Too many open accounts? :(

[Anonymous]

So i pulled all three reports through equifax, because i have their monthly premier subscription, and for all three i have a negative factor which says " Too many open accounts" well no argument there, but how much is this actually hurting me? I have no balance on any cards but one which is 0 apr for 18 months on my slate card and i'm taking advantage of that while i'm trying to pay off my wedding expenses, but besides that and the quite a few inquires which i obtained most of them 1.5 years ago due to starting off fresh in the credit game and apping for all the cards i needed. At 18 i only had 2 cards and once i established credit for about 3 years, i went for all the cards i wanted with no deniels ever, now i'm impatiently awaiting for my inquires to drop. Anyways back to the main point, after how many open accounts does that negative factor comes in play?

[Anonymous]

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@Anonymous wrote:

So i pulled all three reports through equifax, because i have their monthly premier subscription, and for all three i have a negative factor which says " Too many open accounts" well no argument there, but how much is this actually hurting me? I have no balance on any cards but one which is 0 apr for 18 months on my slate card and i'm taking advantage of that while i'm trying to pay off my wedding expenses, but besides that and the quite a few inquires which i obtained most of them 1.5 years ago due to starting off fresh in the credit game and apping for all the cards i needed. At 18 i only had 2 cards and once i established credit for about 3 years, i went for all the cards i wanted with no deniels ever, now i'm impatiently awaiting for my inquires to drop. Anyways back to the main point, after how many open accounts does that negative factor comes in play?

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What are your scores.  I think that all of the monitoring sites like to give out 'negative' factors even when they aren't that big of a deal.

[lg8302ch]

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@Anonymous wrote:

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@Anonymous wrote:

So i pulled all three reports through equifax, because i have their monthly premier subscription, and for all three i have a negative factor which says " Too many open accounts" well no argument there, but how much is this actually hurting me? I have no balance on any cards but one which is 0 apr for 18 months on my slate card and i'm taking advantage of that while i'm trying to pay off my wedding expenses, but besides that and the quite a few inquires which i obtained most of them 1.5 years ago due to starting off fresh in the credit game and apping for all the cards i needed. At 18 i only had 2 cards and once i established credit for about 3 years, i went for all the cards i wanted with no deniels ever, now i'm impatiently awaiting for my inquires to drop. Anyways back to the main point, after how many open accounts does that negative factor comes in play?

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What are your scores.  I think that all of the monitoring sites like to give out 'negative' factors even when they aren't that big of a deal.

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Since this comment is from EQ and not Fico but Fako I would simply ignore it.  I doubt that this comment would come on Fico with the accounts you have. Members like Ron or CA might know if this really comes in a Fico model as they have way more cards

[Anonymous]

Frankly, I get the same comment and my scores are in the 800's so I ignore it. Like you I wonder what is the right number of cards. Many people on this forum report way more cards than I have so ... Phooey!

[VirtualCuriosity]

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@ArmyVietVet wrote:
Frankly, I get the same comment and my scores are in the 800's so I ignore it. Like you I wonder what is the right number of cards. Many people on this forum report way more cards than I have so ... Phooey!

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+1000

Don't stress about negative factors listed.  Even those listed on real fico score reports are non factors in a sense that the algorithm used is so touchy.  You will stress to fix something listed and then something else will be listed a negative factor.

[NRB525]

Well, you just got DC so it's not been a factor yet. When you start getting denials on cards you really want, where the denial letter calls out that "too many cards" as a reason, then you need to look seriously at it.

Until then, you'll have your work cut out for you finding ANY cards you don't already have

[Chris679]

FICO would never give you that reason and will not score any inquiries over one year old. I'm going to guess that your scores are in the mid 700s and the only thing bringing them "down" is the fact that you have a short history and lots of new accounts. Sounds to me like you are doing great.

[notalemming]

Would someone please explain to me why people have so many credit cards?  It seems to me that it would be hard to keep up with all the due dates, etc.  I have two, one World Mastercard and one Visa Signature.  On Credit Karma, it did say on my report that I had a low number of accounts, but my FICO is 834, so I guess it is not that bad.

[Anonymous]

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@notalemming wrote:

Would someone please explain to me why people have so many credit cards?  It seems to me that it would be hard to keep up with all the due dates, etc.  I have two, one World Mastercard and one Visa Signature.  On Credit Karma, it did say on my report that I had a low number of accounts, but my FICO is 834, so I guess it is not that bad.

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Because of all the pretty colors.

It's like a rainbow you can spend.

[VirtualCuriosity]

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@notalemming wrote:

Would someone please explain to me why people have so many credit cards?  It seems to me that it would be hard to keep up with all the due dates, etc.  I have two, one World Mastercard and one Visa Signature.  On Credit Karma, it did say on my report that I had a low number of accounts, but my FICO is 834, so I guess it is not that bad.

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Can't speak for anyone else or how many you consider "so many", but I do it for the differrent rewards on each card.  It workd for me and it's easy to keep up with. Charge for the rewards, pay off the balance before the due daye, whallah.  Also, 3 cards in my sig, I do not use anymore and I only carry 2 cards.

Two works for you in your world, that's awesome for you.