Reply
Established Contributor
Posts: 565
Registered: ‎06-11-2007
0

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?
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

Re: too many personal finance accounts

Do you have any personal loans out other then the student loans or any store CC??
Established Contributor
Posts: 565
Registered: ‎06-11-2007
0

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.
Super Contributor
Posts: 8,182
Registered: ‎03-25-2007
0

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
Established Contributor
Posts: 565
Registered: ‎06-11-2007
0

Re: too many personal finance accounts

3 closed TL's:

One car lease - closed
two student loans - closed
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

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!
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 720
Registered: ‎05-04-2007
0

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.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.