system is flawed

[Anonymous]

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@dunn2500 wrote:

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@Anonymous wrote:

I know everyone on this forum is all about credit cards and such, but I always offer up my personal example of being someone that had just 1 CC for 15 years.  My Fico scores for the better part of that time period were in the 790-800 range and I was approved for each of the 5-6 loans or so that I applied for during those years at the best possible rates.  Yes there is something to be said about file thickening, diversification and so on, but one can still be credit-successful with just 1 open revolver.

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 I have a friend who has just 1 CC and auto loan.....780ish score......ill get the 3 total but lots of inquiries right now so let it cool off.....

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+1

My mother only had 1 closed old CC and multiple closed installment loans - only 1 open installment loan and I think 1 inq on 1 bureau and was mid to high 700s across the board. Something is said for not only thick files with active products, but age itself, even woth closed accounts.

[Anonymous]

For sure.  I like to play devils advocate on the subject, because on this forum it's very rare to hear someone say "it's ok" to just have 1 CC.  The narrative usually becomes shoot for 3 minimum, 5 for maximization purposes.  I get the reasons why for hardcore Fico junkies, but let's be honest the majority of the world aren't hardcore Fico junkies

That being said, I do see the benefits of having more than just 1 card and as a result I've accumulated a handful since 2016 when I decided add more after a decade and a half.  I'd say I do it 80% for the rewards, 19% for the security of not having all my eggs in 1 basket and 1% for my Fico scores.  Even with those reasons above (mostly rewards), I'd say I only marginally prefer a handful of cards over just 1.  I find the managing of more than 1 card to be annoying the majority of the time and often do miss the simplicity of just 1 revolver to think about.  

[dunn2500]

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@Anonymous wrote:

For sure.  I like to play devils advocate on the subject, because on this forum it's very rare to hear someone say "it's ok" to just have 1 CC.  The narrative usually becomes shoot for 3 minimum, 5 for maximization purposes.  I get the reasons why for hardcore Fico junkies, but let's be honest the majority of the world aren't hardcore Fico junkies

That being said, I do see the benefits of having more than just 1 card and as a result I've accumulated a handful since 2016 when I decided add more after a decade and a half.  I'd say I do it 80% for the rewards, 19% for the security of not having all my eggs in 1 basket and 1% for my Fico scores.  Even with those reasons above (mostly rewards), I'd say I only marginally prefer a handful of cards over just 1.  I find the managing of more than 1 card to be annoying the majority of the time and often do miss the simplicity of just 1 revolver to think about.  

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exactly........and really i would probably spend more just to get points so it would be a wash in the end...but yeah security is a good thing and i will get more just now have too many inquries and just got shot down for 3 cards cpl mnths back ( my mistake for trying to get best cards) so.....I dont want this to be full time job and the algorithm still perplexes me.....is there a way to dispute pts loss or ?.....I worked hard to get my score to where it was and pisses me off to see 40-60pts just vanish.......what info would one need to figure it out? cuz afaik refi was only difference.....

[Anonymous]

No, you can't dispute a point loss.  You can dispute credit report information if you feel that it isn't accurate.  Your scores come only from the use of your credit report data, so if your scores are changing your report data is changing. 

Really all you can do is compare each and every account line by line on your "before" and "after" reports to see what differences exist.  Whatever they are, one or some combination of them resulted in your score shift.