Large Limit Cards Counted?

smallfry · ‎09-08-2008

I just noticed something when going over some older reports. It seems that every time I let just my Navy Federal card with a 40K limit report FICO says I have no cards reporting a balance. Is it the credit union card or the credit line that is causing this?

haulingthescoreup · ‎09-08-2008

@smallfry wrote:

I just noticed something when going over some older reports. It seems that every time I let just my Navy Federal card with a 40K limit report FICO says I have no cards reporting a balance. Is it the credit union card or the credit line that is causing this?

Yes, accounts with CL's over $40K or so (can't remember the exact figure) are generally ignored. I didn't realize that this extended to "accounts with balances" --that's very useful!

Do you have a second card from Navy? I redistributed CL's between my two USAA cards because I was worried about this possibly becoming a problem.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

smallfry · ‎09-08-2008

No I combined a Visa and a MC to get the 40K total. I really don't want more than one card per issuer. It appears I will be stuck with 2 with Citi for the duration since 1 is that hybrid Citi Pro card. My utilization is a non starter anyway so whether the card is figured into the utilization is of no moment to me. Its only between 1-2% and its not a problem paying all down to zero if need be. I thought the threshold for cards was 50K.

Anonymous · ‎09-08-2008

Totally sweet! I thought it was $50k too! Good post!

CreditBob · ‎09-08-2008

Leave a few dollar balance on each card such as $ 5.00 ans this will increase your fico score. Is that what you were wondering? If so I have gone thorugh this.

smallfry · ‎09-08-2008

I am sure all my creditors will love to see a balance on every single one of my cards next month.

Anonymous · ‎09-08-2008

Found 2 CRs with EQ FICO scores. Both clean files that had an old avg age.

I just found a CR with a trade line reporting $40k CL with high debt.
.... "The negative factors listed below are reasons why your FICO® score is not higher"
.... "The proportion of balances to credit limits (high credit) on your revolving accounts is" ....XX%.
On this EQ file the debt was identified as revolving and factored it in to UTL for scoring.

I found another CR with a trade line reporting over $50k and the debt was not factored in to UTL. Seems different limits for different buckets? Or different limits for EX or TU?

Message Edited by ilovepizza on 09-09-2008 12:57 AM

Anonymous · ‎09-08-2008

What CRA report was this from?

smallfry wrote:
I just noticed something when going over some older reports. It seems that every time I let just my Navy Federal card with a 40K limit report FICO says I have no cards reporting a balance. Is it the credit union card or the credit line that is causing this?

smallfry · ‎09-09-2008

@Anonymous wrote:
What CRA report was this from?
@smallfry wrote:
I just noticed something when going over some older reports. It seems that every time I let just my Navy Federal card with a 40K limit report FICO says I have no cards reporting a balance. Is it the credit union card or the credit line that is causing this?

From TU. I have 0 inquiries on that report. On my June 08 report even though I had just opened a new Citi account in May it did not list that as a negative only the presence of a public record and a short credit history. The too high installment balance droped once the car loan was paid down to 10-15% of the original balance. Once total number of accounts on TU reached 30 this month with the addition of a new BofA CC the you have too many accounts became negative number 3. FICO high achievers only have 6 accounts paid as agreed? How can that be? That implies a mortgage a car loan and 4 credit cards. What happens to them once they pay off the house and the car? 6 accounts seems awfully low to me. That would be considered a thin file wouldn't it?

smallfry · ‎09-09-2008

Recently looking for credit seems to trump the you have 30 accounts comment for Equifax. Even though I have a red flag on the Credit at a Glance Page for 30 accounts my lone Penfed inquiry from March 08 is listed as negative reason number 3 on Summary Page as you have recently been looking for credit. I wonder if that comment drops at 6 months or 1 year? To be replaced by you have too many accounts or maybe EQ doesn't care? The mystery continues.