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Established Contributor
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Registered: ‎06-11-2007
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What FICO has to say about credit cards

From Scorewatch 6-27-07:

FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards).

Perhaps this gives some more clarity on what a healthy number of cards is
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Posts: 8,195
Registered: ‎03-25-2007
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Re: What FICO has to say about credit cards



rifleman wrote:
From Scorewatch 6-27-07:

FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards).

Perhaps this gives some more clarity on what a healthy number of cards is


(including open and closed cards, bank cards and department store cards).
 
Ye Gods - they also have had them for an average of 9 years and started 19 years ago!!!!!!
 
So by definition a FICO high achiever does not, and has not, used much credit  Smiley Very Happy  They have been opening 1 card every 5 years for 20 years, and that is all.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Contributor
Posts: 565
Registered: ‎06-11-2007
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Re: What FICO has to say about credit cards

[ Edited ]
Yeah I have another blurb form them saying on 6/27/07: "Most FICO High Achievers have an average age of accounts between 6 and 12 years." The length fo credit history isn't really weighted that much--I have a brother with flawless payment history, but a very short credit history (3 years) and his scores hover around 725. Payment history is really the Big Mama--I know we all complain about inquiries, but we should first try and dispute everything we can in our payment history and get that resolved.

Message Edited by rifleman on 06-27-2007 12:20 PM
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Posts: 144
Registered: ‎06-01-2007
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Re: What FICO has to say about credit cards



rifleman wrote:
From Scorewatch 6-27-07:

FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards).

Perhaps this gives some more clarity on what a healthy number of cards is




rifleman wrote:
From Scorewatch 6-27-07:

FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards).

Perhaps this gives some more clarity on what a healthy number of cards is


Well my gosh.....that's not a lot of credit then. That would be like maybe one Home Depot/Lowes,  a couple of credit cards, and a couple of Dept. store cards (excluding Home Depot/Lowes). I have to be honest, I really don't believe alot of what Fico says about "Averages".  I think that if most of the posters on this forum will look around and take into consideration all the people they know co-workers and family members.....the majority has or has had some financial problems in the last seven years. I am not saying all people...just most of the people we speak with on a daily basis. With the economy being what it is and what it has been for the past 15 years, the price of gas...you can't hardly afford to drive to work each week as the gas prices sky rocket, everything we buy today is based on the price of gas because of the cost for for fuel to get it to the stores, Utility bills have skyrocketed over this, and the war. The fact that there are no jobs because most work is shipped overseas.
 
Sure Chaney convinced Bush to Declare war and then rebuild......why?? Because Chaney owns the construction company that is over there rebuilding because he has the contract on all of the rebuilding, Chaney has the contract to to supply all the gas used over there. I've heard that a military tanker uses 50 gallons of gas per one mile....but I don't know the actual fuel useage. We with the 9 digit number are the ones paying for all of this out of our tax money. Then you got a couple of complainters that what to claim that disputing is unethical on another forum post....."Tuscani's OP 
on disputing inquiries." This last paragraph-tell me what's ethical in it. With what the goverment does, I'm not the least bit concerned with being unethical in disputing something I think may be incorrectly reported or a GW letter to a company that I had two 30 late payments with over five years ago. With what the CRA's get by with...is on the most part is it etical?
 
Back to the original reply here, I really don't go along with Fico's average figures. I don't know how they compile their their figures, or what they base their statisic's on, but I can't believe it is correct.
 
Look at "Dog", he has 42 plus CC's-LOL!!!!??????????? ---He, according to himself is using a lot of Bengay on his wrist, and to think he let Tuscani talk him into applying for all those CC's. Smiley Surprised
Established Contributor
Posts: 560
Registered: ‎05-03-2007
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Re: What FICO has to say about credit cards

i am tired of getting made fun of.  i am taking my 42 cards and going home.  but first, i am suing tuscani for screwing up my inquiries.  ahhaha.  j/k.
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Posts: 6,182
Registered: ‎03-29-2007
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Re: What FICO has to say about credit cards



dog wrote:
i am tired of getting made fun of.  i am taking my 42 cards and going home.  but first, i am suing tuscani for screwing up my inquiries.  ahhaha.  j/k.


lol
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