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Ratio of open credit accounts

Valued Contributor

Re: Ratio of open credit accounts

Hi and welcome. You have a great credit score. If I were you, I would not be overally concerned about my credit. Your score makes you eligible in the top tier for any credit related products or services. Increasing your score from here would just be window dressing or bragging rights. Beyond that, I do agree with others that just for your general financial health, it would be prudent for you to focus on paying off your debts. Good luck.

Message 11 of 15
New Member

Re: Ratio of open credit accounts

Thank you very much to everyone for the information. I will take it all into consideration. This if my first time using this site for this reason, and I am impressed with the responses I received!

Message 12 of 15
Established Member

Re: Ratio of open credit accounts

I was given advice recently, from here, that you can optimize your credit score if you have only 1-2 CCs reporting a balance and the rest of the CCs should have a zero balance. I know that advice was given to several people here (including myself) who were trying to improve their scores past 700, but I'm not sure if that advice will help someone like you who already has a wonderful score. Congrats and good job with your credit score.


Starting Score: 520s (BK7 in 09/08)
Current Score: EQ 676, TU 662 (MyFico Scores)
Goal Score: 700 Club


Take the FICO Fitness Challenge | In the Garden until 10/2013 | Last App in 04/13 (Barclay Card & Cap1 CLI)
Message 13 of 15
Frequent Contributor

Re: Ratio of open credit accounts

I know the consensus about 1 cc reporting 1-9% and the rest zero being the optimal. Last month I let 4 cc report balance, util still under 10%, and got a 9 point bump. So YMMV
Chase Sapphire Reserve $32.5K, Amex BCP $20K, Amex PRG NPSL, Amex Hilton $12,000, Discover It $16,000, Citi Hilton $16,200, Citi TYP $14,400, US Bank Cash+ Visa Sig $12,000, Virgin Atlantic World Elite MC $13,100, Merrill+ Visa Sig $10,000, Fidelity Visa Sig $10,000, Barclay Cash Forward $16,500, Wells Fargo Rewards $12,500, Local CU $7000, Barclay Apple Rewards $5500, Chase Freedom $5000, Cap One Cash $2500,-- EQ FICO 768, EX FICO 777, TU FICO 781
Message 14 of 15
Regular Contributor

Re: Ratio of open credit accounts


aad041109 wrote:

I was given advice recently, from here, that you can optimize your credit score if you have only 1-2 CCs reporting a balance and the rest of the CCs should have a zero balance. I know that advice was given to several people here (including myself) who were trying to improve their scores past 700, but I'm not sure if that advice will help someone like you who already has a wonderful score. Congrats and good job with your credit score.


In my experience, ratio of accounts with balances do impact your score, even someone in the mid 700's. Over the last month i have been experimenting with Util and open accounts and here is what I found. I started with 17% Util and 53% open balances(10/19) - when I went to under 50% (9/19) open accounts with a 16% UTIL - I gained 9 points (from 764-773). Next step was decreasing Util to 2% and open accounts to 7/19 and I gained 15 points (773-788) - final change was going to 6/19 accounts with still a 2% UTIL and I gained 5 more points (to 793).

Other times when I played with the Util - impact levels were at under 50%, under 30% and under 10%

 

FICO: EQ 769, TU 762 , EX ???

Message 15 of 15