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Established Contributor
rifleman
Posts: 565
Registered: ‎06-11-2007
0

Re: Too many accounts with balances. New discussion.

right,
installments do not count towards utilization, but they do count as accounts with balances, and if you have too many, it hurts your score--I'm positive of this now
my ex and eq profiles are virtually identical--except for ex shows 6 accounts with balances and eq shows 4 accounts with balances.

6 accounts with balances on ex = 704
4 accounts with balances on eq = 726

I'm telling you, it means something. Keep 4 or less and your score goes up.
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: Too many accounts with balances. New discussion.



rifleman wrote:
right,
installments do not count towards utilization, but they do count as accounts with balances, and if you have too many, it hurts your score--I'm positive of this now
my ex and eq profiles are virtually identical--except for ex shows 6 accounts with balances and eq shows 4 accounts with balances.

6 accounts with balances on ex = 704
4 accounts with balances on eq = 726

I'm telling you, it means something. Keep 4 or less and your score goes up.

Installment util% calculations do exist but they carry less weight than revolving utl% calculations. Your difference in scores might simply be the difference between the three scoring models. FICO EQ, EX and TU while all FICO are still different scoring models. Also, you, pizza and I all might be swimming in different "pools, scorecards or buckets."
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Established Contributor
rifleman
Posts: 565
Registered: ‎06-11-2007
0

Re: Too many accounts with balances. New discussion.

"SWIMMING IN DIFFERENT POOLS, SCORECARDS BUCKETS"

I don't really understand this. Is it you are put into pools with people with similar credit profiles? when do you jump out of one pond and into another?

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