Interesting strategy, Mindcrime. How long were you at zero debt before the hit in your credit score? As best I understand the FICO model, it's the payment history that has the biggest affect on scores. Carrying a small debt is said to make no difference, where as carrying a high debt can of course hurt your score. So basically, if you're making payments each month, you should be good. Of course, to make a payment you also have to make a purchase, but I'm not sure carrying a $5 balance will affect the score. I think the inactivity is key in Vettecor's case. Than again, I've been wrong before!
Hard to know for sure about this FICO and the workings behind it, Jason. LOL. Since I know when the accounts report, I had only paid down the balance a week before. Here's how it happened: Revolving debt = 0 OC's report 0 balance One day later receive Alert from monitoring service that score changed. Log in and see a 15 point drop. Nothing nothing nothing (did I say nothing?) changed other than paying the balance to zero from a small 1% usage before. No deletions of accounts, no adds, no address change/removal, late pays showing up or deleted, etc, etc. Fast forward to the next month: Leave a teeny tiny balance on one revolving account. Balance reports Score goes back up 15 points where it was previously. Absurd, I know.
Ahhhh why is this all so complicated! I haven't gotten my scores to increase and I've tried a couple different strategies... Leaving a balance, having no balance, making a purchase/payment every month... I feel like I'm just running around in circles. The only negative mark on my report is a 30 day late payment in 2008 which I can't shake... But other than that my score is stuck! I wish they would just be straightforward about how certain things can affect your score.
Mine are TU 754, EX 762, EQ 763 Husbands are TU 642, EX 627, EQ 545 Mostly my posts here are about my husband and trying to rebuild his credit which started at 605/553/549, however I just can't seem to boost mine any more!! So frustrating
Your scores are excellent and likely because the one late pay is so old your scores are holding steady (a recent 30 day late would crash you). Adding yourself as an AU to a long term account may help push you closer to the 800 mark, but if its about qualifying for a home loan, I'd say you're on solid ground.
Yes, we are hoping to be able to buy a home sometime next year. We are stuck out in Hawaii until December and then hopefully will be going home to Georgia... It gives me a little time to clean up my husbands report which is what I really need to do! Unfortunately his is just stumping me!
