I think you're stuck with this flag for a while, unfortunately. You can try having the CC report $0, but then you might get dinged for not using your revolving credit. 
The formulas "like" to see:
Half or fewer of all open accounts report balances
Fewer than half of all open revolving accounts report balances
At least one revolving account report a balance of 9% or less of its CL
In your case, to work around this scoring issue, you'd need to have 10 open CC accounts to cancel out the 8 SL's which always report balances. (8 SL's reporting balances + 1 CC reporting a balance; 9 CC's without balances.) I didn't have that many installment accounts, but this is one reason why I added a bunch of CC's --I was tired of being hit for "too many accounts with balances."
I really do wish that the formula-writing propeller-beanie types would address this. IMO, SL's in good standing ought to be de-duped. It's not the fault of students that loans are issued a semester at a time.
FWIW, my older daughter went to an engineering school that was on the quarter system. So students there graduate with 12 SL's, rather than 8!
The formulas "like" to see:
Half or fewer of all open accounts report balances
Fewer than half of all open revolving accounts report balances
At least one revolving account report a balance of 9% or less of its CL
In your case, to work around this scoring issue, you'd need to have 10 open CC accounts to cancel out the 8 SL's which always report balances. (8 SL's reporting balances + 1 CC reporting a balance; 9 CC's without balances.) I didn't have that many installment accounts, but this is one reason why I added a bunch of CC's --I was tired of being hit for "too many accounts with balances."
I really do wish that the formula-writing propeller-beanie types would address this. IMO, SL's in good standing ought to be de-duped. It's not the fault of students that loans are issued a semester at a time.
FWIW, my older daughter went to an engineering school that was on the quarter system. So students there graduate with 12 SL's, rather than 8!
@haulingthescoreup wrote:
I think you're stuck with this flag for a while, unfortunately. You can try having the CC report $0, but then you might get dinged for not using your revolving credit.
The formulas "like" to see:
Half or fewer of all open accounts report balances
Fewer than half of all open revolving accounts report balances
At least one revolving account report a balance of 9% or less of its CL
In your case, to work around this scoring issue, you'd need to have 10 open CC accounts to cancel out the 8 SL's which always report balances. (8 SL's reporting balances + 1 CC reporting a balance; 9 CC's without balances.) I didn't have that many installment accounts, but this is one reason why I added a bunch of CC's --I was tired of being hit for "too many accounts with balances."
I really do wish that the formula-writing propeller-beanie types would address this. IMO, SL's in good standing ought to be de-duped. It's not the fault of students that loans are issued a semester at a time.
FWIW, my older daughter went to an engineering school that was on the quarter system. So students there graduate with 12 SL's, rather than 8!
Thanks for the help so far. I actually just applied and was approved for a Kohl's store card to add that to my credit mix. So, as a result, I will have 10 cards reporting when Kohl's starts reporting.
That would help?
NavyLifter wrote:
Thanks for the help so far. I actually just applied and was approved for a Kohl's store card to add that to my credit mix. So, as a result, I will have 10 cards reporting when Kohl's starts reporting.
That would help?
Oh, gosh, yes, I forgot you were the Kohl's applicant!
I thought you were saying that you only had one card. Absolutely: if you can pull it off, just let one of the CC's (doesn't matter which one) report a balance, and see if that helps some. It won't be huge--maybe 5-8 points, would be my guess. You're more likely to see improvement on TU than on EQ, which isn't as fussy on this topic. Well, usually, anyway.