Closing account to improve score

[Anonymous]

One of the negative factors on my FICO report is too many open accounts. I have two accounts that are revolving department store accounts and have been unused for at least 5-8 years.  I do not believe they have a credit limit, nor are there any balances.  Why would it be not in my favor to close these to help rectify "too many open accounts"?

[Booner72]

What is your score?  Sometimes when people have pretty good - really good - great scores, FICO comes up with some ridiculous answers that don't really seem worthy of consideration -  Someone had 2.1% utilization recently and FICO claimed high utilization.  More info needed.

[snowangel]

I wouldn't place to much stock in what the descriptions say that are affecting your score.

My TU says that not enough of my accounts have been paid on time in recent months.  Oddly, my last late payment was 4+ years ago. 

[Anonymous]

Horrible score equafax is 587.  I do have collection accounts two were paid off - one is pending .. Just paid down the credit card balances( 4 different mastercard/visa accounts) and goal is10 to 20 percent unitization and balance paid in full every month  Will reach that part of the goal inext month.  I do have a 30 day late ( 9 months ago- Visa) and a 90 day late with a department store ( 3 months ago)- balance is paid off now.

The two accounts that I was thinking of closing, since they are never utilized and non have maybe a $ 250.00 limit,are clothing store revolving credit.  The last time I used one on them-in-fact the only time- was 2003.  The other was last used in 2007 and I think that might have an old late.  SInce I have to wait until the above mentioned latest gets past the two year mark, would it be detrimental to close these accounts?  Would it help me in the longer term?  Note there are no annual fees.

Lastly I a also think of disputing the two paid off collection accounts and hoping the collection agency does not respond to the credt reporting bureaus.

Any thoughts 

[llecs]

OP, don't close them. Let them be. The history will help in the long-run.

Don't dispute. Send a GW letter asking them to delete.

Try sending GWs for the lates too.

[sunshine24]

I agree. I wouldn't close them. Just put them away and don't worry about them. After my divorce and a terrible financial situation, one of the only things that has saved me is a 10+ year old, $500 limit Capital One card that I never used and has actually kind of forgotten about. Now I'm rebuilding and that one, old card is giving me a much longer history than I'd have otherwise.

[Anonymous]

@ llecs-   Thanks for the post.  What is a GW letter?  Share I send it directly to the three credit bureaus or the issuers of accounts in question?

[llecs]

GW letter Q&A, Examples, and GW Success Stories .....  they go to whomever reports the paid TL (e.g. a CC, lender, etc.)