Understanding my Credit?

[eddymvp]

I just ordered an equifax credit report in here and I'm confused on the understanding your credit score section.

The 4 negative items I have are:

1. Serious Delinquency.

2. Short Revolving History.

3. Bad Payment History.

4. Account with balances.

Helping my score:

1. Bill pay on time recently.

2. Low credit usage.

On the negative side aren't 1 and 3 the same and why are they twice in there and also that is the opposite of 1 in helping my score.

My Credit report says I have 12 accounts with balances. Below is the break down:

3 Student Loans.

1 Mortgate.

2 Car loans.

1 Store Cards

5 Credit Cards

How many accounts do I need balances on so it doesn't affect my scores, I also have a few of inactive cards that I have not used in a couple of years.

[llecs]

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@eddymvp wrote:

How many accounts do I need balances on so it doesn't affect my scores, I also have a few of inactive cards that I have not used in a couple of years.

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Ideally, less than half should have a balance. More $0 balances the better, though leave at least one CC with a balance. In other words, don't make all of your $0 balances CCs.

If a CC hasn't updated in months/years, and there are no dates indicative within the TL that it had been used or updated, then you might want to use it if it is still open. Just buy a cup of coffee and PIF. After a time, inactive cards aren't fully scored from what I understand.

[laz98]

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@llecs wrote:

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@eddymvp wrote:

How many accounts do I need balances on so it doesn't affect my scores, I also have a few of inactive cards that I have not used in a couple of years.

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Ideally, less than half should have a balance. More $0 balances the better, though leave at least one CC with a balance. In other words, don't make all of your $0 balances CCs.

If a CC hasn't updated in months/years, and there are no dates indicative within the TL that it had been used or updated, then you might want to use it if it is still open. Just buy a cup of coffee and PIF. After a time, inactive cards aren't fully scored from what I understand.

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Does it hurt you once you use them again?  Kind of a darned if you do, darned if you don't?

[llecs]

The only downside would be an impact to util.

[RobertEG]

Serious/major delinquencies refers to those that have reached 60+ days,collections, charge-offs, and PRs.  Just one will do it.

Bad payment history includes all lates, even minor 30 lates.  The number and severity.  A broad generalization.

I would assume that, in referring to accounts with balances, they are not referring to a lack thereof, but rather a high percentage of revolving accts reporting a balance.

Kinda vague.....