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Accounts with balances questions/comments


teamgreen
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Hello,

 

Now from my understanding, accounts with balances doesnt affect score per se, but, affects lenders willingness to lend to you. Now I assume they are measuring things that can have zero balances but arent closed? If that's the case, my Util is like 35% but have 13 open lines and 4 have zero balances. (Was worse before) Several have like minimal balances and Im cleaning those up so it should be 3 or 4 out of 13 with balances. Would that ratio be ok? Am I understanding this correctly? Tried to get a cli from barclays recently with a 738 fico TU and was rejected. Only reason they gave was number of accounts with balances. 

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Accounts with balances ABSOLUTELY DO impact scores.  To what extent depends on the balance and how many cards one has a balance reporting for on the report at the time the score is generated. 

 

Utilization components look not only at each card but ALSO the overall ratio of cards to cards with a balance.  Someone with 13 accounts and 1 small balance is going to have a higher score than the one with nine accounts having a balance, no matter how small those balances might be.  

 

Spend some time reading about AZEO (all zero except one).  

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2 hours ago, centex said:

Accounts with balances ABSOLUTELY DO impact scores.  To what extent depends on the balance and how many cards one has a balance reporting for on the report at the time the score is generated. 

 

Utilization components look not only at each card but ALSO the overall ratio of cards to cards with a balance.  Someone with 13 accounts and 1 small balance is going to have a higher score than the one with nine accounts having a balance, no matter how small those balances might be.  

 

Spend some time reading about AZEO (all zero except one).  

Thanks, 

 

I've done a lot of reading up but didn't see anything on this. I'm going to search and see. That said, I am doing what I can. Think the best I can do is get it down to 2 or 3 right now in my current situation

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