

It will be a while, but at least i know.

Thanks everyone for helping with all the persistent questions I have.

I have mutch appreciated it. It's good to know that from Oct. 2003 when I first started looking for a decent vehicle, that my FICOs have gone from the 530-540 arena to the 630 arena (minus one stragler that I think is becuase of a dispute) thanks to people like you! Thanks for all the great advice.

[Ahntara]

If you use a CC and pay it in full every month, then on any given day you might have a balance. Scores are calculated at the time they are requested. They don't sit there being added to and subtracted from. So whenever your score is requested, the utilization will factor on that day. So, you really need to keep your utilization between 1% -15% to get maximum benefit in that area of the score.

In addition, some lenders (like mortgage lenders in particular) really like to see balances on CC's. That tells them that you are using them constantly. So, instead of paying everything off in full (which actually causes a slight deduction in the utilization #'s) treat everything like you did the Household account. Keep a VERY SMALL rolling balance until after you close on the mortgage loan. Then, go back to paying it off in full every month to avoid interest charges.

[CAMassage]

Both mortagage lenders that I talked to last month wanted us to pay our CCs off.

This whole thing is confusing. One wants you to pay them off and another wants a balance. You never know what you have to do in order to get the better deal.

I guess the thing to do is shop around.

[MuahMan]

Great Info in this thread! Thanks Everyone!

[Recovering Attorney]

You must watch your utilization. I would not use the Providian card to pay rent. It is better to have that 1000 CL sitting there with no balance than a string of $750 payments ( which shows you use 75% of the line, when you want to be below 30%).

I would cool it as you got close to aplying, and be aggressive with the CRAs regarding the reported balances, to help speed up the reporting where you need it.

[ThePeacock]

Thanks! You're probably right.