"You have too many credit accounts with balances."

[Revelate]

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@Anonymous wrote:

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@Calistal wrote:

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@Anonymous wrote:

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@Calistal wrote:

Do you have only the one credit card, or do you mean you have several, but only use one of them?  

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I have several credit cards but only use one.

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Hm, I'm not sure then. Hopefully someone with more experience will chime in?  The only thing I could think of is if you only have 2 or 3 cards, then if you have 1 card with a balance, then it's between 50% of cards have balance and 33% of cards have a balance, which is a pretty high percentage either way.  But I'm not sure if that's how they calculate it at all, so I'm probably not being especially helpful. 

Hopefully someone else can help more clearly. 

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Thanks but not likely.  I have lots of cards (10 +) and many of those have high credit limits.  So it's not a "utilization" issue.

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This reason code isn't about the amount on the cards, it's about the existance of balances on the cards period.  When I was at 9 cards (never tested 10) I would've seen that message at having 3 of 9 cards reporting a balance if I had a clean file.

To be utterly clear, what is your score as reported by Walmart (to SJ's point) and how many reported balances do you have on your cards: explicitly what balances are on your credit reports?  You may need to check the base report to determine that or sign up for Credit Karma or similar report pulling service.  

[NRB525]

OP, what are your scores?

What are the other reason codes you see on that report?

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

I get the above message every month when Walmart emails me a free myFICO score update.  My question is since I have only been using one credit card for months now, why is this even a consideration?  MyFICO describes it as a "key factor affecting my credit score".

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It's FICO language. Whenever your score's less than 800 they throw in the most positive of your positive factors, and the most negative of your negative factors even if they're not really that negative.

In this case I'm guessing that Synchrony's just using an old credit report which hasn't been updated yet. Soft pull FICO's are often way out of date. It might be from 3 or 4 months ago.

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Actually they didn't cite any positive factors, only negative ones.  But what you said makes sense.  They just have nothing construtive to say so they cite the "most negative".   For kicks, I went back to see when the last time was I had to make a payment on another credit card and it was mid-October.  So either they're  5+ months out of date on their soft pulls or something else is amiss. 

[Anonymous]

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@NRB525 wrote:

OP, what are your scores?

What are the other reason codes you see on that report?

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As of April 5, the Fico "A" score is 779.  The only other thing they have to say is "You have no recent installment loan activity."  Which is in fact true so no issues with that "negative".   

[Anonymous]

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@Anonymous wrote:

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@NRB525 wrote:

OP, what are your scores?

What are the other reason codes you see on that report?

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As of April 5, the Fico "A" score is 779.  The only other thing they have to say is "You have no recent installment loan activity."  Which is in fact true so no issues with that "negative".   

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With a score of 779, I wouldn't spend any time worrying about it.

[NRB525]

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@Anonymous wrote:

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@Anonymous wrote:

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@NRB525 wrote:

OP, what are your scores?

What are the other reason codes you see on that report?

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As of April 5, the Fico "A" score is 779.  The only other thing they have to say is "You have no recent installment loan activity."  Which is in fact true so no issues with that "negative".   

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With a score of 779, I wouldn't spend any time worrying about it.

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Agreed. OP, the thing to realize is, there are mandatory slots they have to put a "Reason Code" into. You must determine whether the reason code has any bearing on your actual situation, and whether any action is necessary. Here, there is no action to take.