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Established Member
RiseandShine7907
Posts: 13
Registered: ‎06-15-2011

I don't get it????

According to my quarterly monitoring update that I received yesterday my Transunion score has dropped 19 points from 739 to 720. The reason given was "too many credit accounts."  It says I have 26 accounts but 5 are/were closed in good standing. This is the first time I'm seeing this as a reason for a score drop. I don't get why that reason is being factored in this go round when I haven't opened or closed any accounts in almost a year. What gives??

TU-720 --- 03/14
EQ-727 -- 03/14
Frequent Contributor
CreditBob
Posts: 493
Registered: ‎05-01-2007

Re: I don't get it????

How many open revolving, installment, etc. tradee lines do you currently have?  On your open accounts how many of them have a balance as well?

Established Member
RiseandShine7907
Posts: 13
Registered: ‎06-15-2011

Re: I don't get it????

***Correction from my original post  - 6 of the 26 accounts are closed.

 

CreditBob-  I have 17 revolving accounts and 3 installment loans (1 car loan, 2 student loans). Out of my 17 revolving accounts 2 have a balance, Discover $979 & Cap One $24. The Discover has recently been paid down to a $0 balance but hasn't updated with the CBs yet. All 3 of my installment loans have a balance. That gives me 5 accounts with open balances.

 

TU-720 --- 03/14
EQ-727 -- 03/14
Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010

Re: I don't get it????

The stated reasons are often less than helpful, and negative reasons tend to show up even with scores above 800.

 

I find it most useful to ignore the reasons entirely.

 

Valued Contributor
AndySoCal
Posts: 1,895
Registered: ‎04-07-2009

Re: I don't get it????

If this your TU Fico score the link below might be helpful

 

http://www.scoreinfo.org/FICO-Scores/Pages/Score-Factors.aspx

 

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: I don't get it????

+1

There could very well have been other subtle changes in data that contributed to the score change.

The reasons provided for score changes are often generated by looking at certain items, and do not necessarily represent all or even the most important reason.

I would not associate a stated reason as being accurate or complete.


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