Carrier in Fico

Dear Sirs,
I have finish my Graduate in Commerce in 2000( BCOM), after that i warok as jr Account for 1 year2001 to 2002.
then after that i work with Life Insurance Companies like Bajaj, Kotak and Reliance Life Insurance as an Operation Manager.
I have sound knowledge in Operation Management, i am in to Manager rank.
As i have solid domain Knowledge,
i want to enter in IT sector as a FI/Co Functional Consultant,
iam good at FI part.
pls suggest, how to mold my carrier.

Dear Sir,
I need help, actually ,i get vey little time for practise fico,
while posting entry in f-02, getting error tolerance error, range amount or tolerance not assigned,
where as i have assign in TC obA4,ob57, then also i am getting error,
in oba4 , i have given group then company id,amount per document and amount per open item, but still error,
without group its not saving,
because of this error my practise got stop, pls help me out to over come this problem.
i know this is not correct forum, pls update me with correct forum too
pls advise,
Edited by: mujju05 on Mar 22, 2011 3:41 PM

Similar Messages

Fico questionns

Subject: Interview Questions FICO
Result: I need Answers for the following questions
1.     What is meant by zero invoices?
2.     How u create vendor and customer GL accounts in real time?
3.     APP configuration steps?
4.     Where u creating qadb in sap?
5.     In fi-mm integration how u post cetral exise?
6.     what is meant settlement rule in controlling?
7.     How u maintain cross company codes settings for inter company payments?
8.     How u maintain head office settings in sap?
9.     What is meant by costing variant in product costing?
10.     What is maximum possible exchanges deviation in u r project?
11.     Print out for customers and vendors?
12.     How can u change date settings?
13.     What type of closing entries u have passed?
14.     Hoe do u configure to vendor clearence?
15.     In controlling how u can do budget control for statistical postings?
16.     In asset accounting how u prepare capital budget?
17.     What is difference between plan delivery and UN planed delivery costs?
18.      IN ALE we can transfer data to cross company codes or it is useful only for business partner?
19.     Valuation class is it assigned to material?
20.     Functional areas where we assign functional areas?
21.     Can u make down payments through app?
22.     What is base line item?
23.     Reason codes?
24.     When mm integration takes place entry at goods delivery, goods issued billing?
25.     What is the key that used in mm integration for foreign exchange dif?
26.     Techniques used for data migration?
27.     Difference between report painter and report writer?
28.     Clearing procedure for GR/ IR ACCOUNT?
29.     Asset master data uploading?
30.     Difference between realized and UN realized exchange gain?
31.      B.R.S CONFIGURATIONS?
32.     Document entry for po?
33.     WE have 3 banks and available balance is zero what would be error?
34.     Can u create own document if yes how?
35.     Foreign currency settings and revaluation?
36.     What is ranking order in app?
37.     Alternative payee concept?
38.     Customer himself is vendor and vice versa concept?
39.     Hoe the tax depreciation is excuted?
40.     How the asset procurement takes place?
41.     How do u upload asset through SCAT?
42.     How do upload asset at beginning and middle?
43.       Where do u control header data?
44.     How do u know to which customer u need to dunning?
45.     Special GL in balance sheet procedure?
46.     Sales cycle in integration corresponding accounting entries and exactly which point gi will get effects?
47.     IS it possible to give depreciation key to multiple depreciation areas?
48.     Parallel currency set up?
49.     WHY DO U REQUIRE Parallel currency?
50.     Is it possible to give us currency for one company code and INR for another comp code?
51.     Does MM SD HAVE DIFFERENT POSTING PERIODS IN DIFFERENT FROM FI?
52.     OPENING AND CLOSING PERIODS DONE IN MM
53.     How many currencies can be give to a GL Accounts?
54.     Are they any SLAS IN PRODUCTION?
55.     How did u login into system and solved tickets?
56.     Integration FI-MM AND SD full cycle and accounting entries?
57.     From G/L accounts data is not getting update in special purpose ledger (data flow not happening for some company codes) what all be reason?? How to rectify it?
58.     I wish to know the total procedure that we follow for support project i.e. how we get the tickets and how we will send back to client and tool we use? And whts mainly difference between 4.7eee and 6.0ecc what does ecc mean?
59.     What is global company code? Have u worked on that?
60.     What Sap standard organization structure?
61.     What is T code for uploading bulk vendor master data?
62.     What do u means by goods clearing? What are the journal entries for clearing of goods?
63.     What do u means by cost carrier?
64.     IN APP if we want to create cheques.one stanrd variant name available in SAP. What is name?
65.     How many ways we can create GL accounts?
66.     Where we assign functional area?
67.     How many kinds of number ranges are there?
68.     Reason codes meaning?
69.     Organizational structure of FI?
70.     Organizational elements in FI?
71.     Payment method supplement?
72.     MM integration entry for goods deleviry, goods issued and billing?
73.     Difference between BAL interest calculation and item interest calculation?
74.     Where u customizes particular payments?

