Is 3 really the magic number -- of cards for rebuilding?

[tweak]

Here is what my youngest has. Will this help as GP?

AU - Amex SPG & BCP

AU - Chase United X 2

Individual - Barclays US Air

All reporting 0.00 balance and Barclays FICO of 745 as of 4/2/15

 

ETA: AU - Amex OBC closed.

 

 

Yes, thanks Rorer.

 

Here's what to try:

1) Let the Barclays (individual) report $2 next month - and all others (AU) report $0. -- Let us know what FICO is.

2) Then in the following month, let Barclays report $0, and exactly one of the AU cards report $2 - Let us know what FICO is.

 

If AU cards do count for the $2 trick, both (1) and (2) should result in a 10-20 point FICO boost above 745.

[Rorer_714]

OK I have the $89 AF that posted so I will leave a $2 balance. The problem is the only FICO she gets is on this card. Sometimes it does not update the FICO every month.

[tweak]

OK I have the $89 AF that posted so I will leave a $2 balance. The problem is the only FICO she gets is on this card. Sometimes it does not update the FICO every month.

 

Thanks! Please let $2 report on Barclays and $0 on AU cards until the FICO updates.

 

Anyone else want to GP this?

- you need less than 3 individual cards

- 3 or more total cards (including both individual and AU cards)

- no charge-offs reporting a balance

Edited April 4, 2015 by tweak

[goldtrad]

 

If you have two cards and one is reporting a balance, what percentage of your cards is reporting a balance?

 

If you have a million cards and one is reporting a balance, what percentage . . .

 

This is a specious argument, CV.

 

I don't think it is the percentage of cards reporting a balance;

rather, the sweet spot is exactly one card reporting a balance.

 

Why is 3 cards (33%) better than 2 cards (50%)?

 

 

I think what matters to FICO is:

- exactly one card (out of N) reporting a balance

- total util <=1% (e.g. $2 trick)

 

 

Again, WHY 3 CARDS?

 

I think I remember reading a number of years back that you should have less than 40% of all accounts report a balance. If all you have on the reports are credit cards then 3 would work while 2 would not.

[shifter]

my wife's dirty EX score jumped 43 points (580 -> 623) when her first open CC reported this month and with a small balance.