Conventional wisdom has it that FICO maximizes scores for consumers who have 2-4 visa cards and 1 retail card + 1 installment loan. I have 4 visa, 4 retail, 1 current installment loan, 1 paid off installment loan since my Chap 7 Bk was filed in Nov '98. Maybe I am wrong but it seems to me that you have good credit and 10- 20 accounts. I apologize if I am wrong about this. Am I correct and what are your thoughts. There must be some logic as to why you have so many accounts. BTW, I deliberately want 9-10 accounts at this time tobuild credit. As they age, I will cut down the number. Thanks and anyone else who has an opinion; please state it. I don't plan on buying another house for 2 years soIi am not trying to fit the suspected FICO model exactly at this time.
George's scores are in the high 600's. You know my thoughts Jim, I had 12 accounts in Oct 540, now down to 5 accounts 670, I feel that did make a difference, I am sure there were other factors but I think reducing my cards had a part in it as well. Mom
Good comments lizard.! I pay no fees on any credit card. 3 visas are 13.9%. My auto loan is 2.9%. My paid installment loan was with the credit union (low rate). Dept. store cards are paid every month. Only Providian has a 23.99% rate. I got it in January and plan to knock that one down to a better rate soon. BTW. I enjoy your posts. Very interesting and amazing story. Real food for thought on your strategy.
Re: Thanks MOM - I agree! I also think it is how you handle 10+ accounts as well. I think you can have 10 accounts as long are your ratios are low, but then again you could just have 4 cards and having high ratios could hurt just as bad. I guess my point is, yes I have one lol, if you manage your accounts correctly 5 or 10 ,you can still have a high fico regardless of the number of cards.
JIM F.I.C.O. 690 IF FIRST USA INSISTS ON RIPPING ME OFF @22.49% MAY 1, 2001 I WILL LOSE MY $100,000 CLUB MEMBERSHIP...(NO BIG LOSS) NO BK NO COLLECTIONS NO LATES NO OVERLIMIT OLDEST CARD 1978
Thanks GEORGE Sounds like you have an unidentified business purpose(s) to need that much credit and that 690 is an acceptable score for you. If so, great!!
George FUSA hasn't notified me of anything. I have (had) a platinum Visa with then but my account is closed now (at my request) but I'm still paying on the balance. My rate is 15.9%.
MP$40 ALTHOUGH they REFUSE to confirm it, they (ASS~U~ME) I will have trouble paying my bills IN THE FUTURE, SO THEY WANT TO HELP ME DO THAT BY INCREASING MY INTEREST RATE TO 22.49%!!! They have nothing to go on to prove this since 1978...THEY ARE JUST ASSUMING... WHY ONLY 22.49% THEY COULD GO FOR 29.99% ???? ONLY 22.49% BECAUSE I AM A GOOD CUSTOMER...
