So I take the advice here on the forums and pay down most of my balances on my 13 cc accounts. I now only have a 46% util on four remaining cc accounts, so I run my fako scores on true credit and here's what it says to improve:
- There are too many bankcard accounts on your credit report. [TransUnion, Experian] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.
- There are too many personal finance accounts on your credit report. [TransUnion, Equifax] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.
What about the people with 72 ccs and 10s of thousands of dollars in available credit?
What even is a personal finance acct? I only have one signature loan.
- Your installment account balances are too high in comparison with your credit limits. [Experian] Having credit available to you is a sign that you are able to manage your finances responsibly. Lenders like to see that consumers have a large amount of credit available to them, but not so much that they could spend more than they could afford to pay back. If you currently have multiple accounts open with high balances, try reducing your balances below 35 percent of your limits. If you do not have many open accounts, consider opening a new credit account or asking your creditors to increase your limits.
So much for installment accounts not really having that much impact on your score.
I'm not sure about all this. I'm really beginning to wonder about all this fico stuff.
I don't have a household finance. I have no finance companies. I only have a credit union signature loan and two car loans.
I was told before I needed to increase my credit mix, so i got a gas card, a sears card and an amex card. Unfortuantely, that tanked my score by 45 pts so far.
Anyway...I still don't get it. I know the scores are fako but they don't just make up the stuff.
I just don't know.