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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.