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I recall reading somewhere on this forum that carrying balance (<9% ofcourse) on less than half of CC accounts doesnt ding; is there any credibility to this?
I have two closed accounts (with no balance), do they also count towards "half of the CC accounts"?
It dings less. It can still ding, though, depending on different circumstances.
This might not happen for all, but in most cases, the fewer accounts with balances, the better. So 4 is better than 5, but three is better than four, etc. I always lose points for having 2 accounts report instead of one on TU, but not on EQ. And so forth.
Those with multiple open installment and mortgage accounts, which by definition report balances, often see score increases when they minimize the number of CC's with balances.
The goal is to try to get fewer than half of all accounts reporting balances.
Those with unconsolidated student loans are kind of doomed on this, until they get them down to one or two tradelines.
eta: I assume you mean balances reporting, not being carried, right?
@Anonymous wrote:
I recall reading somewhere on this forum that carrying balance (<9% ofcourse) on less than half of CC accounts doesnt ding; is there any credibility to this?
I have two closed accounts (with no balance), do they also count towards "half of the CC accounts"?
I've seen both sides of that debated and am still not sure what my opinion on it is. But the "Number of accounts with balances" is one of the scoring factors mentioned in What's In Your Score.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work
@haulingthescoreup wrote:It dings less. It can still ding, though, depending on different circumstances.
This might not happen for all, but in most cases, the fewer accounts with balances, the better. So 4 is better than 5, but three is better than four, etc. I always lose points for having 2 accounts report instead of one on TU, but not on EQ. And so forth.
Those with multiple open installment and mortgage accounts, which by definition report balances, often see score increases when they minimize the number of CC's with balances.
The goal is to try to get fewer than half of all accounts reporting balances.
Those with unconsolidated student loans are kind of doomed on this, until they get them down to one or two tradelines.
eta: I assume you mean balances reporting, not being carried, right?
Well, yes we're talking about reported balance here. I just bought a camera on my Zync and am having difficulty buying other accessories on my revolvers (which have small CLs) so I am just afraid that CCCs will report balance while I'm trying to put everything on my CC's to get the most rewards out of the purchases, LOL. Here's how I purchase stuff on low limit cards: buy-pay-wait/ buy-pay-wait....and it goes on all month long I always end-up putting myself in rediculous situations.
Just remember that the balance reporting bit is just for FICO scoring purposes. Well, and to keep other lenders from getting alarmed if they soft you and see balances all over the place.
Credit cards track your total usage during each billing cycle, no matter what actually appears on the statement, for such purposes as deciding if you're worthy of a CLI or APR reduction or whatever. They don't give a hoot about what shows as the statement balance and/or gets reported to the CRA's.
But yes, welcome to the world of juggling payments for shiny new toys! Hope you're enjoying your camera. It sounds far beyond my capabilities. I used to screw up my Polaroid Swinger.
I need to clarify what I meant in my last post compared to what I wrote. Sometimes my fingers aren't talking to my brain as I type. I agree that having less than half your revolving accounts report a balance is a good thing. What is unclear to me is exactly how much impact that might have. Is that any better or am I digging myself in deeper?
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work
@haulingthescoreup wrote:Just remember that the balance reporting bit is just for FICO scoring purposes. Well, and to keep other lenders from getting alarmed if they soft you and see balances all over the place.
Credit cards track your total usage during each billing cycle, no matter what actually appears on the statement, for such purposes as deciding if you're worthy of a CLI or APR reduction or whatever. They don't give a hoot about what shows as the statement balance and/or gets reported to the CRA's.
But yes, welcome to the world of juggling payments for shiny new toys! Hope you're enjoying your camera. It sounds far beyond my capabilities. I used to screw up my Polaroid Swinger.
Thanks for scaring the holloween out of me,LOL. I guess i'll just lay low for a while or spread the purchases over n-number of months
About the Polaroids, atleast you know how to use them...unlike I
@MVV
relax, I understand what you meant. You're not taking a test
BTW: thanks for the reply
@MarineVietVet wrote:I need to clarify what I meant in my last post compared to what I wrote. Sometimes my fingers aren't talking to my brain as I type. I agree that having less than half your revolving accounts report a balance is a good thing. What is unclear to me is exactly how much impact that might have. Is that any better or am I digging myself in deeper?
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work
I understand what you mean but since I have everything where I want it I wouldn't even risk AA by letting more than half report balances.