Too many accounts with balances. New discussion.

[MidnightVoice]

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snookie wrote:

however they MUST report to CRA because there has been activity on my account that month.

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Must?  As in legally required?  So I can sue my local store for not reporting to EX?

[fused]

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jizoe182 wrote:


That's pretty close to what I have. Only my util is higher. Way higher. I'm trying really hard to pay off the LOC I have. But everything else is good.

By the way, how do you like the Amex PIF Gold Card? How does it benefit you? Do you use it all the time? Is there a certain card that is always in your wallet?

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The Amex Gold is fabulous, I use it the most and rack points and convert them to Continental FF miles. For the first year I earn 2 points for every $1 spent, 1.5 points per $1 thereafter. I keep this card, Amex Blue, First Hawaiian gold visa and my FIA Fidelity Plat Visa in my wallet. I rarely use my CITI Dividends, Chase or Macy's.

[Anonymous]

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@fused111 wrote:

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@Anonymous wrote:


That's pretty close to what I have. Only my util is higher. Way higher. I'm trying really hard to pay off the LOC I have. But everything else is good.

By the way, how do you like the Amex PIF Gold Card? How does it benefit you? Do you use it all the time? Is there a certain card that is always in your wallet?

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The Amex Gold is fabulous, I use it the most and rack points and convert them to Continental FF miles. For the first year I earn 2 points for every $1 spent, 1.5 points per $1 thereafter. I keep this card, Amex Blue, First Hawaiian gold visa and my FIA Fidelity Plat Visa in my wallet. I rarely use my CITI Dividends, Chase or Macy's.

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What was your score when you got approved for the Amex Gold? And what did they check?

[fused]

Amex pulled EQ and EX. I can't remember what my scores were...guessing EQ around 770 and EX in the 750's

[Anonymous]

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@fused111 wrote:

Pizza:

I have read similar arguments at CB and CIC, but again I'm not buying it. The reason I have not hit 800 across the board is age and EX. Most of my accounts are less than 2 years old. Besides I will be dead before EX gives me a score over 775.

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@fused111 wrote:

My TLs:

6 open CCs (revolving), 1 PIF Amex Gold card, 1 closed and paid auto $0 balance, 2 open installment loans, 1 closed AU account with a long history. All accounts are in good standing, 0 derogs. Util is 3-4% on all revolving accounts. EX is inaccurately reporting my Amex Gold card and does report two other POSITIVE accounts, thus the lower score.

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In this case you would have to adjust UTL for just 1 cc to match all 6 cc's with balances, pay off the other 5 cc's since you already have 2 open installments and 1 active amex charge. Hey, all you have to do is try it. If you do that and report 4 or less balances and no score increase than that would prove it doesn't happen to everyone. But unless you have tried this you really would not know. Now if you have already tried it then it is ok to say it doesn't effect everyones scores. But I have not heard you say that you have tried it?

[Anonymous]

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fused111 wrote:

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I believe too many balances is an -18 point drop.

[Anonymous]

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@Anonymous wrote:
i have interest in this topic too.

I have 3 installment loans and balances on 2-3 credit cards usually. Is this hurting me? my utilization is less then 1%. Does it really matter then that I have 5-6 accounts with balances?

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I'm not sure still if it is more than 4 of just revolving or if it included installments.

A)Here is something you can try. Put a balance on 5 credit cards, small like $1. See if score drops around 18 points.

B)If score does not drop then maybe installments are included. In that case with 3 installments, only carry a balance on 1 credit card. That would limit you to 4 balances.

I have a feeling it is specific to revolving, but since I had no installments I can not say until someone with installments repeats my test. I started with 3 cc balances open. Then I added another to make 4 balances. No change. I then added my 5th cc and score dropped 18 points. I paid off the other cc's I added (something around 1% utl or less)and score went up 18 points. I repeated this twice. Same effect.

It might be possible that this does not effect everyone, but we won't know that until other people try this experiment. It definitely effected my credit scores instantly.

Message Edited by ilovepizza on 08-14-2007 10:32 PM

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
i have interest in this topic too.

I have 3 installment loans and balances on 2-3 credit cards usually. Is this hurting me? my utilization is less then 1%. Does it really matter then that I have 5-6 accounts with balances?

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I'm not sure still if it is more than 4 of just revolving or if it included installments.

A)Here is something you can try. Put a balance on 5 credit cards, small like $1. See if score drops around 18 points.

B)If score does not drop then maybe installments are included. In that case with 3 installments, only carry a balance on 1 credit card. That would limit you to 4 balances.

I have a feeling it is specific to revolving, but since I had no installments I can not say until someone with installments repeats my test. I started with 3 cc balances open. Then I added another to make 4 balances. No change. I then added my 5th cc and score dropped 18 points. I paid off the other cc's I added (something around 1% utl or less)and score went up 18 points. I repeated this twice. Same effect.

It might be possible that this does not effect everyone, but we won't know that until other people try this experiment. It definitely effected my credit scores instantly.

Message Edited by ilovepizza on 08-14-2007 10:32 PM

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I''m pretty sure it's all types

[Anonymous]

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@fused111 wrote:

Too many accounts with balances = FICO scores of 792, 785, 734. I'm not buying what you're saying!

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If this does effect you, your scores could go as high as 810, 803, 752.

[Anonymous]

I am starting to think I might want to pay off my lowest installment loan as fast as I can. Doing the debt snowball thing. I know it's more prudent to pay off the largest with highest interest rate first, but I lose inspiration to do that as time goes by. I see balances going down, but just not fast enough.

My lowest installment student loan is $3500.00. If I pay it off before the end of the year then I will have just 2 installment loans with balances, and I can afford to report 2 credit cards per month with low balances. That should keep me at a steady 4 accounts with balances. I'm thinking this might be the way to go until the end of the year. It will feel good to have another debt paid in full.

People ask "so what have you been up to?"

"Paying bills" I say