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Too many accounts with balances
FICO® Scores consider the total number of accounts a consumer holds with balances, including credit card balance amounts that appear from the most recent account statements—even if that balance was paid off. Your score was impacted by having too many accounts with balances.
Too few accounts with recent payment information
FICO® Scores consider the number of accounts with recent payment or activity information. Your score was impacted because you have very few accounts, or because you have few accounts with recent payment or activity information, on your credit report.
I pay my balance in full on all my credit cards each month. Sometimes I pay twice a month.
I don't understand what they are trying to say and why I am being penalized.
it is not contradictory . there is a balance of credit that is optimum and what that level is has been a proprietary secret depending on the fico score a lender uses since there are 55 different ones available .
to much in open lines of credit can represent more spending than the lender likes . to little means you don't have a well rounded history and enough use of credit for an accurate picture .
it can be like someone with lots of money and puts it all in cash except for a tiny portion which is in one stock . even if that stock is a winner the fact is you can't tell if that person is a good stock picker or not .
When I was in the rears with upwards of $3,000+ in accrued credit card debt, I had an 841 credit score. Now with no credit card debt, I have a 793. While having a decent score is important, there is always going to be something out of your control that causes your score to either go up or down.
i have never carried a credit card balance in 20 years and are in the 820's ...
also it depends what fico score you are looking at . the free scores you get from the credit cards are fico 8 bank card scores , not comprehensive fico scores.
in fact some like citi run to 900 not 850 so they are not even comparable. they weight credit cards very heavily but down play other debt .
The fico credit scores you get free are not the same as a comprehensive consumer score . They are called fico bank card scores and not comprehensive consumer scores . Some fico 8 bank card scores use a different scalE and run to 900 not 850.
FICO 8 BANK CARD SCORES CAN DIFFER BY A LOT COMPARED TO THE OTHER FICO SCORES which take in a lot more aspects of credit
I pay off my credit card balances in full every month, and my score is just over 800. My ex-boyfriend has over a $4000 balance on his credit card, and he makes just the minimum payment every month -- and his credit score is higher than mine!
I pay off my credit card balances in full every month, and my score is just over 800. My ex-boyfriend has over a $4000 balance on his credit card, and he makes just the minimum payment every month -- and his credit score is higher than mine!
to answer that, i would need to know more about yours and his credit factors. based on only the info provided; i dont see anything that suggests that his score shouldnt be higher than yours. im guessing you feel the information you provided would demonstrate that but it doesnt.
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