Reply
Established Member
dmcca21
Posts: 15
Registered: ‎08-11-2008
0

CC 1 year mark

I went on an app spree about this time last year and opened four new credit card accounts. All of them are coming up on the 1 year mark. According to FICO, one of the negs is that I have too many new accounts. Is this still going to count against me once the cards are a year old?
Frequent Contributor
lajntx
Posts: 267
Registered: ‎06-26-2009
0

Re: CC 1 year mark

[ Edited ]

dmcca21 wrote:
According to FICO, one of the negs is that I have too many new accounts.

 

Dont feel bad. I took out a simple auto loan and FICO is going off on its " too many new accounts" tangent despite both the auto loan and student loan being the only non derrogatory trade lines on my files. Mind you FICO also points out at the same time I dont have any revolving accounts and need some. How can I have "too many"  new accounts  and not enough revolving accounts at the same time?  Constant double talk, cant make up it's mind, nothing is ever right, want and not want something at the same time, always something more that needs to be done, even when there is nothing left to do--  it still isnt happy... Sometimes I seriously think FICO was was given a female mindset. You can dot every i, cross every T, even get the p's & q's facing the right way, but something will always be wrong according to FICO. Even if your accounts "age" I'm sure FICO will still nitpick something out of left field like: " too many open accounts" or " Average age of accounts is too low "

 

Message Edited by lajntx on 09-01-2009 11:35 PM
EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}