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Would anyone mind sharing with me?

Valued Contributor

Re: Would anyone mind sharing with me?

"One of the things that the FICO scoring formula looks at is the number of accounts with balances, and for this, they include revolving (CC) accounts, plus installment, including mortgages. So I have a mortgage, a car loan, and a HELOC (home equity line of credit), all of which have balances on them. Plus I have the BT, so that makes four.

There are two different formula requirements (for lack of a better word): half or fewer of ALL accounts with balances, and less than half of all revolving (CC) accounts with balances.

So let's say you have 8 accounts, three of which are a mortgage, a car loan, and a student loan. These always have balances until they are closed. Looking at the formula above, you can have half or fewer reporting balances without being penalized. 8 X 1/2 = 4 accounts. Three will always have balances, so you can have one CC with a balance. Of your five credit cards, the formula says you can have fewer than half (2.5) with balances, so that means 2 cards. But the other formula (total accounts) says only one can report, so there you are: just one card can report."
Wow! I didn't realize they count your installments and mortgage! Learn something new every day!
Thanks for the eye-opener, HTSU!
Mine are:
BoA   500/0                   
Target  200/0
Crown Jewelers  2500/0
Hooters  1500/0
Cap1  3000/24.62
WaMu  2000/74.65
LB  350/0
VS  350/0

EQ 847, EX 850, TU 850 (Updated 1/5/18: TU 843

Take the myFICO Fitness Challenge
Message 31 of 82
Moderator Emerita

Re: Would anyone mind sharing with me?

DD#1 just picked up a negative comment from TU (of course) for too many accounts with balances. She only has small balances on two CC's with 5% util, but she now has 3 SL's, and TU deems 5 accounts with loans too many for her. And if a new SL posts every semester (we don't know how this will work yet), she'll be on TU's fecal chart for a long, long time.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 32 of 82
Valued Member

Re: Would anyone mind sharing with me?

My cl's are low because my reported income is low (restaurant server/bartender):
Discover More: 0/2,100.
JetBlue Amex: 0/2,000.
BOA: 0/1,500.
BOA/NASW: 0/1,000
Chase: 0/1,500.
Household: 0/1,300.
Orchard: 0/600
Cap 1: 0/500
Cap 1:88.98/500
SAKS: 0/2,000.
Zales: 0/2,000.
JCPenney: 500/2500.
Nordstrom: 0/1,000.
Kohl's: 0/300.
Exxon/Mobil: 0/750.
Also, the oldest that have to go before the next AF:

First Premier: 296/550
First Premier: 0/450
That one First Premier will be pif by the end of the month, before the next statement cuts. Discover had 160. on it that I just pif, the statement date is the 26th. The only reason I have a balance on the one FP is because Imy daughter in law gave in on the no spoiling rule this once and said I could get the grands a WII for Christmas, and I knew I had to buy early, even ordering online, to be sure I got my hands on one. FP cards are too conveniently in the desk drawer. I do use one occassionaly at the end of a 12 hour day to order pizza for delivery. Papa John's online ordering is just too user friendly. They are the ones I also pay by mail, and since I would have to send in a check for the ridiculous 6 buck monthly service fee they are the ones I use for pizza!
I sort of worry about closing them because when everything went to hell in a handbasket credit wise during my husband's illness these were the only cards I could get. Household and Orchard followed, then JCPenney and Exxon. The others I just got this past spring, after 5 years of digging myself out of medical/final expenses costs.
I also have three student loans showing, with a 4th that is pif and reporting as such. I have this year's student loan yet to show up. The others are in deferrment; at my crazy age of 52 I am in school and will take my BSW in May. Hoping to go for the MSW but it is all going to depend on what type of in house package I can get on top of federal grants. School was a post widowhood decision when I realized I was actually getting older and could not work on my feet until I am 110.
My cars were both bought used and paid for in cash, the every day car and my indulgence, my 1965 Bug.

Message Edited by dorcastrilling on 09-21-2008 05:19 AM
Scores 9/2008: TU-720, EQ-695, EX-678
Scores 10/08/08: TU-721, EQ - 694, EX - 688
Message 33 of 82
Regular Contributor

Re: Would anyone mind sharing with me?

