11-28-2012 06:37 AM
Hey everyone, I recently checked my scores and credit reports and noticed I have a lot of accounts on my reports. A lot of them are due to the student loans and also some were added when credit cards were closed because I was issued a new card number. Below I have listed all of my accounts, the ones in black are open/in use accounts and the ones in red are closed/paid off accounts.
Bank of America Visa CL = 3,500, Balance = $0 (individual account holder) Opened 10/2003
Bank of America MasterCard CL = $24,000 Balance=$0 (individual account holder) Opened 12/2003
Bank of America MasterCard Opened 12/2003 Last Activity March 2012 Lost or Stolen Card
Bank of America MasterCard Opened 12/2003 Last Activity April 2011 Lost or Stolen Card
Chase Visa CL = $6,200 Balance = $0 (Authorized User) Opened 12/2003
Bank of America Visa CL = $8,500 Balance = $0 (Authorized User) Opened 7/2004
Bank of America Visa Opened 7/2004 Last Activity October 2011 Lost or Stolen Card
Care Card CL = $5,700 Balance 0 (joint account) Opened 9/2004 Last Activity 11/2007 Account Closed by Credit Grantor
Macy’s American Express CL=$10,000, Balance = $0 (individual account holder) Opened 3/2009
Macy's Department Card CL=$2,700, Balance = 0 (individual account holder) Opened 3/009
(Personal Student Loan) Approved for $75,000 (Co-Maker/ Co-signer) Balance $33,550 Opened January 2010
Student Loan Loan Amount $5,500 Balance $2,494 Opened 8/2005
Student Loan Loan Amount $3,500 Balance $1,587 Opened 8/2004
Student Loan Loan Amount $2,625 Balance $1,190 Opened 9/2003
(Personal Student Loan) Loan Amount $15,625 Balance $0 Opened 9/2006 Paid Off/Closed October 2010
Student Loan Loan Amount $8,633 Balance $0 Opened 9/2007 Paid Off/Closed October 2010
Student Loan Loan Amount $5,500 Balance $0 Opened 8/2006 Paid Off/Closed 12/2009
Student Loan Loan Amount $5,500 Balance $0 Opened 8/2007 Paid Off/Closed 3/2009
Student Loan Loan Amount $10,526 Balance $0 Opened 8/2005 Paid Off/Closed 8/2008
Motorcycle Loan Loan Amount $5,000 Balance $3,623 Opened 4/2011
Car Loan Loan Amount $17,118 Balance $15,409 Opened 2/2012
Car loan Loan Amount $18,374 Balance $0 Opened 1/2008 Paid Off/Closed 8/2010
How do lenders look at this information? Do they see it as negative having all these accounts or do they see it as positive that I have so many accounts open/closed combined and was able to keep everything in good shape? I have 12 open accounts and 10 of them are closed. When I checked my fico score on myfico.com, the system told me that the only thing hurting my score is the number of accounts.
I was also thinking of taking my name of off the two credit cards that I am authorized user on, they are my parents cards and I don't really need them, you guys think its a good idea? I know it won't hurt me in short run as I do not have any balance on my credit cards, but will it hurt me a lot after 10 years? They dont really use them, maybe once in a while and im not worried about them being late as I pay the bills for them. The only thing is that they might be going back to their country and I will be left with the cards and one of them has annual fee.
Thanks for your help guys, I learned soo much from you of you
11-28-2012 08:09 AM
IMO, I wouldn't worry about that comment. Did that comment appear on your TU FICO report? It's a TU scoring code I'm guessing. I'd also guess that it's the last neg. comment on your second page of your report. Am I right? It's uber-minor. In the eyes of lenders, having a herd of accounts can seem like a negative to some. However, your history certainly outweighs those and any rational lender would see that and FICO would score accordingly. That comment appears typically after adding 30 or more accounts. However, the age of your older closed accounts outweigh the teeny tiny ding for having more than 30 accounts. In other words, you can loose points if TLs were to drop.
Your Apr. 2011 lost or stolen BofA should drop this coming April, followed by another in October. IME, they only reported for 2 years as lost or stolen. But outside of these naturally dropping, I wouldn't do anything to the others. The BofAs also have a 9-yr history which are among your oldest TLs. You actually might see a small ding when they disappear, but the comment should too. I wouldn't worry about them and lenders would see your history as great. On the AUs, I wouldn't do anything unless the balances crept up.
11-28-2012 08:46 AM
Yes, the 'too many accounts' only appears on my TU fico report. I will leave all the accounts and let them drop off slowly by themselves. Thanks for the advise, I really want to get my scores above 800, but now all I need is time.