smallfry wrote:
I usually let 3 or sometimes 4 report including my car loan. Tried a little experiment. Yet I hear people say their scores are highest when they let 0 accounts report. Very individual thing I imagine.
The best scores I've gotten were when I had only 1 (out of 5) CC report. Mortgage, HELOC. student loan, one CC out of 8 total open TL's. TU finally had something pleasant to say on that one.
If the magic number is half the open TL's with balances, I'm going to need to pick up one or two more cards before I get a car loan! 
Needless to say my utilization is extremely low between less than 1% and at the very most just shy of 2%. Obviously all the new accounts I picked up the past 12 months have really put a lid on my scores. I have done a lot of pruning the last 3 months combining and closing and outright closing a lot of accounts. If I had to do it again I would have just kept my Cap One card open I think. It would be my lowest available line with 5K and no AF and my oldest open credit card. I was so psyched getting prime cards I got nuts. When ya got a hammer everything looks like a nail.
@haulingthescoreup wrote:
smallfry wrote: I usually let 3 or sometimes 4 report including my car loan. Tried a little experiment. Yet I hear people say their scores are highest when they let 0 accounts report. Very individual thing I imagine.The best scores I've gotten were when I had only 1 (out of 5) CC report. Mortgage, HELOC. student loan, one CC out of 8 total open TL's. TU finally had something pleasant to say on that one.If the magic number is half the open TL's with balances, I'm going to need to pick up one or two more cards before I get a car loan!
.Message Edited by smallfry on 12-27-2007 03:37 PM
As far as I can tell, it's half or under of all your open credit, including loans (and maybe mortgage --Timothy is skeptical on that one), and be sure to let at least one report something. So you should be fine with the 2 or 3.
Always a good idea to keep things simple, or juggling your cards will become a full-time job!
Always a good idea to keep things simple, or juggling your cards will become a full-time job!
@smallfry wrote:Needless to say my utilization is extremely low between less than 1% and at the very most just shy of 2%. Obviously all the new accounts I picked up the past 12 months have really put a lid on my scores. I have done a lot of pruning the last 3 months combining and closing and outright closing a lot of accounts. If I had to do it again I would have just kept my Cap One card open I think. It would be my lowest available line with 5K and no AF and my oldest open credit card. I was so psyched getting prime cards I got nuts. When ya got a hammer everything looks like a nail.
@haulingthescoreup wrote:
smallfry wrote: I usually let 3 or sometimes 4 report including my car loan. Tried a little experiment. Yet I hear people say their scores are highest when they let 0 accounts report. Very individual thing I imagine.The best scores I've gotten were when I had only 1 (out of 5) CC report. Mortgage, HELOC. student loan, one CC out of 8 total open TL's. TU finally had something pleasant to say on that one.If the magic number is half the open TL's with balances, I'm going to need to pick up one or two more cards before I get a car loan!
Message Edited by smallfry on 12-27-2007 03:37 PM
smallfry--If it benefits you, you may want to see if Cap One will re-open your cc. As your oldest open cc, it may help in ave age, ave revolving age, etc. Since the cl was over 5k, was this a platinum card? If so, it certainly wouldn't be viewed as sub-prime.