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I don't get it????

Established Member

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
Message 1 of 6
5 REPLIES
Established Contributor

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?

Message 2 of 6
Established Member

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
Message 3 of 6
Valued Contributor

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.

 

Message 4 of 6
Valued Contributor

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 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 5 of 6
Community Leader
Epic Contributor

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.

Message 6 of 6