Question about FICO scoring reason codes

[jello77]

At top of this forum section is a post about FICO scoring reason codes that links to a list of all the possible things that can affect your score.

Reason code 24 is for "no recent revolving balances"

Reason code 29 is for "no recent bankcard balances"

What's the difference between these?  Does bankcard balances refer to those credit cards such as Visa Signature with no pre-set spending limits and so are not considered "revolving"?

[Anonymous]

Hi jello,

Good question.

Reason Code 24 - indicates no recent revolving loan activity.  (That means we're failing to demonstrate responsibility in managing credit).

Reason Code 29 (Exp & TU only) - indicates there are no recent bank or national credit card company revolving balances.  (That means we're failing to demonstrate responsibility in managing debt from a "quality" lender).

If I let an occasional balance report on my store card, I'm satisfying Reason Code 24.

If I let an occasional balance report on my USBank Visa, I'm satisfying Reason Code 24 and 29.

Which is why it's a good idea to make sure you have at least one bank/national credit card company revolving account - and that it shows some activity.

If all my revolving accounts are store cards, I will not be able to satisfy Reason Code 29 (and a few other Reason Codes, as well).

Hope that's helpful.