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Am I on the right track?

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Established Member

Am I on the right track?

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 

 

 

6 REPLIES
Senior Contributor

Re: Am I on the right track?


aodmorris wrote:

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.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Established Contributor

Re: Am I on the right track?

Number of accounts is not relavent? Why?
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Established Member

Re: Am I on the right track?

Hi Score:

 

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?

 

Thanks again. 

Established Contributor

Re: Am I on the right track?

score... suppose your overall util is 8% but the card you let report is at 16%. Will this actually hurt a score?
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Senior Contributor

Re: Am I on the right track?


Pappy214 wrote:
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 Smiley Happy 
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
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Super Contributor

Re: Am I on the right track?

My suggestion keep very small balances on couple of cards. Do not carry any thing more than 2-3%.