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Established Contributor
andre181
Posts: 624
Registered: ‎07-29-2010
0

Re: Anyone reach the point where their CC portfolio is complete?

My profile is pretty complete except a travel card but I'm in no hurry to get one. 


With 5% cash back from travelocity on ShopDiscover and bonus points on PRG, those are my dedicated ravel cards. I do wish I had a card with free checked bag.

Discover IT $24K | FNBO Visa $20K | Citi Forward $12.5K | US Bank Cash+ Visa Sig $10K | Priceline/Barclays $10K | Amazon/Chase Visa Sig $8.3k | Citi ThankYou Preferred $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Amazon/GEMB $2.5K | Younkers/Comenity $2.4K | AMEX BCE $2K Target $1K | AMEX Green
EX FICO (from AMEX): 754, TU08 FICO (from Discover): 755, AAoA: 3.6 years
Valued Contributor
android01
Posts: 1,207
Registered: ‎09-22-2009
0

Re: Anyone reach the point where their CC portfolio is complete?


MarineVietVet wrote:

android01 wrote:

 


No, there is nothing that says that having two revolving accounts reporting has any impact on scoring, but after monitoring my reports for several years, I have found that MY optimal FICO score is achieved with one balance reporting at 1%.  I've done several tests over the years to test what works best, and this works best for ME (maybe not others in different buckets).  For example:  I let two balances report in June - $70 on an AMEX revolver with a $12,800 CL and a $20 balance on a CiTI card with a $15,000 credit line.  My score on EQ was 807.  I let one balance report on the same AMEX card for $70 and $0 on the CITI card in July and my EQ score went to 817.  My other FICO scores reflected roughly the same point increase/decrease.   I've tested this theory many times in different permutations and have always had the same result.  I have 12 open revolving CL's and 1 mortgage CL.  My experience has told me that having two revolving balances report lowers my FICO score.  


And it might work that way for many others also but my only point was that there is nothing in the scoring formula that dictates that everyone will be dinged for having more than 2 revolving accounts reporting balances at the same time.

 

As always YMMV.


Agreed.  The thing that is most interesting though is that the balances I've let report do not affect utilization in any way, it's <1% in total and <1% individually.  It seems as though it is simply more than one TL that reports a balance that lowers the score regardless of low utilization.  All else being equal, I can't figure out what else would cause this other than the fact of a greater number of TL's reporting.  I don't think it can can be anything else but something in the  FICO algorithm - which is just speculation, of course, but I've tested it enough to see it time and time again.     

EQ FICO - EQ08 - 850 - 6/17/14
TU FICO - TU08 - 850 - 6/17/14
EX FICO - EX08 - 850 - 6/17/14
Valued Contributor
creditnocash
Posts: 2,201
Registered: ‎07-23-2012
0

Re: Anyone reach the point where their CC portfolio is complete?

well id obviously like to increase my limits on my mc. 

 

citizens bank platinum mastercard-500

 

store cards

best buy 2500(co signer)  dropped to 800(from 2500) after not using it for 3 months after initial 400 purchase then re rasied automatically after 600 purchase. 

macys- started with 100 limit and then found out its 2000 now

kohls 400

american eagle 400

 

f.y.i. i just turned 21 and after many struggles seeing my sister(24 now) always getting pre approved cards. and me never any even though i had a full time job and money in the bank. 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Anyone reach the point where their CC portfolio is complete?


OlegWasHere wrote:

well id obviously like to increase my limits on my mc. 

 

citizens bank platinum mastercard-500

 

store cards

best buy 2500(co signer)  dropped to 800(from 2500) after not using it for 3 months after initial 400 purchase then re rasied automatically after 600 purchase. 

macys- started with 100 limit and then found out its 2000 now

kohls 400

american eagle 400

 

f.y.i. i just turned 21 and after many struggles seeing my sister(24 now) always getting pre approved cards. and me never any even though i had a full time job and money in the bank. 


 

You could always opt in for pre screened offers. Just Google opt in pre screened offers.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Member
OptimalFICO
Posts: 203
Registered: ‎07-05-2009
0

Re: Anyone reach the point where their CC portfolio is complete?

MarineVietVet wrote: OptimalFICO wrote: May I ask the source for this? I don't find anywhere in the FICO Risk Score Reason Codes that specifically says that having more than 2 revolving accounts report a balance at the same time has any impact on scoring.

~~~~~~~~~~~~~~~

My source was a seminar I attended last year with credit expert, Al Bingham. He is absolutely the most intricately knowledgeable source I've found on FICO scoring, especially for little tips such as that which I haven't found in print either and I've been studying the topic for years. And actually, based on Android01's posts, I went back and double checked my notes and he is right, it is actually that the FICO algorithm doesn't like to see more than "one" (not two as I previously posted) revolving account reporting a balance. I'll have to go back and edit my post above. Thanks for the clarification Android01!

Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
0

Re: Anyone reach the point where their CC portfolio is complete?

[ Edited ]

android01,

 

If that's true about mutliple TLs showing balances...no matter how small...lowering FICO scores, then that's plain stupid on FICOs part. There's nothing inherently risky about someone with multiple balances reporting. Context shows whether there is a problem and FICO should figure out a way to deal with that.


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!

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