Subject: Interview Questions FICO
Result: NO ONE WOULD HAVE THAT PATIENCE AND TIME TO ANSWER ALL YOUR QUESTIONS.TRY EXPLORING ON YOUR OWN.

Error while running FICO process chain

Hi Experts,
While monitoring the FICO related process chain.I got an error due to which the loading of the process chain stoped.
The Error occured at DTP level and the displayed error messages are like this
Aggregation Behaviour of InfoObjects Couldnot be read()
Operation Could not be carried out for
Exception xxxxxxxxxx locked.
Can any one help me out of how to fix this problem
Waiting for reply
Thanks.
Regards,
Mohan

hi,
This is due to a lock on the objects which is being used by ur load.
Even if master data used by this would be in a lock by an attribute change run. wait till that attribute change run finishes and then repeat.
If this target itself is locked by someother process like rollup , compression , this error would appear. In this case also repeat the step after those locking process finish.
some general locks during loading:
Sometimes parallel processing in DTP might lead to this, its better set the DTP and infopackage in serial processing. In this case change the settings and then repeat the process.
There is a specific case in which the Serial DTP gets locked by itself, in this case repeat it untill it succeeds.
You can identify the above scenario as below. This is applicable only if the DTPs processing mode is serial.
if u see in SM 37 this load would have three DTP processes running.
it should have only two.
In this case cancel the process and repeat it untill u get it right.
hope this helps u
regard,
ranjith
Edited by: Ranjith Kumar Murugesan on Sep 12, 2008 10:44 AM
Edited by: Ranjith Kumar Murugesan on Sep 12, 2008 10:46 AM

AU not counting toward AAoA Equifax FICO score!!

I recently pulled my Equifax FICO score and report. The Equifax FICO score usually indicates the oldest account that was opened and average age of accounts. I have a AAoA calculator which when populated with all the accounts on my credit report produces an AAoA of over 10 years. After messing around with the AAoA calulator, I figured out that the Equifax FICO calculation is not counting my AU credit card. When I delete the AU from the calculation, the AAoA produces 7 years, which matches the FICO report. Additionally, I saw on my FICO report that the oldest account was 29years 4months. The AU that is on my FICO report was opened 2/1984 which would be 31years 5months. Thought this interesting. Don't know if it has always been this way or if it is a new development or perhaps something wrong with the calculation of my credit report only. Kind of irritates me somewhat. I mean, if a AU isn't going to count toward your AAoA, what is the point other than having a good trade line on your report? As matter of fact, the AU card isn't counting toward my utilization either. Basically, it is there on the credit report, but seems invisible when FICO's calculates. I will try and determine if Experian and TransUnion FICO calculations are also treating it this way when I get around to pulling them. Will paste what I am seeing for Equifax You have an established credit history.Your oldest account was opened 29 Years, 4 Months agoAverage age of your accounts7 yearsFICO High Achievers opened their oldest account 25 years ago, on average.Most FICO High Achievers have an average age of accounts of 11 years or more. Ratio of your revolving balances to your credit limits1%For FICO High Achievers, the average ratio is less than 6%.Company Date opened Balance StatusSyncb/Belk AU 2/1984 $855 Pays account as agreed (This is the AU) Macy's/Dsnb 3/1986 $1 Pays account as agreed ( FICO says this is my oldest account 29yrs 4mths)Usaa Savings Bank 1/2015 $41 Pays account as agreedAmalgamated Bank 8/2014 $0 Pays account as agreedBarclays Bank 6/2015 $0 Pays account as agreedAmalgamated Bank 8/2014 $0 Pays account as agreedIberia Bank 5/2003 $0 Pays account as agreedFmc-Omaha 11/2003 $0 Pays account as agreed AAoA calulator with all accounts 10.63 yearsAAoA calulator without the Belk AU 7.75 years The Belk AU card is not counting toward my utilization either, as you can see FICO says 1%. If it counted the AU it would be 5 or 6%. Didn't know if this should be on this forum, or maybe Understanding FICO scoring forum. Any one have any input??

