credit report q

[thrasher865]

I seem to remember thinking that anything under half of your accounts with balances was acceptable.  Is that not correct?  I have 5 revolving accounts, and one carries a balance.  I accidentally let the card I use as a charge card report a balance, and so 2/5 accounts show a balance and one of the negative factors on my myfico report is that I've got too many accounts showing balances.  I pulled my report because I wanted to know what my score was, but I wanted to know more long-term what it was, not what it was right now because I accidentally let a card report.

Can anyone give any insight as to approximately how much this could be hurting the score?  I know my main delimma is that I've got 4 new accounts in the past year

It also says I've made heavy use of my revolving credit, which is 14.6%  How much benefit could there be to paying it under 10%.  I'm just looking for help with ballpark figures, because I'm trying to decide if I should pull another report next month, and pay down a little extra debt this month to get it under 10% with only one account reporting a balance. 

The score was 720 and it was an Experian report, if that helps.

Thanks

[Anonymous]

This may not help you much, but I got an alert today from EQ that my score dropped due to too many accounts with balances. Out of 30 accounts, 4 now show a balance.

I also get fussed at on TU FICO if I have more than 3 revolver's with a balance. I only have one installement and that is an auto loan. The rest are all cc's.

If you can get that 14% under 10% you should see some increase.

[haulingthescoreup]

thrasher, your scores are now high enough that you're getting dinged even when you're under half. The basic guideline is:

--half of fewer of all open TL's (tradelines), including mortgage, loans, etc.
--fewer than half of all open revolving TL's (essentially credit cards)
--at least one revolving reporting a small balance.

Out of 14 open accounts, 3 of which are a mortgage, a car loan, and a HELOC reporting as mortgage/ installment, I'm OK with one CC reporting a balance on TU and two CC's with balances on EQ and EX. So that's 4 or 5 out of 14.

Generally those with scores in the 600's can get away with more accounts reporting, but I lost 13 points (I think it was) on EX when 3 cards reported. grrrr.....

[thrasher865]

hey htsu, haven't talked to you in a while

That's unfortunate I get punished more, but I won't need a good score for another year or so anyway.  I think my revolving balance had better be zero by then, and my newest accounts will be a year and a half old by then.