letting ALL my cards report this month--RESULTS

[lhcole77]

The results are in. Total overall UTL went from 13% to 14% during experiment.

20 accounts total reporting on EX and TU, 18 accounts reporting on EQ. 6 have permanet $0 balances on EX/TU, 4 have $0 on EQ.

Looks like I get dinged most on EQ and least on EX. Also looks like breaking the 50% of accounts reporting a balance is when I start getting dinged. So, not much effect in area of "number of accounts reporting a balance" when I let 5 or less cards report a balance.

Now's it's time to start paying them off. Maybe one by one to see effect.

Thanks for all feedback and comments during this process. It was fun.

[bengalikejenga]

That indeed was very interesting results, I guess im going to work on paying off all my balances. i learn new things everyday on this site.

[Anonymous]

I can't really tell what the charts mean, but it looks as if its only about a 20 point hit to having all 20 cards report. I guess I was figuring it would be more, even though 20 points can be a lot. 

[NRB525]

I think you are quitting the experiment too soon. In order to let the scoring noise stabilize, you should let them report balances for a month or two. What you've done in the last few weeks is interesting, but I think it is a shock to the scoring model in the short term.

Keeping similar balances, with the low utilization, and letting them report those balances for one or two months, with slight declines in the balances as you pay them down, you may see most of that point drop come right back up as you show some payments, even when reporting that many cards.

Congratulations on having the gumption to try the experiment. Thanks for sharing!

P.S.: The reason people "watch intently" is there is so much talk on this forum, that it's good to see someone actually walk the walk.

[lhcole77]

I'm game, NRB! I don't mind letting them all report for a few months. I'll do that and pay down balances over a few months. Will only cost me a little bit of interest.

Onward and upward!

[NRB525]

You will be a credit legend on MyFico before this is through!

[lhcole77]

Petrovius: I have 9 CCs and 11 other accounts (9 on EQ). Each time I let a card report a balance (after 5 were already reporting) I got dinged, based on "number of accounts reporting a balance."

Not all 20 of my accounts are reporting a balance. But it looks like I take a hit each time a new account reports a balance over the 50% of accounts reporting a balance threshold.

[Anonymous]

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@lhcole77 wrote:

Petrovius: I have 9 CCs and 11 other accounts (9 on EQ). Each time I let a card report a balance (after 5 were already reporting) I got dinged, based on "number of accounts reporting a balance."

Not all 20 of my accounts are reporting a balance. But it looks like I take a hit each time a new account reports a balance over the 50% of accounts reporting a balance threshold.

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Dang that information is GOLD.  Good stuff!  Appreciate your efforts in this experiment!