@Anonymous wrote:
@SubexistenceYou need to have at least 11 accounts to be in the green. Some people with OCD will need at least 21 to feel better. There's absolutely no reason related to scoring to get at least 11 acounts. I can understand something like 0-3 accounts being in the red but 0-10 doesn't make sense.I mostly agree with what you're saying above, especially with respect to 21+ being ideal according to the CK fluff chart. Again, further manipulation of the member to always believe that "more is better" and with CC ads in your face at all times many people likely just say, "why not?" and apply unnecessarily
In another thread recently, though, I was discussing with TT the FICO negative reason statement, "too many or too few accounts." This statement suggests that having not enough accounts or too many can adversely impact your FICO scores. What these numbers are, though, we are unsure of. TT had estimated that the sweet spot range could very well be in the 10-20 range, where that reason statement may be generated at values below 10 or over 20. That being said, I (and probably TT, too) don't believe that any penalty associated with too many or too few accounts is significant; perhaps it impacts score 5 points or so... but of course, that could be profile-dependent.
Do you think that our binary classification of thin vs thick could be obsolete? Like there could be thin 0-4, thick 5-9, thickest 10-20, too thick 20+. Or do you think the reason that the 10-20 range is not related to thin/thick scorecards
Starting Score: Ex08-732,Eq08-713,Tu08-717
@Anonymous wrote:I suppose most if not all of these CMS providers initiate this type of ploy. I get why they do it, but I'm looking it from a far different angle than the majority. The majority of people that fall prey to these sites are those that have come to them due to being either brand new to credit or in a place of unfavorable credit. That being said, many don't understand the ins and outs yet, so they are perfect targets for these CMS sources to push products on.
I wonder if some of them are prepping for a mortgage and were trying to see their scores.
@Anonymous wrote:
@SubexistenceYou need to have at least 11 accounts to be in the green. Some people with OCD will need at least 21 to feel better. There's absolutely no reason related to scoring to get at least 11 acounts. I can understand something like 0-3 accounts being in the red but 0-10 doesn't make sense.I mostly agree with what you're saying above, especially with respect to 21+ being ideal according to the CK fluff chart. Again, further manipulation of the member to always believe that "more is better" and with CC ads in your face at all times many people likely just say, "why not?" and apply unnecessarily
In another thread recently, though, I was discussing with TT the FICO negative reason statement, "too many or too few accounts." This statement suggests that having not enough accounts or too many can adversely impact your FICO scores. What these numbers are, though, we are unsure of. TT had estimated that the sweet spot range could very well be in the 10-20 range, where that reason statement may be generated at values below 10 or over 20. That being said, I (and probably TT, too) don't believe that any penalty associated with too many or too few accounts is significant; perhaps it impacts score 5 points or so... but of course, that could be profile-dependent.
I have 7 open accounts (5 CC cards, a loan and an AU card) plus two closed ones. Fico says I have "too few accounts with recent payment information" (which probably is referring to open accounts). I got this negative statement every month for over a year - until taking a HP late last year for a CLI. I am clearly missing out on some Fico 8 points because of this (5 points?). Might be costing me 10 points on VantageScore 3.0.
