Right now it doesn't effect util that much,since I am au on few accounts that have around 10k CL. I am just wondering how many non AU accounts does fico like you to have for optimal scoring?that is pretty much only reason I would keep those 2 secured cards open if they can still help me with fico scoring
The reason I was asking was every time I pull an fico score I always get message about not having enough accounts in good standing. I may just let it sit there and report it can't hurt I would assume
I have a secured card I'd love to dump but it's my oldest account and I'd rather pay the AF and keep it SD for another year or so...
At the least keep it until the AF is coming up
At the least keep it until the AF is coming up
Starting Score: EQ 609 EX 570 TU 656 March 2012 CH 7 BK 12/08
@Tuxedo77 wrote:
@mongstradamus wrote:
The reason I was asking was every time I pull an fico score I always get message about not having enough accounts in good standing. I may just let it sit there and report it can't hurt I would assumeSomeone will correct me if I'm wrong, but I think this statement has more to do with the length of time an account(s) has been open and not the number of accounts. I may be wrong though.
Well let's see how this plays out. I am an au on an cap one from 2001. Also hopefully amex will backdate the bcp I just got back to 1995,when I first got an amex charge as an au with my father .
@SunriseEarth wrote:
@mongstradamus wrote:
Right now it doesn't effect util that much,since I am au on few accounts that have around 10k CL. I am just wondering how many non AU accounts does fico like you to have for optimal scoring?that is pretty much only reason I would keep those 2 secured cards open if they can still help me with fico scoringYour number of accounts won't change. Closed accounts will remain on your CRs for 10 years. AFAIK, number of accounts has a relatively low impact on FICO scoring, anyway.
It's possible that FICO also measures open accounts of individual types; there's been reports of needing two installment loans open and active, presumably if it exists there it would for revolving tradelines as well.
That's not a given, though personally it's something I subscribe to, and oddly enough 2+2 equals 4 tradelines, which is the historical number as I understand it for not being a thick file. As always, YMMV.
Personally I still have a secured DCU card which I don't pay an AF on which I may keep around for a while even though I have no use for it except as a payment history farming tradeline.
@Revelate wrote:
@SunriseEarth wrote:
@mongstradamus wrote:
Right now it doesn't effect util that much,since I am au on few accounts that have around 10k CL. I am just wondering how many non AU accounts does fico like you to have for optimal scoring?that is pretty much only reason I would keep those 2 secured cards open if they can still help me with fico scoringYour number of accounts won't change. Closed accounts will remain on your CRs for 10 years. AFAIK, number of accounts has a relatively low impact on FICO scoring, anyway.
It's possible that FICO also measures open accounts of individual types; there's been reports of needing two installment loans open and active, presumably if it exists there it would for revolving tradelines as well.
That's not a given, though personally it's something I subscribe to, and oddly enough 2+2 equals 4 tradelines, which is the historical number as I understand it for not being a thick file. As always, YMMV.
Personally I still have a secured DCU card which I don't pay an AF on which I may keep around for a while even though I have no use for it except as a payment history farming tradeline.
It sounds like safer route would just be to keep the two secured card till at least when the AF rolls around next year. The whole thing with not enough Accounts in good standing is confusing term to me. According to my latest CR pull about an week ago it shows 10 accounts in good standing. I do have one thats an C/O, is the one account thats an c/o causing fico to say i don't have enought accounts in good standing? I have an few amex accounts that are closed now but are in good standing dating back into the 80s, so i am pretty confused what they mean.
@mongstradamus wrote:
@Revelate wrote:
@SunriseEarth wrote:
@mongstradamus wrote:
Right now it doesn't effect util that much,since I am au on few accounts that have around 10k CL. I am just wondering how many non AU accounts does fico like you to have for optimal scoring?that is pretty much only reason I would keep those 2 secured cards open if they can still help me with fico scoringYour number of accounts won't change. Closed accounts will remain on your CRs for 10 years. AFAIK, number of accounts has a relatively low impact on FICO scoring, anyway.
It's possible that FICO also measures open accounts of individual types; there's been reports of needing two installment loans open and active, presumably if it exists there it would for revolving tradelines as well.
That's not a given, though personally it's something I subscribe to, and oddly enough 2+2 equals 4 tradelines, which is the historical number as I understand it for not being a thick file. As always, YMMV.
Personally I still have a secured DCU card which I don't pay an AF on which I may keep around for a while even though I have no use for it except as a payment history farming tradeline.
It sounds like safer route would just be to keep the two secured card till at least when the AF rolls around next year. The whole thing with not enough Accounts in good standing is confusing term to me. According to my latest CR pull about an week ago it shows 10 accounts in good standing. I do have one thats an C/O, is the one account thats an c/o causing fico to say i don't have enought accounts in good standing? I have an few amex accounts that are closed now but are in good standing dating back into the 80s, so i am pretty confused what they mean.
I wouldn't close any card out until roughly a month before an AF hits: might as well take the additional payment history and not start the 10 year clock early.
Take the information listed on the CR's with a grain of salt: I'm not certain they have much more value than the creditor denial reports where they are required to tell you something, but sometimes it's pretty non-sensical. From reading this forum and a few other places, plus my own experience and talking to someone who really should know, the miimums are around 2 revolving / 2 installment. If you have that Noah's Ark of credit building, I wouldn't worry about anything else, assuming those tradelines are in your name. AU accounts are a bit wonky, while they can help, always have your own tradelines as well.