BOA 1            1650/3000 (BT until 09/09)
BOA 2            0/2500
Cap1              0/1250
Cap1              100/750
Chase1          200/1000
Chase2          400/1000
Macys            0/600
Paypal           60/300 (no interest til 12/08)
Kohls             0/1000
Exxon/Mobil   0/600
HSBC            0/500
Wamu           0/1000
Cap One and the two Chase cards will be paid down shortly.

Message Edited by siangirl34 on 09-21-2008 07:11 AM
Message 34 of 82
New Contributor

Re: Would anyone mind sharing with me?

Juniper MC: 170/1650 (just got a CLI a week ago)
WalMart (GE Money Bank) Discover: 105/900
That's all the credit cards I have right now (I just re-entered the credit card world a year ago; I filed a Ch7 BK in 9/2005 and swore off credit cards between then and 9/2007 when I got the Juniper card).

Starting Score: 677 EQ (1/21/09)/705 TU (1/21/09)/714 EXP (1/21/09)
Current Score: 707 EQ (9/21/10)/720 TU (3/27/10)/Darn you EXP
Goal Score: 720 on all three by end of 2010

Take the FICO Fitness Challenge
Message 35 of 82

Re: Would anyone mind sharing with me?

Why not,
Kay $0/600
Old Navy $0/1800
Discover ~$30/1300
No Loans, but lots of inquiries for some reason. Don't know what my score is either.
10/02/08, 702 EQ 6/13/09, 732 TU
What's hurting your score? Not using credit.
What's helping your score? Recent Credit Card use.
Message 36 of 82
Frequent Contributor

Re: Would anyone mind sharing with me?

I currently have:
Kinecta FCU MC   1087/11200
Capital One MC       967/10000   (Just opened this one)
I also have a car and home loan.
18 months ago it was
Kinecta FCU MC   10400/11200
Discover(Closed)  11200/0
Rather then opening a lot of lower CL cards to dilute utilization, I concentrated on paying down my balances.  Things were even worse 3 years ago when my Discover balance was $16k.

Message Edited by Miner on 09-21-2008 05:11 PM
9/2017 FICO8: EQ:585, TU:549, EX:580 | No opened accounts | 1 unpaid CO, 1 paid CO + related Col | several lates 2.5+ yrs ago
Current FICO8: EQ:703, TU:671, EX:671 | CC Util 2% | 2 paid CO + 1 related Col (deleted on EQ) | 3x 30 day lates 3-6yrs ago
AAoA: 10 to 11 years; Opened Acc Only: 7 months
Credit Length: 20 years
INQ (Eq/Tu/Ex): 2 / 4 (4 for auto) / 6 (5 for auto)
In 6 months, all serious derogatories fall off.
Message 37 of 82
Established Member

Re: Would anyone mind sharing with me?

sidewinder wrote:
Target(store card) $0/$500
Orchard $0/$300
Macys $0/$600
Bloomingdales $0/1000
CJ $0/$2500
First Premier(AU) $0/$250
Tribute(AU) $0/$300
Too bad they aren't all reported at $0. Just 23 more days until they have all reported $0, can't wait to see the score change.

my score has been fixed for several months in this way until there's a inq to 2 pts decrease
Message 38 of 82
Moderator Emeritus

Re: Would anyone mind sharing with me?

Oh boy..
Target Visa  -- 3k/7k
HSBC UPC MC -- 0/6k
BofA Amex -- 4.6k/5k
Cap1 MC -- 0/4.25k
Chase Amazon Visa 2.2k/4k 
Juniper Trav -- 0/3k
DMB Discover -- 600/1.5k
Discover More -- 200/1.1k
Amex Delta -- 200/500
4 store cards -- 0/6.24k
AU cards -- 0/29.6k
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 39 of 82
Established Contributor

Re: Would anyone mind sharing with me?

here are mine:

Chase Amazon $0/$10k
Amex Blue Cash $231/$10K
HSBC MC $0/$5k
WAMU Visa #1 $0/$1500
WAMU Visa #2 $0/$2250
Hooters $0/$2000
Amex Clear $0/$1k (was $2k rearranged CL's)
Amex Blue $11.99/$1k (was $2k rearranged CL's)
Capital One $33.96/$1100
Target Visa $0/$1000
Macy's Store Flex $0/$4500
Macy's Seat $$2531/$3300
Kohl's $0/$1000
Walmart $0/$600
Mervyn's $0/$400

Holy cow that's alot!

AU Citi- $223/$24,250

9 closed, not listed--trying to get to 5 total
Message 40 of 82