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New Member
bailey2
Posts: 4
Registered: ‎02-02-2010
0

Too many credit accounts hurting score

I am confused as to why the number of credit accounts I have listed (32) is hurting my score. I have had credit for over 30 years so naturally along the way I have opened and subsequently closed (years ago) many accounts that I no longer use and currently only have 4 accounts opened. The closed accounts are listed as closed in the discription, yet they are being factored into my score as a negative factor as "too many accounts". Does anyone know how to get this corrected or when will these fall off? Thanks!

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
0

Re: Too many credit accounts hurting score

What is your FICO score? Usually when your score is pretty high the comments you get are extremely nit picky. You don't want those old accounts to fall off because they are helping your AAoA. The closed accounts with 0 balances aren't really hurting you. Don't worry.

Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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New Member
bailey2
Posts: 4
Registered: ‎02-02-2010
0

Re: Too many credit accounts hurting score

My score is 701
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Too many credit accounts hurting score

Can you tell us:

 

1.  The age of your oldest reported account (open or closed)?

2.  Your AAoA?

3.  Your total CL's (revolving)?
4.  Your total revolving balances?

5.  Any derogs?  (lates, collections, liens, judgements, bk, etc)

6.  Age of newest account?

7.  Number of inquiries in past 12 months?

 

Have you tried running the FICO Estimator?  You can plug various scenarios and see a score range prediction.  It works fairly well.  There is a link in my sig line.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
New Member
bailey2
Posts: 4
Registered: ‎02-02-2010
0

Re: Too many credit accounts hurting score

thanks, I haven't tried the estimator yet, which I will do next

 

1.  The age of your oldest reported account (open or closed)? = 28 y, 8 mo

2.  Your AAoA? = 8 yrs

3.  Your total CL's (revolving)? 60,000 (includes Heloc which is closed)
4.  Your total revolving balances? 10,037 includes Heloc

5.  Any derogs?  (lates, collections, liens, judgements, bk, etc) - 1 account reported in 2003

6.  Age of newest account? 2006

7.  Number of inquiries in past 12 months? 2

New Member
bailey2
Posts: 4
Registered: ‎02-02-2010
0

Re: Too many credit accounts hurting score

Well, I guess I am complaining needlessly, just ran the Estimator and I should be between 675-725. So, I am right in the range. I am hoping some of these accounts fall off soon. Thanks for the tip on Estimator.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Too many credit accounts hurting score

lol, I just pulled my TU FICO (772), and my new negative is too many accounts.

lol, I have a total of 24, of which 15 are open. I have never, ever been hit with this one before.

Oddly, they threw this one up there, instead of presence of a consumer finance account. I know that that's a derog, because I saw it on the myfico/12 that I pulled a while back, but it must be pretty lame if it's listed after this one.

*For those new to analyzing their FICO score report, the higher your score, the fewer negatives they display. It's not that the negatives aren't there --they are, but they're not displayed on a myFICO report. They seem to think that our egos are too fragile be scolded. :smileywink:

And I'm not that far from the days of having four negatives listed, so believe me, I remember.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: Too many credit accounts hurting score

Even tho I'm not in that group yet, I recall reading about this.  They feel like they have to put something on the red side of the scale, so the only neg they can possibly think of is "too many accts"  

 

You're fine. :smileytongue: 



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14


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