05-05-2007 02:10 PM
05-05-2007 04:25 PM
05-05-2007 05:24 PM
05-06-2007 08:09 AM - edited 05-06-2007 08:24 AM
fused111 wrote:On my EX report, I losing a few points because all of my revolving accounts are showing zero balances. EX says I lack experience with revolving accounts. Before I small balances like.0005% utilization, then they would too many accounts with balances. Boy is this a catch 22! Has anyone seen this?Don't worry about the few points. The scoring system compares averages. How old are your accounts. The score will also ding you for small balances on every account. I usually use store cards only to keep them actively reporting. The month I used all my store cards at once, I got the same 'too many cards with balances'. Are you using TU by chance? I've never seen that as an issue with FICO. The thing is to rotate your cards with about 10-30% max utilization at one time on any one card, never have balances on more than half your cards just to be safe Yep crazy!I'm talking and now have a store card at 70% due to a 0% for six months, That balance will stay there and I'll just take the hit until other factors balance it out. HJave another one accidently reporting more than 30% due to my kid's trip to Myrtle beach last weekend and didn't catch it in time to pay it down before reporting date. And another bank card just under 50% halfway through paying off a 0%.You have to keep a balance of whats good for your pocket and whats good for FICO. My pocket comes first. The only times I would concentrate so hard on the details is if I were in the process of making a large purchase such as a home, plannig to apply for new credit, or so borderline that I might be in danger of being ratejacked none of which are on my agenda todayBTW I'm getting dinged left, right and center due to the higher utilization on those three cards though my overall is still 20%
05-06-2007 07:37 PM
05-07-2007 03:53 AM
fused111 wrote:I have three cc's that I can revolve. Maybe I should keep a very small balance on the one with the highest CL which happens to be the one with the lowest APR.Don't forget you will have to use all of your cards occassionally to keep them reporting as active Just make a smal purchase and PIF.
05-07-2007 07:00 PM - edited 05-07-2007 07:00 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.