@fused111 wrote:All those remarks on our cr's are meaningless. I was like you and thought just have a few cards and PIF. I am now a firm believer in the 1-9% util on all revolving TLs. The number of cards is up to the individual as long as they use them responsibly. PIF might demonstrate fiscal responsiblity, but it does not improve your FICO scores. The FICO score simulator and link your referring to are hardly accurate too.
@Anonymous wrote:
@Tuscani wrote:I woulnd't agree with that. What leaves you to believe this is true?
@Anonymous wrote:
While many of us have different opinions on the magic number I think we all agree using more than 4 at a time will lower your score. While you might have many, limit use to 4 or less when pulling your credit scores.
Too many cards with balances (CODE 05). That was always a neg on my scores until I reduced the number of cards with balances. I moved the balances to limit how many were in use. Negative message disappeared and was replaced with Length of time.... not long enough.
That and the FICO calculator on bankrate.com also shows fewer balances help.
link http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29
Has this changed? Does it no longer matter how many cards have balances?
I added small balances recently to 2 more cards.
Before I had 3-4 cards with 35% UTL. All other cards at $0.
Change. Now I have 6 cards at under 35% UTL. All other cards at $0.
Score change after putting balances on 2 more cards. -18 points.
Short term history of my credit.
I had several large balances that I have been paying off over months. Balances are reduced each month. I have limited use to just 3-4 credit cards, three months ago to try to raise score. I have been charging new debt but paying off much more than I charge. In 2/2007 I got a new credit card. So there is my history in case there is something there that would otherwise explain this -18 point drop.
Note.. The tiny $$ balances were less then $20 combined (less than 1% UTL.)
-------------------------------------------------------------------
SCORE POWER MESSAGE:
New negative factors hurting your score
You have 1 new problem(s) hurting your score:
The time since your most recent account opening is very recent
A decrease in your FICO® score happened on the same day as a change on your Equifax Credit Report™ which triggered an alert.
Most likely, the decrease was caused by the credit report change, but this is not always the case. Your score may have dropped because of some change on the credit report that was not reported as an alert. Also, if multiple changes on the credit report happened on the same day, some may have helped the score while others hurt it.
I have not added a new card in months!
Then there is more!!! My tiny $$ tests to see what happens.
06/xx/2007 Balance Amount Increase Balance has increased by $x
06/xx/2007 Balance Amount Increase Balance has increased by $xx
---------------------------------------------------------------------
It "seems" (but might not be) that my credit card was the factor in loosing -18 points. Can going 3 months with out using a credit card then using it drop your score -18 points while there has been other activity but on different cards?
PS. No new inquiries. Balances only going down. Every month there are new small charges on cards with balances. (except 2 cards that showed $0 now have tiny $$ debt) No new credit for months.
I paid off the tiny $$ debt on the 2 cards to see if my score will rise back up +18 points next month. I don't know what to make of this. If my score rebounds then it had to do with these 2 cards.
PPS. ScoreWatch did not state that I had too many cards with balances. Instead it gave hardly no reason at all as seen above. Since there was no reason posted, it very well could be something else that caused the -18 point drop. Please post any opinions. Thank you.
UPDATE 6/18/07: I paid the tiny $$ balances in full and faxed in proof of payment to the CRA. It will update in a few days reflecting these 2 cards back to a $0 bal. Waiting to post results.
UPDATE 6/20/07: Would you believe I am having trouble getting the CRA to update the information? No that could not happen. lol. I might need a few more days. I only hope ScoreWatch reacts to the update quickly.
UPDATE 6/21/07: I just forced the update. Waiting for the scorewatch server to pull report to reflect score change. This can take many days since Eq seems to me to be having problems last and this week.
I could pull a ScorePower, but rather wait a few days and save $10.I was beginning to feel like thin crust pizza!
OK I WILL CONFIRM (and I only know this for my credit profile) MY SCORE JUST WENT UP +18 POINTS!!!! EXCEEDING 4 CARDS WITH BALANCES DOES (at least for my profile) DECREASE SCORE!!!!!
One of the most common negative factors I get when I pull my credit reports is too many cards with balances. I think these messages are LEGIT! I took that advice and have been limiting to 4 cards when I carry large balances or High UTL. Since I heard otherwise here, I felt like I needed to test this in case Fair Isaac's changed this. (They can change stuff like that from time to time) My test results are in and NOW fact as of 6/2007. And maybe it will be different on their next FICO model release? Maybe they will allow more? Maybe it works, why change it? It is "NOT A SECRET" if they list it as a TOP NEGATIVE FACTOR when we buy our scores. I am excited. I LOVE TESTING THINGS AND LEARNING FACTS.