Momof5 wrote:
TRC_WA wrote:
slimshady66 wrote:
I am under the opinion, legally, it is suppose to count. And if it is counting or making a difference, how is it doing that without effecting AAoA or Utilization?Good question. My question is why AU's carry any weight at all in FICO scoring. If my FICO score is supposed to be an indication of how I pay my debts... how would being added to Mom's 30 year old CC and inheriting her payment history be any indication at all of how I would pay my debts? I was in like 4th grade 30 years ago. The whole thing is just baffling to me. I'm all for AU accounts... I have added my Dad to my Sallie Mae MC because he has a limited history and I wanted him to have a CC he can use on a daily basis... but IMHO the FICO score shouldn't be affected at all by someone else's account.I believe that this stems from the old housewives, married women don't get credit days. The wife was an AU on DH's account, but was the one that actually managed the finances for the family. This helped bring women into the credit world.Basically this, millions of stay-at-home spouses who didn't bother with credit effectively lost their credit scores when FICO 8 was introduced. It was rolled back in favor of an anti-abuse algorithm to determine whether the AU counts or doesn't. All or nothing now. Presumably the lenders don't want AU's to count still (or they wouldn't have pushed FICO to do that in the first place), it wouldn't surprise me if further tweaks happen. FWIW I would strongly recommend everyone to have tradelines in their own name, regardless of AU's on the report. While mortgages are leaving the mandate of having to have your own tradelines behind, it's simply better to have your own history period to fall back on. OP: you can't really trust any third party (including MF's) interpretation for an AAOA calculation. I would be stunned and amazed if the abuse calculation was given to the front-end developers in FICO Consumer who wrote the simulator.

Choosing carrier as FI consultant at the age of 33?

My Name is Jayanth. I am commerce graduate and Have done MBA/MCOM from Sikkim Manipal university which is a distance learning course. I graduated in the year 2002. As a fresher I joined a Electronic distribution company as a Finance executive. There I was in to end to end accounting using Tally. So for 2 years I worked there. Then I joined a BPO and worked for 2 years as a Senior Process executive. I was using SAP with limited access and was in to Accounts Payable. Currently I am working for a software company for almost 7 years in to Accounts Payable with full access to SAP (can use all transaction codes of AP/AR/GL HR module as well. Now at the age of 33 I would like to become FI consultant. Kindly advise me is this a right decision at this point of carrier/age. I heard that without proper experience it is hard to get SAP consultant job but can I use my end user experience with knowledge of FI implementation(would like to join SAP FICO course) to get in to market. Also not that our company does not have any support for SAP. Please advise can I tell the interviewer that I was doing support for our company along with Accounts Payable to get in to SAP FI consultant job market. Please reply to this ASAP as I have to take and move fast.
Regards,
Jayanth
Bangalore

To become a FI consultant, you have to be very strong about the all configuration...
All consultants are responsible only for the configuration level work...
As you have the experience of 7 years in SAP as end user..
I hope you have the experience to become a FI consultant...
But all interviewers want to know about your configuration knowledge which can be done in SPRO.
Now you can well move to consultant level...
7 years is very much enough to become a consultant... You can apply job for a fresher SAP FI consultant... Your all end user experience will be added as SAP FI module experience..

