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I have one CC that I use most and thus carries an avg monthly balance of $3000. My other 2 CCs have zero balance. Is this weighting of balance onto one CC negatively impacting my FICO? Is it better to spread out the usage and balance between the three cards ($2,000/each card)? Thanks!
@canoworms wrote:Is it better to spread out the usage and balance between the three cards ($2,000/each card)? Thanks!
yes
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=32919&jump=true
depends on CL's of the other cards that you are going to have 2k on.
you might take a score hit for having 1 card with high util, but you are getting a score boost for only have 1 of your cards report a balance.
if you spread it out, you might not get a ding for high util, but you will get a ding for having all accounts reporting balances.
@Anonymous wrote:
Midnight- Doesn't it also matter how many accounts one has? If you only have three accounts I was under the impression you only wanted one to report... right?
That's what I would say.
@Anonymous wrote:
Midnight- Doesn't it also matter how many accounts one has? If you only have three accounts I was under the impression you only wanted one to report... right?
It depends. Do you have any installment accounts in addition to the 3 CC's? If you don't you will need to let just 1 card report a balance each period. If you don't care about defeating one of the purposes of using credit by getting some float just pay the card under 9% of the credit limit. Your only other choice would be to get 2 more cards. 1 really won't help your accounts with balances if CC's are your only open tradelines.
Creditaddict wrote:
@Anonymous wrote:
Midnight- Doesn't it also matter how many accounts one has? If you only have three accounts I was under the impression you only wanted one to report... right?That's what I would say.