@SouthJamaica wrote:2. I also take issue with "no revolving credit use". I would even take issue with "minimal"; I don't think 30k is minimal
Agreed 100% in terms of dollars, but if we're considering percentage I suppose that could be considered minimal.
@Anonymous wrote:
@SouthJamaica wrote:Of the 9 revolving accounts reporting, 2 are PLOC's, 7 are credit cards.
And of the credit cards that have been reporting a positive balance during the last several months, there has always been at least one with a fairly low credit limit, and which was a card in your name, and which was a true credit card (not a charge card), etc. Correct?
Not sure I understand your question.
I don't have anything that's not in my name.
I haven't had a personal charge card until a few months ago, but that hasn't reported a balance.
Everything has been a credit card in my name or a PLOC in my name.
None of those reporting a balance have especially low credit limits. The lowest would be 10k.
@Anonymous wrote:I'm sure CGID will correct me if I'm wrong, but what I believe he was getting at was not so much that at least one of the revolvers you have a reported balance on has a relatively low limit, but rather not an extraordinarily (say, $35k+) high limit. I believe he's looking to rule out the possibilities here as far as revolving accounts being "ignored" by the FICO algorithm.
Well, as I mentioned above, one of them is a 43,500 account. Also, one of them is a 40k account. But EX seems to be counting them.
@Anonymous wrote:
@SouthJamaica wrote:Well, as I mentioned above, one of them is a 43,500 account. Also, one of them is a 40k account. But EX seems to be counting them.
Right, but aren't some of them [relatively] smaller limits, say $20k or so that there would be no chance of them being excluded by the algorithm?
Yes they're all listed in my signature, in size place. The reporting accounts range from 4500 to 43,500. I don't think any of my accounts are excluded, as near as I can tell.
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@Anonymous wrote:I'm sure CGID will correct me if I'm wrong, but what I believe he was getting at was not so much that at least one of the revolvers you have a reported balance on has a relatively low limit, but rather not an extraordinarily (say, $35k+) high limit. I believe he's looking to rule out the possibilities here as far as revolving accounts being "ignored" by the FICO algorithm.
Well, as I mentioned above, one of them is a 43,500 account. Also, one of them is a 40k account. But EX seems to be counting them.
Unfortunately, whether or not EX is counting them in their report summary has no bearing on what Fico does inside its algorithm. The CRAs don't control the algorithms.
Almost certainly CCs at $35k and above are ignored in Fico 98 (score 2) but not Fico 8. I can't personally speak to PLOCs but, perhaps they are also ignored in Fico 98 but not Fico 8. If you remove charge cards, credit cards at $35k or more, PLOCs and business CCs did you have other revolving CCs still reporting balances?
Also, you seem to be a credit union junkie. If you take away the above and have some CC accounts remaining with balances, are all the remaining CCs through credit unions? If so, perhaps these accounts are somehow coded in a manner that Fico 98 excludes in its algorithm.
The reason to drill down on this as much as possible is the "not using revolving credit" statement on EX Fico 98 (score 2).
Good point about training my mind to pay attention to algorithm, not the CRA's site.
1. I have 3 4 reporting accounts at 35k or above:
(a) credit union cc 43500
(b) bank cc 40000
(c) credit union ploc 40000
(d) credit union cc 40000
2. I now have 1 reporting charge card, but that's recent, and it's only reported zeroes so far
3. I'm never counting the business accounts which don't report to personal.
4. Most of my bank cards are strictly for making purchases, and I just charge stuff and then pay them off before statement cut, the only exception being where there is a promotional rate of some kind that tempts me to carry a balance.
5. Most, but not all, of the balances which report are in credit union accounts.
6. I haven't found PLOC's and credit cards to be treated differently.
I'm going to start focusing more on that FICO 2 reason code "not using revolving credit", and try to sort out whether it's discounting the credit unions. Some support for that can be found in that the code was there one day when my large Chase card with 40k limit, which under your theory is not counted for this purpose, was the only non-credit union account reporting a balance, but then dropped out when a smaller limit Santander Bank credit card popped up reporting a balance.