topic Re: Too many credit accounts hurting score in Credit Cards

Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:16:33 GMT

I am confused as to why the number of credit accounts I have listed (32) is hurting my score. I have had credit for over 30 years so naturally along the way I have opened and subsequently closed (years ago) many accounts that I no longer use and currently only have 4 accounts opened. The closed accounts are listed as closed in the discription, yet they are being factored into my score as a negative factor as "too many accounts". Does anyone know how to get this corrected or when will these fall off? Thanks!

Re: Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:19:12 GMT

What is your FICO score? Usually when your score is pretty high the comments you get are extremely nit picky. You don't want those old accounts to fall off because they are helping your AAoA. The closed accounts with 0 balances aren't really hurting you. Don't worry.

Re: Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:20:49 GMT

My score is 701

Re: Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:25:02 GMT

Can you tell us:

1. The age of your oldest reported account (open or closed)?

2. Your AAoA?

3. Your total CL's (revolving)?
4. Your total revolving balances?

5. Any derogs? (lates, collections, liens, judgements, bk, etc)

6. Age of newest account?

7. Number of inquiries in past 12 months?

Have you tried running the FICO Estimator? You can plug various scenarios and see a score range prediction. It works fairly well. There is a link in my sig line.

Re: Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:38:53 GMT

thanks, I haven't tried the estimator yet, which I will do next

1. The age of your oldest reported account (open or closed)? = 28 y, 8 mo

2. Your AAoA? = 8 yrs

3. Your total CL's (revolving)? 60,000 (includes Heloc which is closed)
4. Your total revolving balances? 10,037 includes Heloc

5. Any derogs? (lates, collections, liens, judgements, bk, etc) - 1 account reported in 2003

6. Age of newest account? 2006

7. Number of inquiries in past 12 months? 2

Re: Too many credit accounts hurting score

Anonymous — Tue, 02 Feb 2010 20:45:27 GMT

Well, I guess I am complaining needlessly, just ran the Estimator and I should be between 675-725. So, I am right in the range. I am hoping some of these accounts fall off soon. Thanks for the tip on Estimator.

Re: Too many credit accounts hurting score

haulingthescoreup — Wed, 03 Feb 2010 02:00:06 GMT

lol, I just pulled my TU FICO (772), and my new negative is too many accounts.

lol, I have a total of 24, of which 15 are open. I have never, ever been hit with this one before.

Oddly, they threw this one up there, instead of presence of a consumer finance account. I know that that's a derog, because I saw it on the myfico/12 that I pulled a while back, but it must be pretty lame if it's listed after this one.

*For those new to analyzing their FICO score report, the higher your score, the fewer negatives they display. It's not that the negatives aren't there --they are, but they're not displayed on a myFICO report. They seem to think that our egos are too fragile be scolded.

And I'm not that far from the days of having four negatives listed, so believe me, I remember.

Re: Too many credit accounts hurting score

BungalowMo — Wed, 03 Feb 2010 16:23:57 GMT

Even tho I'm not in that group yet, I recall reading about this. They feel like they have to put something on the red side of the scale, so the only neg they can possibly think of is "too many accts"

You're fine.