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Why so many CCs?

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haulingthescoreup
Moderator Emerita
‎10-20-2007 02:38 PM
‎10-20-2007 02:38 PM

Re: Why so many CCs?

I don't know if it's so much how many cards you have, as how many that are showing a balance. I know I've seen a recommendation to have fewer than half of your cards reporting, and a total of 4-5 tradelines reporting, including mortgages and loans. (Not always easy!)

If the purpose of FICO scores is to predict your credit behavior, I guess lenders might be nervous at seeing someone juggling payments on 9 or 10 different accounts.

Message Edited by haulingthescoreup on 10-20-2007 02:39 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 51 of 56
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Anonymous
Not applicable
‎10-20-2007 04:27 PM
‎10-20-2007 04:27 PM

Re: Why so many CCs?


haulingthescoreup wrote:
I don't know if it's so much how many cards you have, as how many that are showing a balance. I know I've seen a recommendation to have fewer than half of your cards reporting, and a total of 4-5 tradelines reporting, including mortgages and loans. (Not always easy!)

If the purpose of FICO scores is to predict your credit behavior, I guess lenders might be nervous at seeing someone juggling payments on 9 or 10 different accounts.

Message Edited by haulingthescoreup on 10-20-2007 02:39 PM
I once had 10 credit cards, 3 of which had balances.  My TU FICO credit report's "Summary of factors affecting your score" stated that my only "Negative Factor" was that "You have too few/many accounts being reported on your file."  I later reduced my number of credit cards to 9, and my TU FICO report never mentioned that again. 

 
Message 52 of 56
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Anonymous
Not applicable
‎10-22-2007 07:36 AM
‎10-22-2007 07:36 AM

Re: Why so many CCs?

I suffer from CDO. It is similar to OCD, but it is in the proper alphabetic order.
Message 53 of 56
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Anonymous
Not applicable
‎10-22-2007 08:03 AM
‎10-22-2007 08:03 AM

Re: Why so many CCs?

That's funny.


@Anonymous wrote:
I suffer from CDO. It is similar to OCD, but it is in the proper alphabetic order.


Message 54 of 56
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haulingthescoreup
Moderator Emerita
‎10-22-2007 03:42 PM
‎10-22-2007 03:42 PM

Re: Why so many CCs?

This is also funny:

@Anonymous wrote:
My TU FICO credit report's "Summary of factors affecting your score" stated that my only "Negative Factor" was that "You have too few/many accounts being reported on your file."

"Too few/many"??? And I thought my FICO fortune cookies were cryptic!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 55 of 56
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Anonymous
Not applicable
‎10-23-2007 06:36 AM
‎10-23-2007 06:36 AM

Re: Why so many CCs?


haulingthescoreup wrote:
"Too few/many"??? And I thought my FICO fortune cookies were cryptic!

FICO fortune cookies. Love it!
 
Gets me thinking about the game of adding "between the sheets" to the end of fortune cookie wisdom to make them more interesting.
 
How about adding "because of your FICO scores" to the end of every fortune cookie prediction.
 
Message 56 of 56
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