Too many CCs with no activity

[Anonymous]

Don't ask how I did this, but I have 18 Open Accounts (mostly unused credit cards); 22 Closed Accounts; 36 Accounts in Good Standing (whatever that means??); with no Accounts Past Due and No Negative Account History.

My credit score is 596!!!  What the heck do I do?????  I'm completly lost.  The two CCs that I do use are paid off each month and have low balances. Should I close these other accounts that I don't use?  -----H-E-L-P-------!!

[SpecFile]

Do you have any other baddies ie. public records?  Lien, judgement, BK?

[Anonymous]

Nothing else exists on my report.  I've never had and liens, judgements, etc...

[SpecFile]

Please list all of your CC accounts.  Include who the CCC is, what the CL is, the year you opened the acct., and what balance you carry on each card.  This information will help determine which cards are helping you and which cards are costing you.

Also include the APRs on each card and AFs (annual fees) if any.

Message Edited by SpecFile on 09-07-2007 01:27 PM

Message Edited by SpecFile on 09-07-2007 01:28 PM

[SpecFile]

There are a lot of very wise people on these forums with vast amounts of experience with CCCs.  They will usually be able to pinpoint the pros and cons of any particular credit situation.

[Anonymous]

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estesangels wrote:

Don't ask how I did this, but I have 18 Open Accounts (mostly unused credit cards); 22 Closed Accounts; 36 Accounts in Good Standing (whatever that means??); with no Accounts Past Due and No Negative Account History.

My credit score is 596!!!  What the heck do I do?????  I'm completly lost.  The two CCs that I do use are paid off each month and have low balances. Should I close these other accounts that I don't use?  -----H-E-L-P-------!!

---

First of all, the unused CCs are hurting you, not because you have them, but because they are not being used.. FICO wants to see responsible credit management. This requires charging and paying, even in small amounts.

If the cards always have a zero balance because they are never used, you are not showing that you can make your payments on time because you are not making any, therefore you are not building any payment history. I know that sounds strange, but there really is something to the 1-9% util rule.

Other than that, I would recommend you follow SpecFiles post and give some more information so that the experts here can get a better picture of how to advise you.  

[fused]

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estesangels wrote:

Nothing else exists on my report.  I've never had and liens, judgements, etc...

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Ok so you have no collections, charge-offs or a BK too? You are only using two of your CCs and they have low balances. How low? Just because someone does not use their CCs all the time doesn't mean your scores will spiral downward. Are you certain all of your closed accounts have $0 balances? A score of 596 with the info you're giving doesn't add up.

[Anonymous]

To keep your cards reporting you should use them occasionally and pay in full.  Try rotating the ones you dont use (one or two a month) on really small purchases and pay them off after the statement date.  They really have to report once every three months or so to be included in your active cards.  If you never use them again the will fall off your report after ten years.

Are you using FICO scores or a score from another site? 

[fused]

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estesangels wrote:

Don't ask how I did this, but I have 18 Open Accounts (mostly unused credit cards); 22 Closed Accounts; 36 Accounts in Good Standing (whatever that means??); with no Accounts Past Due and No Negative Account History.

My credit score is 596!!!  What the heck do I do?????  I'm completly lost.  The two CCs that I do use are paid off each month and have low balances. Should I close these other accounts that I don't use?  -----H-E-L-P-------!!

---

You say you use two CC's, what are the CLs and balances reporting on your credit report? Also, you have 18 open accounts and 22 closed accounts, this totals 40. You have 36 accounts in good standing, what about the remaining 4?

Message Edited by fused111 on 09-07-2007 01:17 PM

[Anonymous]

Well folks!  I have learned something new. My scores have been as high as 700 plus and I thought  not using my cards is a good thing.

Thank GOD for this board!!  I will start rotating my cards each month.  Small balances then knock them out.

Knowledge is power. 

ragcajun