cancel
Showing results for 
Search instead for 
Did you mean: 

Anyone reach the point where their CC portfolio is complete?

tag
andre181
Established Contributor

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 $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
Message 41 of 46
android01
Valued Contributor

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 8 - 850
TU Fico 8 - 850
EX Fico 8 - 850
Message 42 of 46
creditnocash
Valued Contributor

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: Fico ScoresEQ~706 TU~719 EX 709 4/28/23

Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE
Over 12 Months:0


2023 Goals:
Buy A Home
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000

Message 43 of 46
webhopper
Moderator Emeritus

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.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 44 of 46
OptimalFICO
Valued Member

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!

Message 45 of 46
ztnjpv
Established Contributor

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

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.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 46 of 46
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.