ambelicious wrote:I didn't realize how little effect it can have depending on your situation, but I have been searching for similar posts and hearing of other small differences too. I agree it will probably go up once I stop with the new accounts/inquiries and keep my balance down.
I agree. It's also important to pay heed to this snippit.
You have too many credit accounts with balances.
Number of your accounts carrying a balance16 accounts
 FICO High Achievers [?] have an average of 3 credit accounts carrying a balance. |
Your FICO score considers the number of accounts you have with balances. For credit cards, even if you pay them off in full each month, your credit report may still show a balance on those cards. The total balance on your last statement is generally the amount that is shown on your credit report.
What to do about this: You should consider reducing the number of your accounts that carry a balance and keeping your balances low.
So, it's not just utilization - it's also the simple number of accounts with a balance.
If you have a clean report and have rebuilt with new positive accounts, dropping a BK should yield a significant score increase. The good news is that means your score will probably make a significant climb when you get those issues cleared up - few number of cards reporting balances is one that may give you a significant boost.
As far as potential score increases when a BK ages off - I saw a 75 point increase on TU - going from 716 to 791. My AAofA was at 5 years - but i don't think 2 years AAofA makes that much of a difference - i.e. not even close to 70 points worth.
Keep us posted as you whittle down the number of accounts with balances - I hope it helps bring the score increase you're looking for.