I would like to know if other people find this to work for them too? Maybe all of our credit reports act differently? This is why from now on I say WORKED FOR ME, because until I see many people with different credit reports have similar actions, I don't know. Please post your findings.
SCORE WATCH REFLECTS SMALLER SCORE CHANGES WEEKLY (EQ says. Daily monitoring is for the SCORE TRENDING CHART.) If you hit a score on the TRENDING CHART it updates RIGHT AWAY DAILY. If not then WEEKLY. :-) See it does work from what EQ says. I have found so many ways to get Score Watch to report FASTER. I should post more about the product and what I have learned... Later, different subject. Tweeking out ScoreWatch makes it work faster and better. I will try to educate on another thread what I've learned about SW. Anyway!
4 cards with balances is better than 6 cards with balances. FACT (at least for my profile)
Message Edited by ilovepizza on 06-22-2007 10:53 AM
Test it. It's easy. Find a few credit cards that report on different days. Place tiny charges on each one. Over the course of a week you should have a few different scores as they report seperately. Start with 0 bal on all credit cards. You will find the perfect %. If scores go up you are in the zone. When they drop back down, you are over the zone. Please post % of what you find. Thanks.
Please post % of what you find. Thanks.
@Anonymous wrote:
Test it. It's easy. Find a few credit cards that report on different days. Place tiny charges on each one. Over the course of a week you should have a few different scores as they report seperately. Start with 0 bal on all credit cards. You will find the perfect %. If scores go up you are in the zone. When they drop back down, you are over the zone.
Would you be talking about Score Watch score changes? I think this might take a bit longer than that for me to do now. I've added a ton of lines to my report. Most haven't even reported yet. I most likely won't get a handle on this till early next year. My available credit is up by a factor of 8 times.
@Anonymous wrote:
@fused111 wrote:All those remarks on our cr's are meaningless. I was like you and thought just have a few cards and PIF. I am now a firm believer in the 1-9% util on all revolving TLs. The number of cards is up to the individual as long as they use them responsibly. PIF might demonstrate fiscal responsiblity, but it does not improve your FICO scores. The FICO score simulator and link your referring to are hardly accurate too.
@Anonymous wrote:
@Tuscani wrote:I woulnd't agree with that. What leaves you to believe this is true?
@Anonymous wrote:
While many of us have different opinions on the magic number I think we all agree using more than 4 at a time will lower your score. While you might have many, limit use to 4 or less when pulling your credit scores.
Too many cards with balances (CODE 05). That was always a neg on my scores until I reduced the number of cards with balances. I moved the balances to limit how many were in use. Negative message disappeared and was replaced with Length of time.... not long enough.
That and the FICO calculator on bankrate.com also shows fewer balances help.
link http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29
Has this changed? Does it no longer matter how many cards have balances?
I added small balances recently to 2 more cards.
Before I had 3-4 cards with 35% UTL. All other cards at $0.
Change. Now I have 6 cards at under 35% UTL. All other cards at $0.
Score change after putting balances on 2 more cards. -18 points.
Short term history of my credit.
I had several large balances that I have been paying off over months. Balances are reduced each month. I have limited use to just 3-4 credit cards, three months ago to try to raise score. I have been charging new debt but paying off much more than I charge. In 2/2007 I got a new credit card. So there is my history in case there is something there that would otherwise explain this -18 point drop.
Note.. The tiny $$ balances were less then $20 combined (less than 1% UTL.)
-------------------------------------------------------------------
SCORE POWER MESSAGE:
New negative factors hurting your score
You have 1 new problem(s) hurting your score:
The time since your most recent account opening is very recent
A decrease in your FICO® score happened on the same day as a change on your Equifax Credit Report™ which triggered an alert.
Most likely, the decrease was caused by the credit report change, but this is not always the case. Your score may have dropped because of some change on the credit report that was not reported as an alert. Also, if multiple changes on the credit report happened on the same day, some may have helped the score while others hurt it.
I have not added a new card in months!
Then there is more!!! My tiny $$ tests to see what happens.
06/xx/2007 Balance Amount Increase Balance has increased by $x
06/xx/2007 Balance Amount Increase Balance has increased by $xx
---------------------------------------------------------------------
It "seems" (but might not be) that my credit card was the factor in loosing -18 points. Can going 3 months with out using a credit card then using it drop your score -18 points while there has been other activity but on different cards?
PS. No new inquiries. Balances only going down. Every month there are new small charges on cards with balances. (except 2 cards that showed $0 now have tiny $$ debt) No new credit for months.
