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will one more CC cause big decrease on score

Frequent Contributor

Re: will one more CC cause big decrease on score

Yep hauling I agree "Out With The Old- In With the New the current FICO system needs to be, put out to pasture.Insert Smileys Ha Ha Ha!!!!!!.
Message 21 of 23
Senior Contributor

Re: will one more CC cause big decrease on score



RobertEG wrote:
I am kind curious as to where you received the opinion that 29 CCs is ideal. I have never seen that anywhere. To the contrary, FairIsaac risk analysis has stated publicly that 2-3 cards is ideal, and risk rises above that (FairIsaac presentation before the FTC). FICO scoring is based on their risk analysis.
Aside from the known risk anaylsis, I could not imagine the FICO task of managing 29 open CCs, maintaing the balance on each below 10%, and also trying to keep at least half with no balance. Why not just get a BT to an existing CC, and thus not incur a new hard inq in obtaining a new TL?
I guess I just dont undestand the FICO strategy in this......



Robert from my own experience once I had 30 open/closed accounts on my reports I received a red flag. I don't even know how much it hurt my score maybe not at all. My TU and EQ have 29 and 28 due to some oldies dropping and I do not get the flag. EX with 34 has the flag. Optimum credit cards 2-3? That's so 1999. Smiley Happy I think you need some options and 5-7 cards is fine. No more than that for me thank you.
Message 22 of 23
Senior Contributor

Re: will one more CC cause big decrease on score

R.E.G. it's not 29 open revolving accounts. It's a total of open/closed accounts still on your reports. I have 34 on my EX and I currently have 6 credit cards a Walmart charge account and a car loan. 8 in total. I have a bunch of paid car loans mortgages opened and closed credit cards. Credit cards I received that were ultimately combined and closed. You have some posters over at CB with 80 or more accounts reporting most obviously are closed.
Message 23 of 23