Reply
Established Contributor
Posts: 599
Registered: ‎03-10-2012
0

Re: Learned something about no. of accounts with balances

I had an odd experience with zero utlization and score.

 

i had 2 cards reporting 223/5000 ad 394/3500 in january, an overall utilization of 2ish percent. With a very new account (under 3 months) and 10 inqs during 12 months, my score was at 677.

 

At the end of January, when the 394 balance reported zero, i had no accounts with a balance. and my score went up to 687. A few days later my score was back down to 679 with when my US Bank updated, reporting 254/6500, sub 1 percent overall balance.

 

Right now i have 2 accounts reporting a balance, 39/3000 and 285/6000. 1 percent overall. Currently i have 7 inqs in 12 months, and my youngest account is at 3 months, and im up to 697. Now i'm thinking i might let both of these cards go to zero to see if it has the same effect(i'm doubtful)

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Valued Contributor
Posts: 1,072
Registered: ‎02-06-2013
0

Re: Learned something about no. of accounts with balances


YahComb wrote:

I had an odd experience with zero utlization and score.

 

i had 2 cards reporting 223/5000 ad 394/3500 in january, an overall utilization of 2ish percent. With a very new account (under 3 months) and 10 inqs during 12 months, my score was at 677.

 

At the end of January, when the 394 balance reported zero, i had no accounts with a balance. and my score went up to 687. A few days later my score was back down to 679 with when my US Bank updated, reporting 254/6500, sub 1 percent overall balance.

 

Right now i have 2 accounts reporting a balance, 39/3000 and 285/6000. 1 percent overall. Currently i have 7 inqs in 12 months, and my youngest account is at 3 months, and im up to 697. Now i'm thinking i might let both of these cards go to zero to see if it has the same effect(i'm doubtful)


      I don't think thats that strange. Others have reported similar experiences. I'm personally just trying to keep mine as close to zero as possible. Maybe if I really need to try to maximize my score at some point, I'll carry a small balance on one, but in the meantime, I might just keep them all at zero.

390/14001100/13001500/15001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632.. If youlike this could you please give me a kudo by clicking that blue button over to the left? Thanks.Link to my Rebuild Log
Established Contributor
Posts: 599
Registered: ‎03-10-2012
0

Re: Learned something about no. of accounts with balances


YahComb wrote:

I had an odd experience with zero utlization and score.

 

i had 2 cards reporting 223/5000 ad 394/3500 in january, an overall utilization of 2ish percent. With a very new account (under 3 months) and 10 inqs during 12 months, my score was at 677.

 

At the end of January, when the 394 balance reported zero, i had no accounts with a balance. and my score went up to 687. A few days later my score was back down to 679 with when my US Bank updated, reporting 254/6500, sub 1 percent overall balance.

 

Right now i have 2 accounts reporting a balance, 39/3000 and 285/6000. 1 percent overall. Currently i have 7 inqs in 12 months, and my youngest account is at 3 months, and im up to 697. Now i'm thinking i might let both of these cards go to zero to see if it has the same effect(i'm doubtful)



So once again, i have all cards reporting zero balance. same exact bump, +8 points, 701 to 709. Discover should report tomorrow on my EQ, and thursday i guess itll go back down again when SW should alert me. Only letting .5% report on the discover-probably still counts as 1%, and overall utilization of 0.05%. the only card i was letting report before paying to zero was at 4.75% utilization.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Valued Contributor
Posts: 1,139
Registered: ‎07-18-2009
0

Re: Learned something about no. of accounts with balances

Sensitivity to accounts with balances is also dependant on what scorecard you are in. I have 3 CCs and an Amex Charge card. When my CC accounts were under 4 years my EQ FICO varied from around 740 with 2 reporting balances to 760 with all 4 reporting. When the oldest reached 4 years the range changed to between 690 and 755.

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Extreme-Rebucketing-Effects-757-to-690-on...

 

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Established Contributor
Posts: 650
Registered: ‎03-01-2012
0

Re: Learned something about no. of accounts with balances

Althiugh we can't be sure a out the FICO algorithms, empirical evidence reported by members IOC this forum and others suggest the following.

1. One revolving account reporting balance is ideal. 0 is not the best.
2. 1-2% utilization is ideal. Less Han 10 is good. zero is not as god as 1-2 percent

My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Established Contributor
Posts: 599
Registered: ‎03-10-2012
0

Re: Learned something about no. of accounts with balances

so from 0 cards reporting a balance, to one card reporting 17/3500. Lost 5 points 709 to 704.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Frequent Contributor
Posts: 348
Registered: ‎02-27-2013
0

Re: Learned something about no. of accounts with balances

I should I'm.interested to what my score does I will have 4 accounts with balances out of 10 total plus cl increasing another 2500.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.