In ecc.6 version (T code -2KES, profit center accounting , balance carry )

dear experts,
i am akshaya kumar nayak, i have issue regarding balance carry forward on ecc.6 version, (on profit center accounting T. code -2KES,) is it possiable to carry forward, if yes than how ,
please i want to kown, plz you help me , i am the new in sap fico ,(plz give me the solution from the starting to ending procedure,
Thanks&regards,
Akshaya kumar nayak,

Hi Kerstin
Assume you are on ECC 6.0 and you dont create Dummy PC...
If doc splitting is active, you get an error that "PC in Line item XXXX not filled"... System does not look for Dummy PC in that case...
Same behaviour should have been replicated in CRM as well.. Dont you think so?? If I have not activated EC-PCA, I am not supposed to get any error related to Dummy PC... Thats the basic premise of SAP, as far as I know...
When Dummy PC is a feature of EC-PCA, system should look for it only when EC-PCA is active... Though you can say Dummy PC can be created from New GL Menu,, but the basic premise which stil remains is the behaviour is not the same in CRM & Other ECC components like FI, when the PC is not found.... One behaviour is as per EC PCA active and the other is as per New GL PCA active
Anyways, thanks for sharing your knowledge on this,
br, Ajay M

Gl Balances Carry Forward FY New

Hi Expert,
We are going to carry Forward for GL Balances for Last Fiscal Year 2013 , now we are open and carry forward for the same from 2013 to 2014, kindly let me know, there is any Precaution for that before going to carry Forward the Gl balances. as well Vendor and Customer.
Kind regards
Pranav Kr. Gupta
SAP FICO Consultant

Hi Ajay sir,
AJAB then AJRW or coz two days before same thing getting error Fiscal year not open for Asset i did same thing AJAB the AJRW, simententiously, then problem has been resolved, if m nt wrong,
now next month for we will go for Deperication posting for FY 2013, we are following April to March Financial Year. and we are not doing periodically once in a Year .
so at the time of Depreciation system will thorw any error.. coz till now we ve nt try even in Test Run as well.
note : but sir, my Question is if i RUN AFAB for Depreciation for Fiscal Year 2013, the balance of GL will reduce from asset . and we have done GL Balances Forward for FY 2013 to 2014, after posting GL balance will not suppose to show.. in this wht should i do. if m wrong to telling , kindly correct me.
Thanks
pranav Kr. Gupta

Procedure to carry forward Un-utilized commitment budget

Hi all,
what is the T.code & process to carry forward the "Un-utilized commitment budget" from one fiscal year to other fiscal year. ( since FR34 is in 4.6) please let me know new T.code & process in ECC6.0
Rgds,
Swathi.
Edited by: swathi fico on Dec 15, 2008 7:59 AM
Edited by: swathi fico on Dec 15, 2008 9:08 AM
Edited by: swathi fico on Dec 15, 2008 2:40 PM
Edited by: swathi fico on Dec 15, 2008 4:54 PM

