Credit Cards

[miahmarie]

No red flag next to open accounts, however and I KNOW this is BAD....I have a red flag next to accounts open in the last year (8).

This number is identical to the number of accounts with balances.

[WhirledPeasPlease]

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concorduser wrote:

Do any of you see a red flag on your fico reports next to number of accounts? I am curious as to when that flag will appear?

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EQ doesn't have a flag - under 30

TU/EX have flags - over 30

[mjgray]

EQ: 13
EX: 23
TU: 18

[cheddar]

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rubaty wrote:

I have the red flag on all of mine.  I think that the magic number is 30.

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Agreed.  The red flag is for 30+ total accounts.

I have the red flag next to 8 new accounts opened in the last year.  This one seems to be bucket-specific, and as my accounts age, I'm going to try to figure out the cutoff for my bucket on new accounts.

Message Edited by cheddar on 03-08-2008 12:47 PM

[rubaty]

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cheddar wrote:

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rubaty wrote:

I have the red flag on all of mine.  I think that the magic number is 30.

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Agreed.  The red flag is for 30+ total accounts.

I have the red flag next to 8 new accounts opened in the last year.  This one seems to be bucket-specific, and as my accounts age, I'm going to try to figure out the cutoff for my bucket on new accounts.

Message Edited by cheddar on 03-08-2008 12:47 PM

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I think that 8 is the magic number for new accounts.  I was looking over my past reports and from 8 on up they have given me the red flag.  It also looks like 10 is the red flag number for accounts with balances.

edit:  I think that it is unfail that the accounts with balances number includes everything with a balance instead of just CC's!

Message Edited by rubaty on 03-08-2008 06:58 PM

[cheddar]

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rubaty wrote:

I think that 8 is the magic number for new accounts.  I was looking over my past reports and from 8 on up they have given me the red flag.  It also looks like 10 is the red flag number for accounts with balances.

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Not always.  Both of these metrics are bucket-specific.

I had a red flag when I only had 6 new accounts.  I'm up to 8 now, but once it gets down to 5 I'll be interested to see whether the flag is still there.

As far as accounts with balances, the magic number is usually one less than half the number of your total accounts.

[concorduser]

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rubaty wrote:

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cheddar wrote:

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rubaty wrote:

I have the red flag on all of mine.  I think that the magic number is 30.

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Agreed.  The red flag is for 30+ total accounts.

I have the red flag next to 8 new accounts opened in the last year.  This one seems to be bucket-specific, and as my accounts age, I'm going to try to figure out the cutoff for my bucket on new accounts.

Message Edited by cheddar on 03-08-2008 12:47 PM

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I think that 8 is the magic number for new accounts.  I was looking over my past reports and from 8 on up they have given me the red flag.  It also looks like 10 is the red flag number for accounts with balances.

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Does this flag go away after the new account reaches one year of age? There must be a factor which determines the age of account as new vs old account. Is it 12 months?

[fused]

EQ: 14 accounts: 10 open/4 closed

EX:  13 accounts: 10 open/3 closed

TU:  15 accounts: 10 open/5 closed

[forrestfico]

Both open and closed:

• EQ-12
• TU-13
• EX-13

[rubaty]

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cheddar wrote:

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rubaty wrote:

I think that 8 is the magic number for new accounts.  I was looking over my past reports and from 8 on up they have given me the red flag.  It also looks like 10 is the red flag number for accounts with balances.

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Not always.  Both of these metrics are bucket-specific.

I had a red flag when I only had 6 new accounts.  I'm up to 8 now, but once it gets down to 5 I'll be interested to see whether the flag is still there.

As far as accounts with balances, the magic number is usually one less than half the number of your total accounts.

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I'm curious about the new accounts as my oldest is 7 months old so I will keep an eye on that. 

As for the accounts with balances, I have over 30 accounts reporting with every CRA and didn't get the flag until I reached 10.