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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.
@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.
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: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
@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.
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.
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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!
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.