Established Contributor
bettercreditguy1
Posts: 653
Registered: ‎02-11-2012
Number of Credit Cards reporting

‎11-05-2012 04:48 AM

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 TU 733 EXP 735 (FAKO)
Updated scores 05/01/2013 EQ 761 TU 780 EXP 788 (Exp. equivalency)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Moderator
Shogun
Posts: 7,375
Registered: ‎04-15-2011
Re: Number of Credit Cards reporting

‎11-05-2012 08:16 AM

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

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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Established Contributor
bettercreditguy1
Posts: 653
Registered: ‎02-11-2012
Re: Number of Credit Cards reporting

‎11-05-2012 04:10 PM

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 TU 733 EXP 735 (FAKO)
Updated scores 05/01/2013 EQ 761 TU 780 EXP 788 (Exp. equivalency)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Valued Contributor
GregB
Posts: 1,665
Registered: ‎05-24-2007
Re: Number of Credit Cards reporting

‎11-05-2012 05:27 PM

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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