Revolving accounts

For just about anything you want to get off your chest about credit cards.
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JSS3
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Revolving accounts

Postby JSS3 » Wed Aug 14, 2013 4:58 pm

I have 3 accounts currently reporting and a CK grade of a big, fat, "F" due to this. Anyone know the magic number to get out of the "F" zone?
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(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
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Rory
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Postby Rory » Wed Aug 14, 2013 5:04 pm

JSS3 wrote:I have 3 accounts currently reporting and a CK grade of a big, fat, "F" due to this. Anyone know the magic number to get out of the "F" zone?

it says in the report card the specifics...
1-5 = F
6-10 = D
11-15 = C
16-21 = B
22+ = A

I wouldnt take these to seriously, many people i know who have scores in the 800s do not have 20+ open accounts, but i would say between mortgages, auto loans, student loans, and credit/charge cards 10+ is probably the sweet spot for most people. Also more than that can just be cumbersome. Also you have to remember most accounts stay on your report for 10 years so those will count towards the total count regardless if they are open or not.
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JSS3
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Postby JSS3 » Wed Aug 14, 2013 5:10 pm

Rory wrote:it says in the report card the specifics...
1-5 = F
6-10 = D
11-15 = C
16-21 = B
22+ = A

I wouldnt take these to seriously, many people i know who have scores in the 800s do not have 20+ open accounts, but i would say between mortgages, auto loans, student loans, and credit/charge cards 10+ is probably the sweet spot for most people. Also more than that can just be cumbersome. Also you have to remember most accounts stay on your report for 10 years so those will count towards the total count regardless if they are open or not.


Wow...6 cards won't even get me an "A". I can't see myself having any more than that. Don't have a mortgage/student loans/car loans either. I guess I'll just have to keep seeing that grade while all my others are As and Bs. Well, all except for AAoA. That'll change soon enough though.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

MemberSince99
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Postby MemberSince99 » Wed Aug 14, 2013 9:29 pm

You guys need to forget their moronic advice. Forrest Gump could give you way more wisdom than you'll get from CK. What they tell you is a big joke - if you have 0% utilization it's a "C" vs going out and running up debt, how much sense does that make?

Another example - I rate "very poor" in terms of auto insurance score. I'm 40s, haven't had a ticket, accident or claim in 25 years my credit scores are in my signature and I rate "very poor". I'm not sure what I'd have to do to rate a "fair" maybe if I die on a cross and rise again in 3 days it would be a start.

So just please for your own sake forget the nonsense CK tells you. Take it for what it is - a free way to check up on your TU every week. That's all it is. Their score and their idiotic advice are totally useless.

TheLethargicAge
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Postby TheLethargicAge » Wed Aug 14, 2013 10:14 pm

MemberSince99 wrote:You guys need to forget their moronic advice. Forrest Gump could give you way more wisdom than you'll get from CK. What they tell you is a big joke - if you have 0% utilization it's a "C" vs going out and running up debt, how much sense does that make?

Another example - I rate "very poor" in terms of auto insurance score. I'm 40s, haven't had a ticket, accident or claim in 25 years my credit scores are in my signature and I rate "very poor". I'm not sure what I'd have to do to rate a "fair" maybe if I die on a cross and rise again in 3 days it would be a start.

So just please for your own sake forget the nonsense CK tells you. Take it for what it is - a free way to check up on your TU every week. That's all it is. Their score and their idiotic advice are totally useless.


I'll second that!
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djrez4
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Postby djrez4 » Wed Aug 14, 2013 11:07 pm

MemberSince99 wrote: I'm not sure what I'd have to do to rate a "fair" maybe if I die on a cross and rise again in 3 days it would be a start.


Do that and I'll insure you.
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takeshi
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Postby takeshi » Thu Aug 15, 2013 9:02 am

JSS3 wrote:Wow...6 cards won't even get me an "A". I can't see myself having any more than that. Don't have a mortgage/student loans/car loans either.

I wouldn't worry over it. Adding variety to your credit will help but take CK with a grain of salt.

Also keep in mind that even CK states number of accounts has a low impact on your credit score.

MemberSince99 wrote:What they tell you is a big joke - if you have 0% utilization it's a "C" vs going out and running up debt, how much sense does that make?

From what I understand the scoring models tend to work that way. 0% is unused credit. >0% is used credit. If you're not using your credit then you're not really managing it as far as they're concerned. It's definitely a flawed system and can be gamed to some degree but it is what it is. Utilization scoring isn't quite what you're stating. It definitely drops as utilization increases beyond certain points. Your comment makes it sound as if massive utilization is better than 0 and even CK doesn't claim that if you look at their scoring details.

MemberSince99 wrote:Another example - I rate "very poor" in terms of auto insurance score. I'm 40s, haven't had a ticket, accident or claim in 25 years

None of that has anything to do with your auto insurance score. While I agree that rating someone's likelihood to file an auto claim based on credit seems dubious they (including a number of insurance companies) seem to think otherwise. It's nothing unique to CK.

xbillyjean42x
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Postby xbillyjean42x » Thu Aug 15, 2013 9:43 am

CK is very misleading. They score my credit as a 640. Yet when I got my credit pulled when I applied for a credit union card, they pulled my TU and it was a 662. So that goes to show there, their model is very skewed.
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Daniel
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Postby Daniel » Thu Aug 15, 2013 12:12 pm

xbillyjean42x wrote:CK is very misleading. They score my credit as a 640. Yet when I got my credit pulled when I applied for a credit union card, they pulled my TU and it was a 662. So that goes to show there, their model is very skewed.


CK pulls the TU TransRisk NewAccount Consumer score, lenders get their own model of the TransRisk score which is slightly different based on what the lender purchases. Even the Fico scores people purchase are the generic consumer score, and not the score the lenders may see. So yes, the score model does NOT show the same thing a lender will see when they pull your credit.



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