At www.abiworld.org there is an article about the massive marketing effort from cc companies but, consumers are turning them away. Maybe a piece of the FICO puzzle. They say the average consumer only uses 22% of there available credit limit.
Good article, thanks. I'm not sure what you mean about "FICO factor" - that consumers don't want inquiries or more accounts on their reports? I think that's true in part. I also think the bk bill has a lot to do with it. I believe a lot of people are getting off that limb they've crawled out on, and others aren't as eager to go there as they used to be. I know I am only accepting increases in the CL's I already have, and I am not using much of it. It looks real good on my reports, though. Down the road, I think the new bk law will have a wider effect. Consumers are beginning to slow down their spending, if the news reporters are correct. That is going to have a ripple effect on the economy overall, slowing things down more and more. I have always been optimistic about the economy in this coutry, but not right now. Consumer spending has been the only thing fueling any economic recovery, and they (we) are apparently not willing to continue under the current circumstances. Of course I could be wrong, we'll see, I guess.
Breeze, I just meant with the average consumer utilizing 22% of available credit that usage rates above that number might be a scoring factor. This is the first time I can recall seeing a solid number. None of this "about 20 or 25%."
Breeze, I agree with your comment about our spending fueling the economy. Right now, I am on a mission to pay down all credit cards, and not purchase anything unnecessary. They keep saying that things are getting better, and we are coming out of a recession, but the actual data that I am seeing tells a different story!
