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Got a question for all you fellow MYFICO members. Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars. Have any of you heard of that before? I'm curious to know how much of a hit I'm taking because of that. So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.
@sr1019 wrote:Got a question for all you fellow MYFICO members. Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars. Have any of you heard of that before? I'm curious to know how much of a hit I'm taking because of that. So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.
Yep, it is irrelevant to FICO, the Experian site FAKO puts quite a bit of emphasis on it. Clarifying its the limit of bankcards not store cards that they are referring to.
Yea that is totally FAKO scoring reasons. EXP had that on my reason codes a long time ago. I wouldn't concern myself about it.
And even for the real FICO's, I have never seen them mention anything about CL's except to talk about if I'm using too much!
@sr1019 wrote:Got a question for all you fellow MYFICO members. Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars. Have any of you heard of that before? I'm curious to know how much of a hit I'm taking because of that. So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.
Let me give you an example of how unimportant these reasons often are...my Quizzle.com account says that my AAoA is 7 years, 10 months and my oldest account is 26 years, which is accurate. Right underneath for the reasons my score is "low" (750), the number one reason states, "Not enough revolving credit history." This makes no sense at all...lol! Just use these sites as report monitors, but ignore the actual scores and recommendations. The best of luck to you.
FICO comes out with some stupid reasons too!
Two days ago, a negative on my EX: "The remaining balance on your non-mortgage installment loans is too high." What? The balance dropped $3.9K, in 13 months, on a $16.8K truck loan...
And today, a negative on my TU: "You have too many credit accounts withh balances. FICO High Achievers have an average of 3 credit accounts carrying a balance. Number of your acounts carrying a balance - 3 accounts." If the standard is that the average High Achiever has 3, and I have 3, why is that a negative?
IMHO, the monitoring services are a waste, but FICO comes out with some stupid crap too...
Thanks all for the info. I really appreciate everyone's help! Glad to know its only a FAKO concern and not a FICO.