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I didn't see this in the list of characteristics, but it shows up as my number 1 negative:
The amount owed on your revolving accounts is too high. Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high.
Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards.
I have a long way to go to get it under $600.
Message Edited by Phoenix-rising on 07-04-2008 07:11 PM
Phoenix-rising wrote:I didn't see this in the list of characteristics, but it shows up as my number 1 negative:Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high.Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards.I have a long way to go to get it under $600.
Message Edited by Phoenix-rising on 07-04-2008 07:11 PM
What is your utilization on revolving?
smallfry wrote:
Phoenix-rising wrote:I didn't see this in the list of characteristics, but it shows up as my number 1 negative:Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high.Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards.I have a long way to go to get it under $600.
Message Edited by Phoenix-rising on 07-04-2008 07:11 PM
What is your utilization on revolving?
My UT is negative item #3.
You've made heavy use of your available revolving credit. It was 35% on June 16. After my accounts update this month that number should drop a little since I got $6k in CLIs and paid down $4k.
Phoenix-rising wrote:
smallfry wrote:
Phoenix-rising wrote:I didn't see this in the list of characteristics, but it shows up as my number 1 negative:Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high.Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards.I have a long way to go to get it under $600.
Message Edited by Phoenix-rising on 07-04-2008 07:11 PM
What is your utilization on revolving?My UT is negative item #3.It was 35% on June 16. After my accounts update this month that number should drop a little since I got $6k in CLIs and paid down $4k.
You would see an enormous improvement if you got the utilization under 9%.
Hi, welcome to the forums!
carscheles wrote:
My EQ score is 763 but I'm being "hurt" by opening a new account in the past 3 months (student loan for my son). How many points do you think my score went down by opening that account? It's not like I had much choice anyway but I'm curious.
You could have easily lost up to 20 points, simply because your scores are so high.
For those of us muddling around in lower score ranges, we typically don't get penalized as much as those in the 760+ range. But if the loan is three months old, your scores are already moving back up. The speed will depend on other things, such as what your average credit history age is. If it's relatively high, the new account wouldn't have dropped it much, and you're mainly getting penalized for having a new account (under 1 year old.) But if your average age was low (unlikely, with your scores and having a college-aged son), a new account will hurt more.
As I have experienced, to my sadness!
haulingthescoreup wrote:
smallfry wrote:
Someone over at CB lost 47 points from 802 on EQ for 1 new account showing.
I lost 74 on EX, starting from 749, but that was on, ummmm, 6 new accounts reporting.
It should be interesting. He did a few more apps. It seems low average age is not the only criteria for scoring and new accounts. Once your score gets into the stratosphere it might be best to sit tight with what you have unless its a card you just must have. That poster's average age was well over 12 years.
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