I have 8-10 accounts with balances. Should I transfer all the balances on 2 cards? Will it help my score out? It seems everytime I get a balance on a new account my score goes down. The CRA factors always state my ratios are too much. I have about $32,000 in credit and I owe $8,000. Somebody please help!!!
From what I've read here on the board, and from my own personal experience, scores can be adversely affected by too much overall debt carried on revolving accounts. I'm not sure if carrying most of that debt on one or two cards hurts your scores, but I would imagine that "maxxing out" a card would be detrimental as well. Hope that helps.
My experience has been that we kept the best scores when our utilization was below 50% on any individual card and there were no more than 5 revolving accounts with any balance at all. This seemed to affect EQ more than the others, but having ANY tradeline at over 50% seemed to cause all of them to take a hit. We've been working on this for about 8 months now and have seen the same results more than once. Hope this helps. DemPooches
What are the four rreasons given that your score is not higher? What is the name of the score, and how did you obtain it?
I have posted my Curent TU Credit Report here. My Equifax is the same with a score of 670. Lets see if we can see how I can improve my score?? It says I have too many store cards with balances, but I don't have any balances on store cards. I also don't have anything negative on both reports. SEARS Acnt#: Revolving Account Credit Card Verified date: 09/2002 Balance: $239 Individual Account Opened: 06/2002 Most Owed: $239 Payment Terms: Minimum $10 Closed: Past Due: $0 Credit Limit: $300 Status as of 09/2002: Paid or paying as agreed In prior 04 months from last update, never late -------------------------------------------------------------------------------- MBNA AMERICA Acnt#: Revolving Account Credit Card Updated: 09/2002 Balance: $2643 Individual Account Opened: 08/2002 Most Owed: $3040 Payment Terms: Minimum $58 Closed: Past Due: $0 Credit Limit: $5000 Status as of 09/2002: Paid or paying as agreed In prior 02 months from last update, never late -------------------------------------------------------------------------------- PROVIDIAN Acnt#: Revolving Account Credit Card Updated: 09/2002 Balance: $0 Individual Account Opened: 07/2002 Most Owed: $94 Payment Terms: $0 Paid Off: 08/2002 Past Due: $0 Credit Limit: $1000 Status as of 08/2002: Paid or paying as agreed In prior 01 months from date paid, never late -------------------------------------------------------------------------------- CAPITAL 1 BK Acnt#: Revolving Account Credit Card Verified date: 08/2002 Balance: $0 Individual Account Opened: 11/2001 Most Owed: $194 Payment Terms: $0 Paid Off: 08/2002 Past Due: $0 Credit Limit: $0 Status as of 08/2002: Paid or paying as agreed In prior 10 months from date paid, never late -------------------------------------------------------------------------------- HHLD BANK Acnt#: Revolving Account Credit Card Verified date: 08/2002 Balance: $0 Individual Account Opened: 04/2002 Most Owed: $255 Payment Terms: $0 Closed: Past Due: $0 Credit Limit: $300 Status as of 08/2002: Paid or paying as agreed In prior 05 months from last update, never late -------------------------------------------------------------------------------- WFNNB/VCTRIA Acnt#: Revolving Account Charge Account Verified date: 08/2002 Balance: $0 Individual Account Opened: 05/2002 Most Owed: $212 Payment Terms: $0 Closed: Past Due: $0 Credit Limit: $300 Status as of 08/2002: Paid or paying as agreed In prior 04 months from last update, never late -------------------------------------------------------------------------------- RNB-FIELD3 Acnt#: Revolving Account Charge Account Verified date: 08/2002 Balance: $0 Individual Account Opened: 07/2002 Most Owed: $345 Payment Terms: $0 Paid Off: 07/2002 Past Due: $0 Credit Limit: $500 Status as of 07/2002: Paid or paying as agreed In prior 02 months from date paid, never late -------------------------------------------------------------------------------- RNB-TGTVISA Acnt#: Revolving Account Credit Card Updated: 08/2002 Balance: $872 Individual Account Opened: 07/2002 Most Owed: $872 Payment Terms: Minimum $22 Closed: Past Due: $0 Credit Limit: $1500 Status as of 08/2002: Paid or paying as agreed In prior 01 months from last update, never late -------------------------------------------------------------------------------- BANKAMERICA Acnt#: Revolving Account Credit Card Updated: 08/2002 Balance: $591 Individual Account Opened: 08/2002 Most Owed: $591 Payment Terms: Minimum $10 Closed: Past Due: $0 Credit Limit: $6000 Status as of 08/2002: Paid or paying as agreed In prior 01 months from last update, never late -------------------------------------------------------------------------------- HHLD BANK Acnt#: Revolving Account Credit Card Updated: 07/2002 Balance: $1890 Individual Account Opened: 06/2002 Most Owed: $1890 Payment Terms: Minimum $47 Closed: Past Due: $0 Credit Limit: $2000 Status as of 07/2002: Paid or paying as agreed In prior 02 months from last update, never late -------------------------------------------------------------------------------- HHLD BANK Acnt#: Revolving Account Credit Card Updated: 07/2002 Balance: $53 Individual Account Opened: 07/2002 Most Owed: $53 Payment Terms: $0 Closed: Past Due: $0 Credit Limit: $3500 Status as of 07/2002: Paid or paying as agreed In prior 01 months from last update, never late -------------------------------------------------------------------------------- DISCOVER FIN Acnt#: Revolving Account Cancelled by credit grantor Credit Card Updated: 07/2001 Balance: $0 Individual Account Opened: 10/1997 Most Owed: $0 Payment Terms: $0 Closed: 04/2001 Past Due: $0 Credit Limit: $1000 Status as of 04/2001: Paid or paying as agreed In prior 42 months from date closed, never late -------------------------------------------------------------------------------- UNVL/CITI Acnt#: Revolving Account Credit Card Updated: 04/2000 Balance: $0 Individual Account Opened: 10/1997 Most Owed: $0 Payment Terms: $0 Closed: Past Due: $0 Credit Limit: $500 Status as of 04/2000: Paid or paying as agreed In prior 30 months from last update, never late -------------------------------------------------------------------------------- DILLARD Acnt#: Revolving Account Credit Card Updated: 07/1999 Balance: $0 Individual Account Opened: 10/1997 Most Owed: $0 Payment Terms: $0 Paid Off: 11/1997 Past Due: $0 Credit Limit: $400 Status as of 11/1997: Paid or paying as agreed In prior 01 months from date paid, never late return to top Print your report The following companies have received your credit report. Their inquiries remain on your credit report for two years. (Note: TransUnion consumer disclosure inquiries are not viewed by creditors.) Date Inquiry Type Subscriber Name 09/05/2002 Individual BANKFIRST 09/05/2002 Individual TU CONSUMER RELATIONS 08/28/2002 Individual CAPITAL ONE 08/26/2002 Individual AMERICAN FAMILY INS Via:AMERICAN FAMILY INS. Permissible Purpose = INSURANCE UNDERWRITING 08/13/2002 Individual ANB/CITIBANK SD 08/12/2002 Individual FLEET CC 08/07/2002 Individual MBNA AMERICA 08/02/2002 Individual CHASE MANHATTAN BANK 08/01/2002 Individual MBNA AMERICA 08/01/2002 Individual FUSA 08/01/2002 Individual TU CONSUMER RELATIONS 08/01/2002 Individual GENERATIONS BANK 07/31/2002 Individual CITI CARDS CBSDNA 07/31/2002 Individual AMERICAN EXPRESS 07/31/2002 Individual BANK OF AMERICA 07/31/2002 Individual FNANB/CIRCUIT CITY 07/31/2002 Individual US BANK ****I also have $12,000 in Credit Cards with no balances that are not reporting yet********* Your Credit Score: 618 Minimum Score: 150 Maximum Score: 934 Factor 1: TOTAL ACCOUNT BALANCES EXCLUDING MORTGAGES IS TOO HIGH HIGH ACCOUNT BALANCES HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LOWERING YOUR BALANCES ON THESE ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 2: DEPARTMENT STORE AND CLOTHING ACCOUNT BALANCES ARE TOO HIGH IN PROPORTION TO CREDIT LIMITS CONSUMERS HAVING HIGH BALANCES ON THESE ACCOUNTS IN RELATION TO THE CREDIT LIMITS ARE MORE LIKELY OF FUTURE DELINQUENCY. LOWERING YOUR BALANCES ON THESE ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 3: LENGTH OF TIME OLDEST BANK REVOLVING ACCOUNT HAS BEEN ESTABLISHED IS TOO SHORT LONGER CREDIT HISTORIES PROVIDE MORE PAYMENT BEHAVIOR INFORMATION. CONTINUING PROMPT PAYMENTS OVER A LONG PERIOD OF TIME ON THE SAME ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 4: TOO MANY INQUIRIES EXCESSIVE INQUIRIES ON THE CREDIT REPORT HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF CREDIT APPLICATIONS YOU COMPLETE MAY IMPROVE YOUR CREDIT SCORE.
Why are you spending time evaluating an inconsequential score? If you're going to worry about something, at least make it the TransUnion FICO.
Just noticed that you've opened a lot of revolving accounts this year. Normally, there is at least one "hard" inquiry per account opened. Each hard inquiry can have a detrimental effect to your score. (in my experience, the inquiries are about a 3-7 point hit per inquiry). After the accounts season a bit (about 6 months to a year or so) the inquiries have a minimal effect on the score (again, from my own personal experience). Don't know why the factors listed are showing high debt ratios. But then again, not much the CRAs do makes sense. Good luck!
I had five 6 Accts with Bal . four MAx out scores was 712 TU, then I had 10 accounts with bal score drop to 626. I think accounts with more then six with bal hurts your scores alot, get the ##### of accts down.
Score guy, If your report were mine, here's what I'd do. First of all, take into account which accounts are offering you special promotional rates and take advantage of them...but only up to 49% of the credit line. Assuming everything else is equal I'd balance transfer to get to something like this.... Sears - $0 MBNA - $2450 Providian - $0 Cap 1 - $0 Household - $0 WFNNB/VCTRIA - $0 RNB-FIELD - $0 RNB-TGT VISA - $0 BANKAMERICA - $1463 HHLD BANK1- $950 HHLDBANK2 - $1597 DISCOVER - $0 UNVL/CITI - $0 DILLARD - $0 I think I got the amounts right. In a nutshell, transfer the Target balance to Bankamerica. Transfer to HHbank2 (or just pay off) the other balances as necessary to achieve the results in the list above. Use the BOA card for any additional needs (but don't let it get above $2999) and leave the others alone until all have updated. I didn't know this until the other day, but Household apparently reports your balance as of the 30th of the month, NOT as of your statement date, so you need to plan your timing accordingly. Hope this helps. (Like I said at the beginning, it's what I'd do.) My list is geared toward maximizing your scores. Since I don't know the APRs on your cards, it may cost you some money if you had some good APR deals. DemPooches
Don't want to jack your thread, but which Citi card is this? I have them as a soft on my TU and just wanted to know, so incase I apply for it, I know who they pull. Thanks
