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MyFICO says TOO MANY ACCOUNTS on CR.

Senior Contributor

MyFICO says TOO MANY ACCOUNTS on CR.

MyFICO SW says this is hurting the score. Best to rid youngest revolving closed accounts first I would believe? Ones with the smallest amount of history.

Has anyone reduced below 30 accounts and seen an increase in score? How much did your score rise?

Thanks Smiley Happy
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 1 of 10
9 REPLIES
Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.

Does it say too many accounts, or too many outstanding accounts?
Message 2 of 10
Senior Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.



hdj wrote:
Does it say too many accounts, or too many outstanding accounts?


Too many accounts open and closed combined.

Message Edited by ilovepizza on 09-20-2007 08:20 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 3 of 10
Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.

I have the same problem . Can get them to go away most were in good standing so they'll be there for ten years
Message 4 of 10
Moderator Emeritus

Re: MyFICO says TOO MANY ACCOUNTS on CR.

This has always been a common misunderstanding, not just among consumers but also among lenders, mortgage brokers, etc. -- equating number of accounts on file with the number of "open" accounts on file.  To be clear, while the FICO scoring formula considers the number of accounts on file and the mix of different types of accounts, it does not specifically look at the number of open vs. closed accounts.
 
In fact, FICO scores and the myFICO site have never actually had any negative factors or explanations that refer to "open" accounts as having a negative effect, but people seem have taken "number of accounts" to automatically mean "number of open accounts".
Message 5 of 10
Super Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.



ilovepizza wrote:
MyFICO SW says this is hurting the score.


Well, 40 new CCs in a year is a little excessive  Smiley Very Happy
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
Message 6 of 10
Senior Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.

It flagged this for Total number of accounts and mostly these are all closed accounts. I was planning on trying to get the weakest revolving closed accounts delted from the CRA via dispute. They are in good standing. Just wondering how many points could be gained if the number of accounts were to drop below this flag which I think is 29 or 30 total accounts? Smiley Happy
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 7 of 10
Moderator Emeritus

Re: MyFICO says TOO MANY ACCOUNTS on CR.



Tuscani wrote:
This has always been a common misunderstanding, not just among consumers but also among lenders, mortgage brokers, etc. -- equating number of accounts on file with the number of "open" accounts on file.  To be clear, while the FICO scoring formula considers the number of accounts on file and the mix of different types of accounts, it does not specifically look at the number of open vs. closed accounts.
 
In fact, FICO scores and the myFICO site have never actually had any negative factors or explanations that refer to "open" accounts as having a negative effect, but people seem have taken "number of accounts" to automatically mean "number of open accounts".


To muddle things further:  the TransUnion report may give the negative factor "too many credit accounts with balances."
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 8 of 10
Moderator Emerita

Re: MyFICO says TOO MANY ACCOUNTS on CR.

Is this possibly an example of what happens when scores start getting higher, and ScoreWatch really has to scramble to come up with some sort of negative comment? I know that Pizza is trying to squeeze the last few available points out--maybe ScoreWatch is just running out of scoldings.

I got one yesterday about an account showing a new balance. We're talking $57 total balance on a $7000 CL.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 10
Highlighted
Super Contributor

Re: MyFICO says TOO MANY ACCOUNTS on CR.



haulingthescoreup wrote:
Is this possibly an example of what happens when scores start getting higher, and ScoreWatch really has to scramble to come up with some sort of negative comment? I

See:
 
 
 
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
Message 10 of 10