Would it help my score if I spread purchases across multiple cards?

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poorprae
 
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Would it help my score if I spread purchases across multiple cards?

Postby poorprae » Sat Dec 27, 2014 4:14 am

Would it help my credit score if, instead of using a single card and making a single payment, I spread my purchases over 4-5 cards and make payments that way?

Right now I'm using my Quiksilver card for every purchase (1.5% cashback). All of my other cards are on standby unless I can use them for a 5% cashback special offer.


popamode72
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Postby popamode72 » Sat Dec 27, 2014 8:46 am

It depends on what you want to achieve. If you want the best chances of having the highest FICO scores that you can, it's often said that it's best to just let one card report with a balance less than 10% and then PIF on that.

If you're trying to take advantage of different cashback offers and stuff like that, I can see why you'd want to spread out your purchases like that or if you have high utilization on one card and need to spread that out for the meantime. With my cell phone payments at one point since I had lower limit cards back then, I'd split up the payments between two different cards so it wouldn't negatively affect my utilization on either card.
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poorprae
 
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Joined: Sat Dec 27, 2014 4:09 am
Location: LA

Postby poorprae » Sat Dec 27, 2014 9:08 pm

Thanks for the reply.

Yes, my goal is to increase my FICO score. My CC util. is ~1% so that isn't an issue. I just wanted to know if making multiple payments using multiple cards, PIF each time, will increase my FICO score faster versus one card.

takeshi
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Postby takeshi » Mon Dec 29, 2014 8:18 am

poorprae wrote:Would it help my credit score if, instead of using a single card and making a single payment, I spread my purchases over 4-5 cards and make payments that way?

The individual transactions really don't matter. Here are the usual factors:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

poorprae wrote:My CC util. is ~1% so that isn't an issue.

Spreading the charges and payments won't change overall utilization. It could possibly help individual utilization but if you're already at 1% then you probably don't stand to gain much from utilization and should look elsewhere.



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