Can anybody explain this to me?

[wmarat]

There are too many personal finance accounts on your credit report. [Equifax] 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.

NEGATIVE INFLUENCE ON MY SCORE ACCORDING TO PM 123.

WTH?

---

  

[MidnightVoice]

Ah, the dreaded "personal finance accounts "

FICO does not like them at all, even if they are closed.  Thinks it is a sign of past bad behaviour

[CreditBob]

Here is what you can do because I went through this experience myself. Contact the finance company and ask them to delete the trade lines from your credit report. If it is an account in good standing than your chances are better than if they are negative accounts. Creditors can have good accounts removed as well as the bad ones. Please keep one thing in mind. That is it is up to the creditor.

[haulingthescoreup]

wmarat, I thought that you had a relatively thin file. I wouldn't have expected you to get this message. DH has a completely ridiculous number of personal loans on his file, and maybe 4 CC accounts. (He likes to go borrow $2000 at a time, don't know why.) But he doesn't have this message.

Is this message from your FICO EQ report? or from Equifax's own report, or a credit monitoring report?

edit: misread OP's alerting CRA

Message Edited by haulingthescoreup on 02-12-2008 04:44 AM

[granny031350]

I have a ton of old old HFC accounts. They were all positive and paid in full accounts but are now closed.  I have never seen this message from equifax.  Hmmmm  I was hoping that it would help me in a mortgage quest down the road.  My credit prior to 2001 was stellar.  From 2001 to 2005 it was in the toilet.  But now coming up again.  Have closed mortgage accounts, all positive but before 2001. 

[haulingthescoreup]

Well, well, well! Looky what I just found on my TrueCredit report:

There are too many personal finance accounts on your credit report. [TransUnion, Experian] 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.

wmarat, don't worry about the "advice" that you get on your TrueCredit reports. Since the advice is derived from the formula that creates FAKO scores, I suppose we might as well call this FAKO advice.

If it isn't FICO yelling at me about something, I just ignore it!

[MidnightVoice]

haulingthescoreup wrote:

wmarat, don't worry about the "advice" that you get on your TrueCredit reports. Since the advice is derived from the formula that creates FAKO scores, I suppose we might as well call this FAKO advice.

If it isn't FICO yelling at me about something, I just ignore it!

I got this comment on the report I got from my mortgage company when I refinanced

That was FICO

[haulingthescoreup]

Well, poo then. (Verbatim? on the mortgage reports?)

Oh, well, I'll still start worrying about it if I see it on the FICO reports. And DH has 12 separate installment accounts, both open and closed, and nary a peep.

wmarat, perhaps you are approaching the point where your scores are high enough that they're running out of things to criticize. This does happen after a while. It's like a mother-in-law with white gloves, looking for some dust. (Hey, I love my M-I-L, she's great! just needed an example.)

[MidnightVoice]

---

haulingthescoreup wrote:
Well, poo then. (Verbatim? on the mortgage reports?)

---

If I remember, when I get back home, I will put the comments and codes in 

[wmarat]

---

haulingthescoreup wrote:
wmarat, I thought that you had a relatively thin file. I wouldn't have expected you to get this message. DH has a completely ridiculous number of personal loans on his file, and maybe 4 CC accounts. (He likes to go borrow $2000 at a time, don't know why.) But he doesn't have this message.

Is this message from your FICO EX report? or from Experian's own report, or a credit monitoring report?

---

1. I do have thin file.

2. 14 accounts, 8 CC (3 as AU), 3 store cards, 1 LOC, 1 autoloan. 3 acc. closed, 1 acc. reported as lost or stolen. All accounts in good standing. The oldest acc. is 20 months old.

Message from PM 123 (EQ)