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funny!
Sorry, I've never heard the 40% rule - I've only seen to keep balances on so many cards. Very interesting.....
So, with only 1 cc, 1 student loan, 1 second mortgage - what would I shoot for? When I pulled my CC down to zero, I got dinged.
AND with 3 cc, 1 second mortgage, 1 mortgage - what should dh shoot for? He also gets dinged when all 3 cc are at zero.
I should probably be able to do some figuring, but it's boggling my brain cell.
@utah2009 wrote:funny!
Sorry, I've never heard the 40% rule - I've only seen to keep balances on so many cards. Very interesting.....
So, with only 1 cc, 1 student loan, 1 second mortgage - what would I shoot for? When I pulled my CC down to zero, I got dinged.
AND with 3 cc, 1 second mortgage, 1 mortgage - what should dh shoot for? He also gets dinged when all 3 cc are at zero.
I should probably be able to do some figuring, but it's boggling my brain cell.
Message Edited by utah2009 on 06-05-2009 11:27 PM
I have 7 open accounts so I try to have 3 report with balances. 2 would be fine too. One is fixed as the car loan is showing a balance until I decide to pay it off. So 2 credit cards and the auto loan.
@utah2009 wrote:funny!
Sorry, I've never heard the 40% rule - I've only seen to keep balances on so many cards. Very interesting.....
So, with only 1 cc, 1 student loan, 1 second mortgage - what would I shoot for? When I pulled my CC down to zero, I got dinged.
AND with 3 cc, 1 second mortgage, 1 mortgage - what should dh shoot for? He also gets dinged when all 3 cc are at zero.
I should probably be able to do some figuring, but it's boggling my brain cell.
Message Edited by utah2009 on 06-05-2009 11:27 PM
When you let the credit card report with a balance do you see too many accounts with balances on your FICO report? What negatives do you see?
My score drops about 10 points - I think DH drops a bit more when he zeroes out.
Also when you use the simulator you'll see higher points when you simulate a small balance than when you simulate a zero balance. I'm just trying to understand ideally how many cc's report a balance--Small balance on all? Small balance on one & zero on rest?
Hauling it might be the fact that I am in the derog bucket but I score the same on EQ for 1-2 or 3 credit cards reporting balances out of 7 open accounts. Most months I use 2 of my 6 cards and let them report then PIF.
It's tough to know what to do these days. None of my cards with the exception of Walmart goes more than a month w/o meaningful usage. That is why I culled. In hindsight I just applied for too much plastic.