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SMikulski49
Posts: 52
Registered: ‎03-09-2009
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Number of Accounts

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. 

 

Credit Cards:

 

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

 

Student loans:

 

(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

 


Starting Score: TU-775; EQ-799; EX-766
Current Score: TU-775; EQ-828; EX-828
Goal Score: TU-800+; EQ-850; EX-850


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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Number of Accounts

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.

New Contributor
SMikulski49
Posts: 52
Registered: ‎03-09-2009
0

Re: Number of Accounts

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.

 

Thanks


Starting Score: TU-775; EQ-799; EX-766
Current Score: TU-775; EQ-828; EX-828
Goal Score: TU-800+; EQ-850; EX-850


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Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
0

Re: Number of Accounts

You have done a good job with your accounts looking at the numbers u are fine the number of accounts is not a problem but how you manage them is a plus.


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