Hi,
As per your request you want to know the transaction to carryforward COMMITMENT BUDGET.
Carryforward process with Former Budget
================================
If you are using Former Budget and you want to carryforward commitment budget, you should ONLY run the following steps:
Prepare Budget Carryforward (BPINDX05)
Carrying Forward Budget to the New Year (RFFMCF30).
Note that you can only carry forward commitment if the definitions made in the default settings for the year-end operations of Customizing for Funds Management Government allow this. For more information, see the IMG of Funds Management Government, section Enter Default Settings. Using program RFFMCFM1 Monitor Closing Operations, you can get an overview of the current Customizing settings.
The Commitment Carryforward must be executed before the budget carryover because the budget tied to the commitment is included in the calculation of the residual budget.
If you are using the function Revenues Increasing the Budget (distribution procedure), you must use the corresponding program to execute the budget increase. For more information, see Increasing the Budget in help.com.
Carryforward process with BCS
================================
You must define the parameters used for the commitment carryforward. Budget changes in the previous year and/or the following year depend on whether you use the statistics indicator for the commitment carryforward.
You should use transaction FMMPCOVR to run the carryforward process. Please check the documentation of this program (RFFMMP_COVR) via SE38. You will find not only information text but links in order to check all the needed customizing settings in order to run the carryforward process.
=================
You can find more information in help.sap.com in the menu:
Public Sector Management -> Funds Management -> Closing Operations -> Budget. There you have
2 submenus:
Budget Control System (BCS) and
Former Budgeting
I hope it helps you
Best Regards,
Vanessa.

Day to day office jobs of a FICO functional consultant

hi all,
i would like to know the day to day office activities of a FICO functional consultant: like the list of jobs he does, the persons he meets, the documents he prepares, the configurations he does.
these would really be very helpful to me.
thanks
chandan

Hello Chandan,
Welcome to the FICO world!!!!
There is not any fixed job activity for any functional consultant. This will vary from the assignment to assignment or project to project. The activities will vary according to type of project you work on like an implementation, rollout, support or upgrade project. on broader level the activities will encompass the following.
The FICO functional consultant is expected to understand the business processes of the client from Finance and controlling perspective. This will involve the understanding of buisness as done in legacy system and then trying to map it to SAP. He will also be expected to reengineer the process if required by taking in to account the best business processes across the industry. The most critical document he is expected to prepare is business blueprint. He will be then expected to configure the system in SAP so that an end user is able to carry out his normal activities in SAP. In addition toi this he will be expected to provide end user training and also the support to usewrs after the system is live.The people he will eb required to interact with are the business process owners and enduser from client side and all other stakeholders of the project.
Please note that these are the activities on very broader level and not the exhaustive one.
Hope I had been able to help you out. pelase assign points.
Rgds
manish

Help : FICO Certification

Hello Experts,
this is regarding FICO Certification Exam.
i am instructed that in case of multiple choice question, even if i tick all the answers, i will get FULL marks since i have ticked correct one's & there will be NO LOSS of marks since false answers do not carry any marks.
Is this TRUE. your help & guidance will be appreciated.

Hello,
You can post Certification related questions in "SAP Certified Professionals"
In Associate exams, even if you mark partial correct answer, you will get the credit. Meaning that do not leave any answers, therefore, just guess even if you do not know the answer.
There is no Negative Marking.
Make sure you have selected all 100 percent questions.
Please let me know if you need further information.
Regards,
Ravi
Moderator: You may please move this thread to relevant forum.

FICO month-end?

Hi,
if i only use FICO module; do i need to run month-end?
regards.

Hi,
some of teh month end activities
1) All the expenses including amortization, prepaid expenses, Preliminary expenses and accruals have been booked.
2) Complete Bank Reconciliation
3) Make sure that Sum of Inter company balances is Zero
4) Suspense Accounts should be cleared regularly.
5) Ensure that all documents related to MM & SD have been entered in system.
6) Ensure that all billing documents are released to accounting.
7) Calculate Overheads on all process Orders (CO43)
8) Technically complete all process orders which are fully processed (CORM).
9) Calculate Variance (KKS1)à (Relevant only if Standard cost is calculated).
10) Settle all process orders which are technically complete (CO88).
11) Close All settled Process Orders
12) Close MM period (Transaction Code: MMPV).
13) Carry out GR/IR clearing (F.13) transaction
14) Depreciation Run (AFAB) has been carried out for the month
15) Close FI Posting period after the month end closing activity is over.
chandra

FIco implementation doubts

Hi,
As a fico consultant, what all information i need to gather from the client before starting the configuration part,this company is a Marble manufacturing company.
plzz help me in this concern
regards,
Sunny

