Too many cards

[Anonymous]

I hope someone can help me here.  I just got my TU update and even though my score jumped up 32 points (now at 744) I got a message that what was hurting me was too many cards and short credit history.

Oldest card is 9 years old and average age of history is 3 years. 

I am not sure how to handle this.  I don't need all the cards I have, but I know closing cards is going to lower my CL and Util.  (which is now at 9%)

What should I do?

[cobaltnv]

Topshelf,

   I also have the too many accounts comment from TU. Keep in mind that closing a card will not remove it from your credit report. The TL will stay on for ~10 years. I do not think  the too many accounts comment hurts too much as I still  have scores ~800 with this as my only negative. How many cards and/or TL do you have?

Cheers 

[MojaveMoon]

The suggestion I've seen others make is that what you're seeing is the RRG at work here .. the Random Reason Generator -- The software has been written in such a way that some reason .. any reason .. has to be inserted. Over time there have been discussions at other sites where people have shared both their FICO scores and # of credit cards. FWIW, there have been enough people with high 700/low 800 FICO scores with 10+, 15+, 20+ credit cards that I personally don't believe the accuracy of the part of the comment from TU that says that the number of cards is hurting your score. ... now, on the other hand, the average age of your accounts ...

Message Edited by MojaveMoon on 12-11-2008 10:15 PM

[cobra19]

TS - what should you do? Absolutely nothing. Nothing for you to do other than just let everything age.

It's all good. As noted, some of these comments or messages you get are rather generic in nature and frankly, kinda off the wall.

I don't pay attention to any of these notes.