I paid off the tiny $$ debt on the 2 cards to see if my score will rise back up +18 points next month. I don't know what to make of this. If my score rebounds then it had to do with these 2 cards.
PPS. ScoreWatch did not state that I had too many cards with balances. Instead it gave hardly no reason at all as seen above. Since there was no reason posted, it very well could be something else that caused the -18 point drop. Please post any opinions. Thank you.
UPDATE 6/18/07: I paid the tiny $$ balances in full and faxed in proof of payment to the CRA. It will update in a few days reflecting these 2 cards back to a $0 bal. Waiting to post results.
UPDATE 6/20/07: Would you believe I am having trouble getting the CRA to update the information? No that could not happen. lol. I might need a few more days. I only hope ScoreWatch reacts to the update quickly.
UPDATE 6/21/07: I just forced the update. Waiting for the scorewatch server to pull report to reflect score change. This can take many days since Eq seems to me to be having problems last and this week.
I was beginning to feel like thin crust pizza!
OK I WILL CONFIRM (and I only know this for my credit profile) MY SCORE JUST WENT UP +18 POINTS!!!! EXCEEDING 4 CARDS WITH BALANCES DOES (at least for my profile) DECREASE SCORE!!!!!
One of the most common negative factors I get when I pull my credit reports is too many cards with balances. I think these messages are LEGIT! I took that advice and have been limiting to 4 cards when I carry large balances or High UTL. Since I heard otherwise here, I felt like I needed to test this in case Fair Isaac's changed this. (They can change stuff like that from time to time) My test results are in and NOW fact as of 6/2007. And maybe it will be different on their next FICO model release? Maybe they will allow more? Maybe it works, why change it? It is "NOT A SECRET" if they list it as a TOP NEGATIVE FACTOR when we buy our scores. I am excited. I LOVE TESTING THINGS AND LEARNING FACTS.
I would like to know if other people find this to work for them too? Maybe all of our credit reports act differently? This is why from now on I say WORKED FOR ME, because until I see many people with different credit reports have similar actions, I don't know. Please post your findings.
SCORE WATCH REFLECTS SMALLER SCORE CHANGES WEEKLY (EQ says. Daily monitoring is for the SCORE TRENDING CHART.) If you hit a score on the TRENDING CHART it updates RIGHT AWAY DAILY. If not then WEEKLY. :-) See it does work from what EQ says. I have found so many ways to get Score Watch to report FASTER. I should post more about the product and what I have learned... Later, different subject. Tweeking out ScoreWatch makes it work faster and better. I will try to educate on another thread what I've learned about SW. Anyway!
4 cards with balances is better than 6 cards with balances. FACT (at least for my profile)
Message Edited by ilovepizza on 06-22-2007 10:53 AM
SWEET! I confirm on my profile it had this score action. For my profile it is now FACT.
How did I do?
OK NOW I NEED OTHER PEOPLE TO TRY THIS TO SEE IF THIS GETS THEIR SCORE HIGHER! Please repost here what happens. You will need to wait at least 7 days after your credit report updates to know for sure, what and if any effect, this had on your score.
THANK YOU. Please repost your findings.
Less than 4 cards with balances. GOOD
More than 6 cards with balances. BAD
5 cards, not sure, but think it is the same as 6.
Message Edited by ilovepizza on 06-22-2007 11:02 AM
I confirm on my profile it had this score action. For my profile it is now FACT.How did I do?
OK NOW I NEED OTHER PEOPLE TO TRY THIS TO SEE IF THIS GETS THEIR SCORE HIGHER! Please repost here what happens. You will need to wait at least 7 days after your credit report updates to know for sure, what and if any effect, this had on your score.
THANK YOU. Please repost your findings.
Less than 4 cards with balances. GOOD
More than 6 cards with balances. BAD
5 cards, not sure, but think it is the same as 6.
Message Edited by ilovepizza on 06-22-2007 11:02 AM
ilovepizza wrote:.
Less than 4 cards with balances. GOOD
More than 6 cards with balances. BAD
5 cards, not sure, but think it is the same as 6.
There are people with more than 3 credit cards? Wow!!
I am "NOT STATING" Having more than 4 credit cards is bad. I "AM STATING" Using more than 4 credit cards that report balances hurt my FICO score. Oh I have many many credit cards. It's not how many you have, it's how many you use at one time! (For at least my credit report) Need other people to post their findings. Might be different for other people?
Oh I have many many credit cards. It's not how many you have, it's how many you use at one time! (For at least my credit report) Need other people to post their findings. Might be different for other people?