Hi,
The only thing I can say is "Ouch". This is a very broad question, in fact it is not even a question but a request for a 5 weeks training session.
If you have theoretical knowledge of SAP FI/CO, then ask questions which will help you to configure SAP so that they can carry out their transactions and also get their financials from SAP.
The first and foremost part is to understand which submodules of FI/CO would be needed. If they are marble miners then I guess the following areas are relevant: GL/AR/AP/Banking/Asset Management from FI and CCA/PC/PA/PCA in CO. Other than that you will also need to cover integration scenarios from Sales, materials management, production and quality management, unless this is a pure FI implementation.
The size of the company should also give you an idea of how elaborate you would want the implementation to be..
Cheers

FICO impact of all CCs reporting

In the last few months on the Forum, there’s been quite a deal of interest in this question: Suppose a person starts with all of his credit cards reporting at $0, except one, which reports a small positive balance. That’s in theory ideal. Then he allows all of his credit cards to show a positive balance, while keeping total CC utilization very low. What FICO impact is there? I did that last month. My scores dropped 7 to 10 points, depending on the CRA. It wasn’t perfectly scientific, since my total utilization went from 1% to 2%. But if we assume the change in U had little or no impact, then the entire drop was due to the number of accounts showing a balance. I have four open credit cards. Exactly one showed a balance at start and exactly 4 showed a balance at end. Absolutely no other new events occurred: e.g. no new inquiries or new accounts, no old inquiries falling off, no accounts being closed, etc. The shift was basically 836 to 826 at TU and 836 to 829 at EQ. EX had not updated the data yet.

Revelate wrote:
Thomas_Thumb wrote:
The quick hit associated with one card reporting gets a lot of press and the 5 to 15 point boost many profiles see has been documented. No argument with that. However, minimal reporting actually inhibits ability to effectively build credit payment history over time. This holds true regardless of the profile being old/new, thick/thin or clean/dirty. Quite a few posters with no need for new credit short term have adopted the tactic of reporting a small balance on only one card every month as a hard rule. This is not wise. Many single card posters are actually using multiple cards each month and have significant charges which they PIF. If new credit is NOT needed short term it is best to allow these balances and subsequent payments to report. That is helpful in establishing a solid payment history and showing credit worthiness. Optimize for score when needed for new credit but otherwise show credit use to build history. Sorry if I got a bit off topic. How can you possibly make that assertion TT? . A report of $0 is still a reported payment and positive history. There is no difference FICO wise whether you report $0 or some non-zero number when we're talking in the future. Revolving utilization is instant in time only from exhaustive testing by a bunch of people and not a single credible source has said differently to my knowledge, FICO 04 or FICO 8. Most lenders to my understanding report high balance as highest balance during the statement period, not highest reported balance. There are some exceptions, but it's not the rule. Also, payments made are reported to all bureaus; yes not every lender does this, and FICO doesn't make use of it, but if it's on the credit report, it's a good bet lenders will absolutely use it for their purposes. You don't really have to go much beyond my Chase and Penfed approvals for 20K+ when my aggregate credit limit was only 34.6K with a high CL of 9K previously, and I've been at pretty minimal reported utilization for a more than a year while a mortgage was possibly in the wind. The vast majority of my balances over time have reported $0: I know this is only a single anecdotal report, but there's plenty more if you look for them. I'm all for the theory of just let the balances fall where they will when you're not applying for something (because it's irrelevant in a future FICO score and it takes effort to maintain), and I'm absolutely a supporter of if you get a high balance, damn right let that report and show everyone who looks at your report that you can pay it; however, from a pure FICO perspective it doesn't matter one iota, and frankly lenders are smarter than that. There are people posting in Credit Cards who had most all of their cards at zero balances, started letting some significant amount post and carry on some cards that were zero before because they had to, and certain bank algorithms tripped CLD on them. On calling the CSR, they often were able to get it worked out, with the CSR saying "I don't understand what happened", which I don't find surprising. Letting balances report builds up a tolerance by the algorithms at various banks to understand that the balances are a normal part of the profile, not a shock.
And, while it's been well proven that driving number of cards reporting to zero does pop the score, what I haven't heard is someone taking the low utilization and letting more cards report, letting the score ride with that and seeing if the score stabilizes, over several months. That takes too long, doesn't provide a quick topic for a new thread Those who have done that, let more cards report, and see no change, get cut down in this thread because their file isn't dirty. pfft. Then, the shorthand response to a newbie "How can I improve my score" is boiled down to "all cards but one at zero" with no explanation of the consequences. Now that your mortgage is behind you, you would be in a good position to try letting more cards report small balances and either disprove or prove the theory that over time the file can absorb and perhaps improve with more activity on more cards.

