maximizing FICO

Discussion in 'Credit Talk' started by FoolEugene, Apr 16, 2001.

  1. FoolEugene

    FoolEugene Member

    I am interested in this, and I am excited every time I come accross some reliable information. To distinguish it from noise, I have to ask some questions:

    What is the source of the information, or how have you come to the conclusion that...

    GEORGE: "one inquiry is better than zero"?

    GEORGE: "closing too many credit card accounts too fast hurts your score"?

    LizardKing: maximum FICO is achieved with "four major cards plus one store card"?

    Please be advised that I am requesting a "validation"; that is, competent evidence that you have given us some valid information.
  2. Saar

    Saar Banned

    In that case I'd better answer quickly. I would do it right now, since I don't want to "SUFFER THE CONSEQUENCES" :)

    The first and third statements are directly supported by FICO-FTC conference presentation.

    The second is true in some ways. We have no evidence to suggest that closing many acounts per se would lower your score. All we know is that it may adversely affect your ratio of debt-to-avialble credit, thus indirectly lower score.

  3. numnuts20

    numnuts20 Well-Known Member

  4. numnuts20

    numnuts20 Well-Known Member

    # of revolving trades outstanding at 1 or 2 (Does this mean carrying a balance on 1 or 2 of your 5 cards?)

    I would venture to guess yes

    Having 3 positive tradelines that report paid as agreed with no lates---Does this mean credit card accounts?or other tradelines

    Note:now that we are allowed to buy and see our Beacon scores Fair Isaac Co has released a new set of FICO scores!

    also even though uses many variables not included in credit report it was only 2 points off from my actual Beacon.
  5. numnuts20

    numnuts20 Well-Known Member

    bet a chase card for $10,000 credit limit is one of them....since your credit is building up are you concerned about fraud?

    F eel
    I nsecure
    C ause
    O thers could assume ID?
  6. numuts20

    numuts20 Guest

    ID fraud...if you search my previous post my second and third ones was concerning this I signed up for a credit monitoring service.
  7. FoolEugene

    FoolEugene Member

    numnunts20, thanks. Very informative table.

    LizardKing, I understand that chart so that it is best to have 1-2 revolving accounts, not 3-5. Also, I do not see an indication that the proportion of the numbers of major cards to retail cards has to be specific (4:1 as you are suggesting). The chart just says you have to have BOTH, and the TOTAL number of tradelines has to be 1 or 2. Which, by the way, contradict each other, since it is impossible to have both types of cards and only one tradeline.

    Saar, even though closing accounts can hurt your debt to limit ratio, I still see no indication that closing them FAST will hurt it any more than closing them at the speed of up to 3 per year as George suggested. It is the "fast", not the "close" part that I have a problem with.

    And why the hell do they not give the maximum FICO to those with zero inquiries? I mean I understand no one probably knows for sure here, we need to ask Fair Isaac, but what might be the logic behind it? I do not see it at all.
  8. numnuts20

    numnuts20 Well-Known Member

    LizardKing...thought playing with my author name a little and IP while discussing ID theft was funny....

    F orgive me
    I f I
    C aused U 2 log
    O ut


    1-2 revolving trades OUTSTANDING according to chart.I think I have seen for best FICO 3-5 revolving trades although I don't seem to be able to find anything to back that up when/if I do I will post!

    GEORGE Well-Known Member

    .2-2.49 YEARS 10 POINTS

  10. lbrown59

    lbrown59 Well-Known Member

    Re: maximizing FICO
    Author: GEORGE (
    Date: 04-16-01 08:43
    REPLY == Yes The
    F ully
    I diotic
    C lowns
    O ppressing

    Should be banned !
  11. Saar

    Saar Banned

    FoolEugene wrote:
    "Saar, even though closing accounts can hurt your debt to limit ratio, I still see no indication that closing them FAST will hurt it any more than closing them at the speed of up to 3 per year as George suggested. It is the 'fast', not the 'close' part that I have a problem with."

    I'm not the one who asserted that.

    However, to compensate for the lost available credit in your ratios (of the accounts you had closed), you'll have to open another 2-3 new tradelines at once. See where your score gets then. "Too many recently opened revolving acounts" is a classic reason code for denials. 2-3 new lines would also considerably lower the "average age of tradelines" score factor, which is a major one.

    If you can find a new card that gives you the credit limit you used to have on all 3 combined, then you may have a reason to close them all at once.

  12. CardKid

    CardKid Well-Known Member

    I look at credit reports everyday (in the auto finance business). I've seen 803 beacon scores from folks with more than 20 trade lines. These lines are mostly revolving credit accounts. The common factors about these high flyers has been absolutely no delequency, minimal debt to available credit and age of the trade lines.

    I have also seen 700+ credit scores from 20 year old college students that have one authorized user trade line on their credit bureau. The account is usually a parents account that's old and has been managed very well.

  13. G. Fisher

    G. Fisher Banned

    The chart at shows "Occupation" as a factor.

    But, this page states "FICO scores do not consider... occupation."

    You have been duped.
  14. G. Fisher

    G. Fisher Banned

    The missing link:

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