Oh-- OK. I read more carefully and you've already closed Providian. So now it will be very interesting to see what (if any) impact it has. I am as focused on that 800 as you are, Doc. I have sworn to reach it by Jan 1 2003. I am almost at the point that where I have finished tinkering and can do nothing but sit back and wait. Hmmmph. That's no fun. I am still trying to figure out what magical balance FICO really *likes* best. It is clear that Ex truly wants you to owe less than 1K. I'm not sure about FICO. Before I paid off some balances, the simulator told me that paying off more would get me over 800. Now that I've paid them, the highest I can get the simulator to go is 798!
<<Goodbye Providian and Capital One. I'll enjoy cancelling Providian. I'll probably cancel both Cap Ones per MP$40's advice. I will also cancel Target and Citgo. That would make 5 cancellations. With my luck I'll get rid of these five cards and my score will either stay still or go down, LOL. :-/ To stave off the immediate negative impact, I'll take DownNout's advice and cancel only one or two at a time. Thanks! Doc >>>> How can you get rid of these accounts (remove) them after you close them?? Thanks
Re: Providian Patronizing contempt. That describes Providian exactly. There is something inhuman about their corporate culture. They thought they were incredibly clever, and that no one would ever figure them out. Now they're losing their edge and going broke as they so richly desreve. Oddly enough, that makes them feel more superior than ever to anyone who's honest and always pays on time. Congratulations to Doc for giving new meaning to the word freedom. (Personally, I'm nowhere near being free. I would love to get their 15.9% rate myself. But I would realize it was the result of fear or coercion, and would never expect them to be either fair or loyal. After they raised my rate to 30% for no reason, a friend of mine who worked with me at Providian about 10 years ago asked me, "Didn't you realize what kind of people you were dealing with?" I could never feel loyal to them, ever. If they don't meet my needs, I'll cancel with relish.)
Doc, My EQ Fico is now 782. I also get this reason code and I have only 5 bankcards (Juniper, Citi AA, Citi Select, ATT Univ, and FUSA). I don't think closing any of them is the answer. The problem with FICO is that everyone gets a "reason" code, no matter how good your credit becomes. I think after you go above 720 the reasons are truly pulled out of a hat. I don't for one minute believe if I close one of the above 5 that I'll get a boost in score. Because of ratios, I'd probably get a lower score! Mist
I'm really grateful that you reported that Mist. It's part of the data I've been looking for and confirms my suspicion that reason codes in the high 700s are just reedonculous. One day, I'm waiting for the message: Congratulations, Calypso. Your credit is so wonderful that there is nothing you could do to improve it. Way to go! Riiight. Until then, I have to stare at a stupid message from TU which tells me that zero dollars owing is "too high" (Have I mentioned that it drives me insane?? I almost succumbed, like Doc, to their *advice* and reopened my closed Macy's card (bc I also get "not enough retail" with 2) but I ain't gonna do it. I closed my retail cards bc I don't want to use them. Aren't they always preaching "don't open credit that you don't plan to use"??
I have ZERO open retail accounts and I've never seen this reason code. 754 FICO. I agree that the reason codes seem to get shaky on high scoring files.
REASON CODES can be ILLOGICAL because they have to FAKE IT...like too many inquires~~~you have ZERO...OWE TOO MUCH ON STORE CARDS~~~OWE $0.00... Time since most recent MORTGAGE too long~~~your in year 13 of a 30...SO WHAT!!!