Need advice helping raising my Fico score (571)

Hi guys, Long time lurker, first time poster. Long story short, I had a chapter 7 bankruptcy discharged September 2014. At that time, my Fico score rose 9 points to 584. Since that time, my Fico score dropped to 544, and has seen a very mild increase up to today’s date at 574. I don’t have any of my own credit cards, although I am an authorized user on all of my fiancés Credit Cards. Between her and I we have two installment (auto) loans. She has the following Credit Cards, with the credit limits in the first column, with our typical balances in the next column (first 5 cards are paid off in full each month by due date, the last 4 cards have running balances on them that are targeted to be paid off at various points in the next year) : American Express Blue Cash Everday: $2000 $200 10.0% Target Visa Credit Card: $6500 $600 9.2% Wal-Mart Mastercard: $6000 $400 6.7% Toys R Us Mastercard: $8000 $200 2.5% Kohl's Credit Card: $1500 $100 6.7% Kay Jewelers Credit Card: $7650 $700 9.2% will be paid off on 10/1/15Best Buy Credit Card: $3000 $2900 96.7% will be paid off on 2/10/16Citi Diamond Preferred Card: $8800 $7800 88.6% will be paid off on 6/3/15Capital One Card: $7000 $3300 48.5% will be paid off on 9/30/16 My question is: Do I need to add credit cards for just me, instead of being an authorized user on her cards? All of the cards I am added as an authorized user for are added to my credit report, and I thought with having multiple balances reporting each month that my score would change, but it really hasn’t at all. Does my bankruptcy really keep my score weighed down so much? Today I applied for a Capital One Quicksilver1 Unsecured card and was approved with a $1000 limit and I will start using that monthly. Should I apply for additional cards just under my name? I know that keeping most if not all cards below a 10% utilization rate is key, and we are trying to get there and hopefully won’t have any outstanding balances in one years time. However, I am curious as to what tips and advice I can get at helping raise my score. I figured that my score would be higher than it currently is, but clearly I am not doing the right things in raising it. Our plan is to purchase a new home next fall (she currently owns our current home just under her name), but by the time we are married next summer, it would be nice to have both of our incomes considered for a new house loan, and I certainly won’t help out that situation with my garbage credit rating. Thanks guys.

NormanFH wrote:
sanders_tj wrote:
I was approved for $1000 limits on both the Quicksliver One card and the Platinum. Those both should be sent to me in the next week or two. We will be starting to move the charges we currently use on the Target credit card (groceries), the Toys R Us card (dinner, activites, etc.) and the Wal-Mart Card (fuel) over to the AmEx card in order to take advantage of the cash back so there won’t be much of a balance (if any at all) on any of those 3 cards. I figured instead of paying some of our utility type bills such as cell phone, cable, internet, gas, electric, etc. I would put those on my Quicksilver One card and pay them off each month, just as I would normally do with the cash in our checking account. I don’t know what I will use the Platinum card for, but I’ll find a use for them. As for the first reply I received, yes, some of the balances are high on a few cards. Those aren’t charges of us just racking up debt for fun. Life happened (child custody case with my ex, vet bills, etc.). As I already stated, we have a payment schedule set up to pay off those high balances within the next year. Normally, we don’t carry that high of debt on our cards. And best of all, we don’t miss payments. EDIT: Is there no effect to my credit report (or is the effect not as substantial?) if I am an authorized user as opposed to the sole card owner?Remove yourself from the AU status on the four cards that have the high balances. No sense in letting those balances hurt both of your scores.PIF before the statement closing date ALL cards except for one. Allow that one card to report a balance of under 10%. That strategy will always put you in maximum FICO score territory. Request CLI's on both Cap One cards after the third statement. Don't wait for the credit steps. You will still get a credit steps auto increase at the sixth month+1

