02-17-2009 09:48 PM
Number of accts is not relavent
Cards with low CL, AF are not ideal. What constitutes low CL?
Util between 1-9 is ideal, is there a distinction between 1,9?
Even though one may have 10 cards, it is ideal for only 2 cards to report balances at any one time?
Regarding util, if total avail on all cards is 20k, and 1500 balance (util 7.5%) is all on one card, does having 50% util on one card while have 7.5% overal util a problem? Or is util on total/total?
Thanks in advance
02-17-2009 10:31 PM
1.Number of accts is not relavent
2.Cards with low CL, AF are not ideal. What constitutes low CL?
3.Util between 1-9 is ideal, is there a distinction between 1,9?
4.Even though one may have 10 cards, it is ideal for only 2 cards to report balances at any one time?
5.Regarding util, if total avail on all cards is 20k, and 1500 balance (util 7.5%) is all on one card, does having 50% util on one card while have 7.5% overal util a problem? Or is util on total/total?
1. not a big factor in scoring but can be relevant to lenders. i think fico super high achievers quite often have very few revolving (up to 3?) but the red flag for too many accts. seems to come at about 30 accts. and seems to be the smallest piece of the pie chart if that is what you mean. imo, it pays to have options, circa 2-10 (the key is only have what you have practical use for and can always manage effectively) some may disagree.
2. 'low' is also relative to ability to repay etc. under 5k may be considered 'low' generally.
3. some say yes1-3% gives a modest boost but the lift isn't major compared to say 8%, generally under 9% is the sweet spot.
4. it is important for less than half of all your (revolving and installment) accounts to report any balance and
5. under 9% overall and on any individual account.
02-18-2009 05:43 AM
02-18-2009 12:55 PM
Thanks for the advice.
If I were to use half (.5) of the cards and not exceed (.09) util on both individual cards and total.
Wouldnt I only be able to get to (.09)(.5)= .045 util overall?
02-18-2009 01:10 PM
02-18-2009 01:27 PM
score... suppose your overall util is 8% but the card you let report is at 16%. Will this actually hurt a score?
marginally - since it is still under 19% the impact may be imperceptible depending on what other changes are accompanying this reporting. right now i wish i was in that position my scores would probably be close to 800
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