07-01-2012 08:42 PM
I currently have one line of credit, and it just hit its one year mark today! I actually had my CCC do a mid-cycle update though, so it shows my current balance is $0. After my cycle actually closes and my balance is reported as normal (I'll have 1% util), would my scores actually rise? I heard you want one account with very low util and the rest showing $0, however, since I only have 1 account, that $0 is probably lowering my score temporarily.
Just pulled my scores tonight from here, TU is 796 and EQ is 742. Is it possible I actually could break 800 on TU with only one line of credit being opened for just a year? That sounds unreal to me, but makes me extremely happy as well.
07-01-2012 10:18 PM
Try with a small balance and pull again.
Only problem is not all FICO scores are created equally, and one tradeline, no matter how clean, is suboptimal. Lenders look at more than just the score, and if they're only seeing the one revolving tradeline and nothing else, YMMV with how far that near 800 or any other score actually gets you. FWIW I think the EQ score is more accurate, and FICO '04 is definitely a more common pull than the TU FICO '98 from here.
Regardless, it is a pretty score at least.
07-04-2012 04:57 PM
That's certainly a theory that some support, however, I kinda question it.
Perhaps the !% util is looked at more favorably on the card than 0%, but it also results in another card showing a balance in your % with balance scoring.
Zero percent of cards with balance may be an offset.
I guess its just a "play with it and see" kinda thing.