Need advice helping raising my Fico score (574)

Hi guys, Long time lurker, first time poster. Long story short, I had a chapter 7 bankruptcy discharged September 2014. At that time, my Fico score rose 9 points to 584. Since that time, my Fico score dropped to 544, and has seen a very mild increase up to today’s date at 574. I don’t have any of my own credit cards, although I am an authorized user on all of my fiancés Credit Cards. Between her and I we have two installment (auto) loans. She has the following Credit Cards, with the credit limits in the first column, with our typical balances in the next column (first 5 cards are paid off in full each month by due date, the last 4 cards have running balances on them that are targeted to be paid off at various points in the next year) : American Express Blue Cash Everday: $2000 $200 10.0% Target Visa Credit Card: $6500 $600 9.2% Wal-Mart Mastercard: $6000 $400 6.7% Toys R Us Mastercard: $8000 $200 2.5% Kohl's Credit Card: $1500 $100 6.7% Kay Jewelers Credit Card: $7650 $700 9.2% will be paid off on 10/1/15Best Buy Credit Card: $3000 $2900 96.7% will be paid off on 2/10/16Citi Diamond Preferred Card: $8800 $7800 88.6% will be paid off on 6/3/15Capital One Card: $7000 $3300 48.5% will be paid off on 9/30/16 My question is: Do I need to add credit cards for just me, instead of being an authorized user on her cards? All of the cards I am added as an authorized user for are added to my credit report, and I thought with having multiple balances reporting each month that my score would change, but it really hasn’t at all. Does my bankruptcy really keep my score weighed down so much? Today I applied for a Capital One Quicksilver1 Unsecured card and was approved with a $1000 limit and I will start using that monthly. Should I apply for additional cards just under my name? I know that keeping most if not all cards below a 10% utilization rate is key, and we are trying to get there and hopefully won’t have any outstanding balances in one years time. However, I am curious as to what tips and advice I can get at helping raise my score. I figured that my score would be higher than it currently is, but clearly I am not doing the right things in raising it. Our plan is to purchase a new home next fall (she currently owns our current home just under her name), but by the time we are married next summer, it would be nice to have both of our incomes considered for a new house loan, and I certainly won’t help out that situation with my garbage credit rating. Thanks guys.

I was approved for $1000 limits on both the Quicksliver One card and the Platinum. Those both should be sent to me in the next week or two. We will be starting to move the charges we currently use on the Target credit card (groceries), the Toys R Us card (dinner, activites, etc.) and the Wal-Mart Card (fuel) over to the AmEx card in order to take advantage of the cash back so there won’t be much of a balance (if any at all) on any of those 3 cards. I figured instead of paying some of our utility type bills such as cell phone, cable, internet, gas, electric, etc. I would put those on my Quicksilver One card and pay them off each month, just as I would normally do with the cash in our checking account. I don’t know what I will use the Platinum card for, but I’ll find a use for them. As for the first reply I received, yes, some of the balances are high on a few cards. Those aren’t charges of us just racking up debt for fun. Life happened (child custody case with my ex, vet bills, etc.). As I already stated, we have a payment schedule set up to pay off those high balances within the next year. Normally, we don’t carry that high of debt on our cards. And best of all, we don’t miss payments. EDIT: Is there no effect to my credit report (or is the effect not as substantial?) if I am an authorized user as opposed to the sole card owner?

Carrier in Fico

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