cancel
Showing results for 
Search instead for 
Did you mean: 

How many credit cards should report?

tag
oracles
Valued Contributor

How many credit cards should report?

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

Message 1 of 4
3 REPLIES 3
marty56
Super Contributor

Re: How many credit cards should report?

For my score bucket (major derog) and profile, more than 1 CC reporting causes me to loose points.  I have not seen the 50% rule for my profile.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 2 of 4
Anonymous
Not applicable

Re: How many credit cards should report?

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.

Message 3 of 4
oracles
Valued Contributor

Re: How many credit cards should report?

Thanks, that is exactly why i asked. I am now in the process of looking at owning a house and wanted to know how to get the maximum fico points when having credit cards report. I will only have 1 cc report
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.