Credit score and using CC for reward points

[Senator]

Does it work this way?
I thought that when the CC cycle ends, this number gets reported to all the agencies and if one has all the CC cycles with the same reporting period, these numbers are effectively locked for one month at a time.

The agencies report the balance and payment history at their own schedule. Some report to all three agencies, some two and some maybe only one.

Even if it is at month end, or cycle end, it is a snapshot.

 

[jazz4cash]

As others pointed out, at the OP's score there is nothing to be concerned about.



Another point I didn't see mentioned is that each agency calculates your score based on a snapshot in time. So one might look at your record on a different day of the month than another, and this can easily lead to a very different score.

I seem to recall that one of the bureaus was peddling a new product that was supposed to provide more of a time-lapse picture. There is certainly no shortage of new credit score flavors.

 

[kgtest]

Once a person gets into the rarefied air of 760+ credit score, the differences become nearly meaningless.

This is a massive assumption, but I think those that literally do not use Credit, but once did and were up in the 800+ range will likely stay there until they open a new account that gets reported to the credit bureaus. THEN, they will drop if that new account gets reported.

I never did like this # but the key is that you stay above that 760+ range. If you drop below that and your insurance comes up for renewal, they might ding you and increase the policies cost based on the lower trending score.

Otherwise, nothing to be concerned about. I always make sure I maintain 760+. I was around 810 back in July when I refinanced our home...it pushed me all the way down to 760 after that refinance (I did pay down a pt and wrapped that into the total loan) soo...total LTV technically increased a little and I'm certain that is why it dropped so much.

Meanwhile, my wife who uses literally almost no credit (is not on the mortgage and has no loans) hovers around the 850 mark.

Once I drop below Excellent, it's a trigger to stop applying for new credit.

Credit is funny, but once you have an excellent rating and most of lifes big purchases have occurred (New car + Home + CCs) I don't see how it would change much after.

If you are buying your very first home...credit is basically the most important piece of the puzzle alongside coming up with that 20% downpayment to get the best interest rate while avoiding PMI Private Mtg Insurance when you pull the trigger. Other than that its basically irrelevant IMHO.

 

[MarieIG]

My credit score hovers about 820. I noticed the utilization is 1% and 0 late payments. I tend to pay of the charges almost as soon as they land - before the statement comes out. I just don't like owing money. To anyone. At all.

I recall getting dinged in the past for not having some type of installment payments. (I paid off my mortgage after seven years, years ago.)

 

[ncbill]

720-740 is now Tier 1 for many lenders.

I wouldn't worry unless your score drops below that level.