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Established Contributor
bettercreditguy1
Posts: 744
Registered: ‎02-11-2012

Number of Credit Cards reporting

I have a temporary score drop of 20 points on EQ as I had 5 reporting credit cards, plus mortage and car loans.  I use my "sock drawered" cards once or twice every six months to show activity. I currently have 7 bank cards reporting. Amex revolver, Chase Freedom, Chase Airlines, Discover, PenFed, Community, and Capitol One.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: Number of Credit Cards reporting

You will often see that +/- 20 points varying from time to time as your util changes.  Looks like you have a good grasp on your credit.  Congrats and keep it up!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
bettercreditguy1
Posts: 744
Registered: ‎02-11-2012

Re: Number of Credit Cards reporting

Thanks ShoGun, I just wanted to validate the number for some of our newbies as  I was aware that my number(s)  would temporarily drop. My score did probably increase a tad as the "recently looking for new credit  category" went from bad to good. (I opened a cc in early June of this year.)

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: Number of Credit Cards reporting

Number of accounts with balances will generally have a few numbers where it changes your score by 5-15 points. That number will vary according to other info in your reports. You seem to have to go significantly past 50% of accounts with balances if you only have a few accounts.. Mine seems to be consistently when going from 12 to 13 accounts with balances out of 25. I seem to have another "step" around 17-18 but haven't been there for awhile. This score change seems to be COMPLETLY different than utilization percentage. In other words, I will get the score hit as my number of accounts with balances goes up past that point even if my utilization goes down slightly. I will always have the "too many accounts with balances" appear in EQ FICO "things that are hurting your score" when I have the score hit.


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