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Does any of you see a red flag next to your number of accounts on your Fico Report?

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Red1Blue
Super Contributor

Does any of you see a red flag next to your number of accounts on your Fico Report?

Does any of you see a red flag next to your number of accounts on your Fico Report?
 
If you see a red flag what is the number of accounts you have?
 
If you dont see a red flat what is the number accounts you have?
Message 1 of 18
17 REPLIES 17
Anonymous
Not applicable

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?

You get the red flag for having 30+ total accounts.
Message 2 of 18
Red1Blue
Super Contributor

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?

Is there any fico score hit with this flag on?
 
Does the flag change to pink or purple if we exceed 50 or 100 accounts?
 
Like in eBay the more number of Transactions you have the color of the star changes.
 
LOL in this world, I am not surprised if any one had less than 30 accounts once they reach their middle age.
 
I think fico model should reconsider this flagging system.
Message 3 of 18
fused
Moderator Emeritus

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?

As far as I know, you do not lose points for having too many accounts...but having too many accounts WITH balances can cost you points.
Message 4 of 18
Anonymous
Not applicable

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?



fused wrote:
As far as I know, you do not lose points for having too many accounts...but having too many accounts WITH balances can cost you points.


Fused,
 
I'm not sure about that.  Having too many total accounts can give you a red flag, which is defined in the legend as "Marks an aspect of your credit that is hurting your FICO® score."
 
If we don't lose points for it, why do we get the "hurting your score" flag?
 


Message Edited by cheddar on 03-08-2008 01:11 PM
Message 5 of 18
fused
Moderator Emeritus

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?



cheddar wrote:


fused wrote:
As far as I know, you do not lose points for having too many accounts...but having too many accounts WITH balances can cost you points.


Fused,
 
I'm not sure about that.  Having too many total accounts can give you a red flag, which is defined in the legend as "Marks an aspect of your credit that is hurting your FICO® score."
 
If we don't lose points for it, why do we get the "hurting your score" flag?
 


Message Edited by cheddar on 03-08-2008 01:11 PM

Like I said, as far as I know...that's all I can say  lolSmiley Happy I might be wrong. Most people with scores below 800 will get some red flag or a negative comment on the scale page, but I have never heard or seen a person with 800+ scores who has over 30 accounts have red flags or negative comments on the scale page.
Message 6 of 18
Anonymous
Not applicable

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?



fused wrote:
 
Like I said, as far as I know...that's all I can say  lolSmiley Happy I might be wrong. Most people with scores below 800 will get some red flag or a negative comment on the scale page, but I have never heard or seen a person with 800+ scores who has over 30 accounts have red flags or negative comments on the scale page.


Hmmm...verrrry interesting!
Message 7 of 18
psychic
Moderator Emeritus

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?



cheddar wrote:


fused wrote:
 
Like I said, as far as I know...that's all I can say  lolSmiley Happy I might be wrong. Most people with scores below 800 will get some red flag or a negative comment on the scale page, but I have never heard or seen a person with 800+ scores who has over 30 accounts have red flags or negative comments on the scale page.


Hmmm...verrrry interesting!


I looked through some of my old credit reports from the last 4 years to see if I ever had more than 30 accounts reporting.  I didn't. 
EQ 814 / TU 815 / EX 842
Message 8 of 18
WhirledPeasPlease
Moderator Emeritus

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?

I'm not sure how to make this paste pretty, but here it is.  I pulled up my mom's EX report (FICO = 800).  She has one late payment in the past 2 years b/c a bill got lost in snail mail and was returned to her about 3 months later.  
 
So, here's an 800 person who has a red flag!  Smiley Happy
 
 
Credit At-A-Glance
Total past due [?]                   Credit history [?]                  Late payments [?]
No accounts past due             45 Years                                      1
 
 
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 9 of 18
Anonymous
Not applicable

Re: Does any of you see a red flag next to your number of accounts on your Fico Report?

I got a red flag and the comment it gives is that I have to many recently opened accounts
Message 10 of 18
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