number of accounts with balance

[smallfry]

OP you seem to be doing the best you can do. As Robert said the car loan is minor though the installment history helps. Letting 1 card report under 9% of the balance is the best practice. Seems like all you need is time for your history to improve. Don't miss any payments on anything and in time you will be well over 760.

[Anonymous]

Aparently leting one card report a balance is not good enough for TU because when I had two report a balance it was listed as a positive on my profile yet 1 one was not listed as positive or negative (it's obviously a negative but was not listed because I had other three negatives that outweighs the number of accounts with balances. This is my dilema now:

I just pulled my credit score today (july 24, 2011) and to my dismay I've lost 13 points eventhough I was looking for a credit increase that will put me in the 700s because Credit Card 2 has been zeroed from $80. I'm currently scored at 687 a drop from 699 just 4days ago on July 20, 2011 when credit card 2 had $80 reporting. Nothing else reported within this period because credit card 2 is my last card to report for the month. There's been no additional  inquiries atleast not on TU. My question to the Experts or Myfico is how does one lose 13points for paying one account to zero? We're talking about 2 accounts with balance as opposed to 3 accounts. I'm in the process of shopping for a mortgage and my Credit Union wants me to have a Mid of 700. PSECU FICO has my experian at 709 for over 4months so it's of no use to me as I know I've had too many changes. Equifax has me flactuating between 690 and 696 i'm yet to hit 700 no matter how I fine tune my profile. I have no hope with equifax now because I have two many inquiries some will be falling of in August. Does it fall of by the day the inquiry took place or the month?

Company	Balance	Status	Negative Indicator? [?]
Credit Card 1	$480	Paid or paying as agreed	No
Credit Card 2	$0	Paid or paying as agreed	No
Credit Card 3	$0	Paid or paying as agreed	No
Credit Card 4	$0	Paid or paying as agreed	No
Charge Card1	$0	Paid or paying as agreed	No
Charge Card 2	$0	Paid or paying as agreed	No
AutoLoan 1	$15,782	Paid or paying as agreed	N

I really need to apply for a mortgage soon and 700 is what my CU is asking for to get a competitive rate.

[Booner72]

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@Anonymous wrote:

Aparently leting one card report a balance is not good enough for TU because when I had two report a balance it was listed as a positive on my profile yet 1 one was not listed as positive or negative (it's obviously a negative but was not listed because I had other three negatives that outweighs the number of accounts with balances. This is my dilema now:

I just pulled my credit score today (july 24, 2011) and to my dismay I've lost 13 points eventhough I was looking for a credit increase that will put me in the 700s because Credit Card 2 has been zeroed from $80. I'm currently scored at 687 a drop from 699 just 4days ago on July 20, 2011 when credit card 2 had $80 reporting. WHAT IS THE LIMIT ON THAT CARD WITH 80.00 BALANCE?  Nothing else reported within this period because credit card 2 is my last card to report for the month. There's been no additional  inquiries atleast not on TU. My question to the Experts or Myfico is how does one lose 13points for paying one account to zero? It shouldn't have dropped for paying it to zero that much, i don't think at least.  Maybe it was the inquiry from the new card.  We're talking about 2 accounts with balance as opposed to 3 accounts. I'm in the process of shopping for a mortgage and my Credit Union wants me to have a Mid of 700. PSECU FICO has my experian at 709 for over 4months so it's of no use to me as I know I've had too many changes. Equifax has me flactuating between 690 and 696 i'm yet to hit 700 no matter how I fine tune my profile. I have no hope with equifax now because I have two many inquiries some will be falling of in August. Does it fall of by the day the inquiry took place or the month?Inquiries won't "fall off" until 2 years.  They stop being scored by FICO after they hit the one year mark.  Ive read llecs (a moderate here) say many times that inquiries are "overrated" in terms of how much they affect your score.  It should be minimal.

Maybe you should apply elsewhere for your mortgage.  i'm getting a GREAT RATE 4.62% (or there abouts) with my craphole scores.

Company	Balance	Status	Negative Indicator? [?]
Credit Card 1	$480	Paid or paying as agreed	No
Credit Card 2	$0	Paid or paying as agreed	No
Credit Card 3	$0	Paid or paying as agreed	No
Credit Card 4	$0	Paid or paying as agreed	No
Charge Card1	$0	Paid or paying as agreed	No
Charge Card 2	$0	Paid or paying as agreed	No
AutoLoan 1	$15,782	Paid or paying as agreed	N

I really need to apply for a mortgage soon and 700 is what my CU is asking for to get a competitive rate.

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[Anonymous]

The card reporting 80 has a limit of 2000. The card with 480 has a limit of 8000.  As of July 20th my score was 699 with everything the same except with the 80 reporting as a balance as well as the 480 which puts my total account with balance at 3(including the auto). I haven't had any inquiries on TU for awhile. You're right about the inquiries it falls of after 2yrs i was more talking about scoring. Well I'm looking at the Austin, TX area which bank gave you such a good deal? I'm wary about the big banks as they give you great deal with one hand and take it with the other hand as soon as you're lured in. As for the impact of inquiries to me it's a big deal in that losing a couple of point can put you out of a mortgage/auto loan cut of group. Thanks again for your help. I will probably call up myfico tomorrow I really need to figure this out before my next balances report cuz I can certainly have 80 report on the 2000 card.

[Booner72]

First off, I apologize - I just now read your entire post rather than just the post you posted today.  I'm so sorry your score tanked, and after waiting all this time for it to hit!! Just yesterday I ran DH and he got the "ding" for not using credit, even though the AU card he has reports a 25.00 balance.  

Secondly -- Don't you think it is extremely likely that the TU score from here is NOT what the bank is using?

Thirdly:  I went to "academy mortgage" she is a smalltown girl w/ one small office but I believe the company is from Maryland.  She said the bank they use is "fannie."

I know that doesn't help much.  But if you want you can PM me and I will give you their 1 800 # or whatever I can find and see if they have someone in TX.  Regardless of that,  I bet you 15 points that you can get approved TOMORROW if you shop around.

Good Luck!

[Booner72]

PS:  I don't believe she lured me in and then is going to hit me with fees.  She used the GFE and stands by it.  She wasn't going to charge me for the rapid rescore, and she is paying the extra money for the rush appraisal.  I'm fairly certain they are using "guidelines" because she is on the up and up, I am sure.

[Walt_K]

Do you know anyone with a card with very long history of perfect payments who keeps a $0 balance or low balance?  If your parents, spouse, friend, etc. could add you as an authorized user, you might be able to pick up the few points you need by improving your Average Age of Accounts.  Maybe try to add one or two such cards for a boost to age?