How Many Cards with Balances Would Be Good?

[Anonymous]

I guess I'll be seeing a drop on my Fico Score.

I'm letting my Amazon/Walmart cards report balances since I have 24 Month 0% (Amazon) purchased a new TV and 12 Months 0% (Walmart) purchased Playstation 4 to get the $75 egift card.

I am not concern with the drop in  my score as I'm in the Garden.

So it would be interesting to see to what happens.

[BronzeTrader]

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@NRB525 wrote:

OP, what is your score improvement goal with limiting the number of cards reporting?

Once you start reducing the number of cards reporting balances, you will start to see if there is any effect, and how much that effect is on your profile.

Also be sure to keep track of overall utilization. If your utilization also drops dramatically because now all those cards aren't showing anything, then the score improvement is a muddled mix of utilization changes and number of card changes.

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Due to my CC reshuffle, I have about 12 CCs reporting balances (though I PIF all). I did not expect my FICO drops, but it did. 

I expect my FICO to go back up when I reduce active CCs to about 5-6 or so.

[Revelate]

Yeah I would characterize the discussion differently:

On all credit fIles one credit card reporting a balance is optimal.

That said if you have enough revolvers it is percentage based though the break points may be scorecard defendant.

On my dirty birdy EQ 8, I take a drop at 33% and 50% revolvers with balances.

dirty TU 8 at 50% / same with EX 8 but that may have changed now that my tax lien is gone from there and getting possibly different results now.

EQ 5 I'm stuck at 693 so not sure, and end of the day unless you are applying for something it really doesn't matter.

[myjourney]

I no longer watch or monitor cards that report unless I'm planning a new addition to the collection

That being said I think the answer to this question lies in what I like to call the sweet spot based on MY PROFILE

Yours could be totally different and you have to test to find yours 

That being said 5-6 cards reporting doesn't really effect me I may see 1-3 point drop 

4-5 cards and I may see no movement at all 

Then let 2 report and minus 5-8 pts ...go figure 

Based on 4-6k reporting per month

Statement cut gone.... paid 

I've seen a HP lower my score a few pts and then when that card reports scores go up a few points higher than before the HP vs down 

Again the sweet spot for MY PROFILE 

Of course the flip side of that coin is I've also seen the adverse affect of 5-10 points loss

Which I believe to boil down to what Fico bucket (my profile) falls in 

In closing .....I just don't have the energy or time to watch who reports when and how much...no apps planned the hell with it Lol

Those days are done 

[Gmood1]

I just had 5 new accounts and two inqs hit my TU this month. My TU 8 went up 6 points..Go figure. Lol That's why I don't bother with micromanaging balances.

[Anonymous]

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@Revelate wrote:

Yeah I would characterize the discussion differently:

On all credit fIles one credit card reporting a balance is optimal.

That said if you have enough revolvers it is percentage based though the break points may be scorecard defendant.

On my dirty birdy EQ 8, I take a drop at 33% and 50% revolvers with balances.

dirty TU 8 at 50% / same with EX 8 but that may have changed now that my tax lien is gone from there and getting possibly different results now.

EQ 5 I'm stuck at 693 so not sure, and end of the day unless you are applying for something it really doesn't matter.

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I find this interesting, as with my dirty file it doesn't matter if I have 1 card reporting a balance or all of them - my score doesn't change.  Only time I get a score change with respect to number of cards reporting is when none report a balance.

[redpat]

Use any or all the cards you want the only thing that really matters is that they are paid on time.