Understanding FICO® Scoring

[streamline]

This is new to me... a $10 balance on a credit card is better than zero balance?  Is that right?

[Tuscani]

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streamline wrote:

This is new to me... a $10 balance on a credit card is better than zero balance?  Is that right?

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Yep

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3857

Message Edited by Tuscani on 08-12-2007 05:00 PM

[smallfry]

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Tuscani wrote:

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streamline wrote:

This is new to me... a $10 balance on a credit card is better than zero balance? Is that right?

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Yep

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3857

Message Edited by Tuscani on 08-12-2007 05:00 PM

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You realize there is no proof to that and should really quantify the comment. Are you saying that if you have 15 credit cards that you should let ALL of them report $10 every month for maximum points? I don't think so.

[fused]

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smallfry wrote:

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Tuscani wrote:

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streamline wrote:

This is new to me... a $10 balance on a credit card is better than zero balance? Is that right?

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Yep

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3857

Message Edited by Tuscani on 08-12-2007 05:00 PM

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You realize there is no proof to that and should really quantify the comment. Are you saying that if you have 15 credit cards that you should let ALL of them report $10 every month for maximum points? I don't think so.

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I agree with Tusc! Several months back I was reluctant to try and see for myself but I went ahead and left very small balances on all of my CCs and my scores did go up some.

[ilovepizza]

Did score go up from carrying balances or because balances forced activity on all cards?

[fused]

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ilovepizza wrote:
Did score go up from carrying balances or because balances forced activity on all cards?

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I believe it's the former. FICO likes low util.

[smallfry]

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fused111 wrote:

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ilovepizza wrote:
Did score go up from carrying balances or because balances forced activity on all cards?

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I believe it's the former. FICO likes low util.

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I can buy that FICO likes low utilization but the question is still unanswered. I have 8 revolving accounts and a car loan currently open. Surely you aren't advising that I let all 8 revolving accounts report small balances are you?

[smallfry]

From my last Transunion FICO Report: you've been responsibly limiting the number of accounts with balances. This was listed as a positive in the understanding your score page. I don't advocate showing 0 balances on all accounts every month but I don't believe anyone should let all their accounts report. Remember that the creditors and FICO get info they don't share with us concerning our reports. If you have used the card a particular month and show a 0 balance they know you have used it. If you print a higher usage number than any previous month even you will see that in your Experian report. Lack of reportable balance is not the same as inactivity.

[Tuscani]

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smallfry wrote:

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Tuscani wrote:

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streamline wrote:

This is new to me... a $10 balance on a credit card is better than zero balance? Is that right?

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Yep

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3857

Message Edited by Tuscani on 08-12-2007 05:00 PM

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You realize there is no proof to that and should really quantify the comment. Are you saying that if you have 15 credit cards that you should let ALL of them report $10 every month for maximum points? I don't think so.

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YES, if the util puts you at 1-9%!

[MidnightVoice]

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smallfry wrote:
Remember that the creditors and FICO get info they don't share with us concerning our reports. If you have used the card a particular month and show a 0 balance they know you have used it.

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How?