My Util had gone down to 29% and it was considered "good." Then I applied for 2 cards that allowed me to BT. With the new credit, Util went to 23% but it's now consider "fair." One big change is number of open accounts going from 18 to 20. But half of them are student loans and 2 others are auto! So did opening 2 CCs move me back to "fair" ?
@pi-r-squared wrote:My Util had gone down to 29% and it was considered "good." Then I applied for 2 cards that allowed me to BT. With the new credit, Util went to 23% but it's now consider "fair." One big change is number of open accounts going from 18 to 20. But half of them are student loans and 2 others are auto! So did opening 2 CCs move me back to "fair" ?
accounts w/balance is a metric measured under 'amount of debt' perhaps it has to do with that?
Fair, Good, Very good is just names for FICO score ranges or catagories. Its not for decision making with the names. Its the numbers. If you'd like to talk about movement of your scores by posting them. Then the moves you made can be discussed on how it affects scores. Yes you see a card and its for "Good Credit" to apply. Scores have to fall in that piece of the pie.
@pi-r-squared wrote:My Util had gone down to 29% and it was considered "good." Then I applied for 2 cards that allowed me to BT. With the new credit, Util went to 23% but it's now consider "fair." One big change is number of open accounts going from 18 to 20. But half of them are student loans and 2 others are auto! So did opening 2 CCs move me back to "fair" ?
"Good" and "fair" are not FICO categories, they're just things put in front end user interface software to make things more interesting and engaging. I actually do not know what you mean by "it" when you say "it's now considered fair", so I can't really weigh in on what you are referring to. In any event, I'm guessing you need to wait a month or two to see where the chips fall.
Opening two cards and only getting a drop of like 6% makes me wonder what their limits are and how the individual utilization is and how it shifted on all of your cards. Depending on how it shifted it could be a major or minor reason for score drop in addition to the hits taken by the new credit.
Ok then. Heres FICO and Vantage ranges for all the catagories with scores in the piece of the pie of the catagory. But dont live by Vantage. You had all 3 CRA scores in your siggy. So thats what I went by. FICO.
What I meant was that, on the loading page on myFICO Member Dashboard, it lists different categories (Payment History, Amount of Debt, etc...). Last month, my Util was 29% with 18 accounts with balances and the color for Amount of Debt was Yellow and rating Good. This month, after opening 2 CCs, Util dropped to 23% with 20 accounts with balances now and the color for Amount of Debt is Orange and rating Fair. So the rating went down even with the decrease in Util %. I'm guessing the only reason would be that I upped by accounts with balances to 20.
You just obtained 2 cards. Scores are going to drop. Your AoYA (Age of Youngest Account) was reset back to 0 months. And your (AAoA) took a hit also lowering your average. The colors are really for when you go on sites and they say for certain card apps you should have "good" credit, "fair" credit, ect. No FICO score goes by the comments. Its all scores and the range they sit in for you to see.
Outside of the colors. You have balances on all 20 cards now? Even the new ones? More than 50% reporting a balance dings your scores on avg. Hope you didnt get more cards to get into more debt and to lower util. Not a good thing to have.
I don't have 20 cards. It's a mix of auto and student loans along with credit cards. I recently got new CCs to take advantage of 0% APR balance transfers. One is for 12 and the other for 15 months. I'm not taking using the new cards for spending. It's about saving on interest payments.