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I just want to make sure I am correct in my Knowledge of Fico scoring.
Scenario: If i have 11 credit cards, and 1 mortgage = I have 12 accounts
To have maximum fico pts, i can only have less than 50% of accounts reporting, so the maximum is 5. (and of course 1-9% util)
So i am assuming just using one CC and having the mortgage also report and rotating the other CC's but paying before statement cut to show 0 balance is the best way to go?
Thanks
For most people, 1 revolving account reporting a balance is best and they lose 2 to 5 points per account reporting a balance over the first. Now if you lose 2 points on 4 accounts, 8 points is nothing to worry about month to month. Just know that if you are applying for a mortgage or major loan you would want to only have 1 card report a balance.
For normal everyday account maintenance, under half should work just fine.