topic Re: Number of accounts reporting balances? in General Credit Topics

Number of accounts reporting balances?

soxfaininfl — Mon, 30 Dec 2019 16:29:55 GMT

How many accounts is acceptable to report balances on a monthly basis? I currently have 18 accounts. Is less than 50% or 25%? All of my accounts are below 30% UTL.

Re: Number of accounts reporting balances?

thornback — Mon, 30 Dec 2019 18:10:53 GMT

It varies by profile, but generally, allowing no more than 1/3 of your revolving accounts report a balance tends to be ideal as far as having a 'reasonable number of cards with a balance'.

Scorewise tho - it's up in the air. Scorecard assignment (dirty vs. clean) & overall profile matters -- some may not see a point penalty till 1/2 or more of their revolving accounts report a balance, while others see it when they cross the 1/3 mark. You won't know how your scores respond till you test it. FICO version and the bureau generating the score (EX, TU, EQ) also makes a difference in how this data is weighed.

Re: Number of accounts reporting balances?

dragontears — Mon, 30 Dec 2019 18:30:18 GMT

If you are actually gardening and not applying for any new credit you can let them all report a balance if you want. I don't recall anyone experiencing AA due to "too many accountswith a balance"; just make sure your utilization is under control.

Using "tricks" (like AZEO) to squeeze every point out of your profile is only worth it when you are going to be applying otherwise it is just a hassle.

Re: Number of accounts reporting balances?

thornback — Mon, 30 Dec 2019 18:45:03 GMT

@dragontears wrote:
If you are actually gardening and not applying for any new credit you can let them all report a balance if you want. I don't recall anyone experiencing AA due to "too many accountswith a balance"; just make sure your utilization is under control.

Using "tricks" (like AZEO) to squeeze every point out of your profile is only worth it when you are going to be applying otherwise it is just a hassle.

Exactly. I don't concern myself with number of cards reporting a balance while gardening becuase it really doesn't matter.

The only time this may come up while gardening is when seeking a CLI (SP, of course) with certain issuers. If you get denied, they may use 'too many accounts with balances' as one of the denial reasons given -- though whether or not that is the true reason for denial is debateable (it's likely not...).

Re: Number of accounts reporting balances?

Anonymous — Sun, 05 Jan 2020 02:16:22 GMT

When preparing for an app, only have one revolving account report a balance. Any other time, its just to make your score prettier.

Be aware there are thresholds below 33% of revolvers with a balance, so depending on how many revolving accounts you have, and which version you are trying to optimize, you can cross those lower thresholds and earn more points.

If you don't have enough revolvers, you just cannot cross those lower thresholds. Either way, for the best scores for your profile, you can't go wrong with AZEO.