+1 Agree 100%. When I only had one CC and several closed-end accounts, that would be one of the top reasons I would get from TU. You took the words right out of my mouth, err fingers.
beamMEup wrote:
Hi Andy,
You may be getting that reason, but they only give you the top two or three or four negative reasons on myfico. So if it's your #5 reason, it just hasn't made it high enough up the ladder to be visible on your myfico reports yet.
On the other hand, DH got hit with this on his mortgage pull as his #3 baddie. At the time, he had nine open accounts (8 cc and 1 second mortgage), with balances reporting on four of them. So he was 4 balances out of 9 accounts, and got the hit.
I think many people report getting hit at the => half of your cards, but YMMV. It's something to be aware of.
Interestingly, DH now has 7 accounts (5 cc, 1 mortgage, 1 auto loan), and we typically report a balance on 1 cc, so he hits 3 balances on 7 accounts and has not been hit by the "Too Many Balances" monkey. Last month, we reported a balance on a 2nd cc, so he was hitting balances on 4 out of 7, and there was no visible impact. Perhaps balances on cc's have more of an impact than balances on mortgages in their formula. Who knows!
Starting Score: 469
Andy, if your score is in the stratosphere (>= 800), then MyFICO will not show reason codes. If you are a high achiever, then it will only show up to 2. If you don't have an 850, then there are reasons why, whether you see them or not.
Again, it's not an overall level of indebtedness, it's a ratio of accounts with balance to overall open accounts. I'm not going to try to convince you of this further, however.
Again, it's not an overall level of indebtedness, it's a ratio of accounts with balance to overall open accounts. I'm not going to try to convince you of this further, however.