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too many personal finance accounts

Established Contributor

too many personal finance accounts

I got this message when checking my crdit report:

Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.

I don't understand. I assume they mean credit cards. the only two cards on my list are orchard bank and capital one with 500 and 750 limits. I have 3 student loans totally $24,000.

What are they referring to?
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: too many personal finance accounts

Do you have any personal loans out other then the student loans or any store CC??
Message 2 of 7
Established Contributor

Re: too many personal finance accounts

I have no personal loans...just student loans and 2 credit cards (soon to be 5 credit cards). But that's it.
Message 3 of 7
Super Contributor

Re: too many personal finance accounts

What about closed TLs?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 4 of 7
Established Contributor

Re: too many personal finance accounts

3 closed TL's:

One car lease - closed
two student loans - closed
Message 5 of 7
Moderator Emeritus

Re: too many personal finance accounts



rifleman wrote:
I got this message when checking my crdit report:

Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.

I don't understand. I assume they mean credit cards. the only two cards on my list are orchard bank and capital one with 500 and 750 limits. I have 3 student loans totally $24,000.

What are they referring to?

Which website did you get this message?  Sounds like FAKO!
Message 6 of 7
Established Contributor

Re: too many personal finance accounts


fused111 wrote:


rifleman wrote:
I got this message when checking my crdit report:

Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.

I don't understand. I assume they mean credit cards. the only two cards on my list are orchard bank and capital one with 500 and 750 limits. I have 3 student loans totally $24,000.

What are they referring to?

Which website did you get this message? Sounds like FAKO!




That's a generic comment that can appear on Equifax or Experian reports.

People need to ignore these comments. Some comments just point out the obvious ("Your 12 bankruptcies may be hurting your score" Well, duh!), and the rest of these canned comments are almost always contradictory and/or nonsensical.
Message 7 of 7