Does anybody have PROOF that Many tradelines and Store cards are bad?

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

Are you a troll?

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This is not a particularly helpful or respectful comment.

Please stay on topic.  Thankyou

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I offered up the posted Amex letter which you utterly discounted.

http://ficoforums.myfico.com/t5/forums/forumtopicprintpage/board-id/Applications/message-id/40938/print-single-message/true/page/1

I'm sorry, but when a lender lists this on the denial letter, that counts as proof.

Also when there are listings on my credit report that I'm dinged because of my Walmart card, you also ignored it.

I'm one of the most respectful people on this forum historically, but the fact that you have not once done me the courtesy of showing me or anyone else who disagrees with you respect, isn't going to engender much in return.  The fact that you keep re-asking the exact same things and keep ignoring all responses contrary to your view of the world leads to the inescapable conclusion you're simply trying to rile up the community.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

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I really do hope Callandra does get around to posting a screenshot of her account summary and perhaps AAoA.

She does not know her AAoA and probably doesn't know she has alot of old accounts sitting on her CR.

That would be the first piece of concrete evidence that you can actually hit a 780 with only 6 accounts in 2 years.

If I am wrong about it, I'd be the first to admit it.  

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I don't need a screen shot. I believe her. Just like I believed you before you posted your screen shots.

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I believe her too.  She's very nice and genuine.  Her score is impressive and I truly would like to know if that method works as well.

She is the one that stated that she doesn't know her AAoA; that is why I'm trying to find more info.  

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Than why are you asking for screen shots?

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

---

@Revelate wrote:

Are you a troll?

---

This is not a particularly helpful or respectful comment.

Please stay on topic.  Thankyou

---

I offered up the posted Amex letter which you utterly discounted.

http://ficoforums.myfico.com/t5/forums/forumtopicprintpage/board-id/Applications/message-id/40938/print-single-message/true/page/1

I'm sorry, but when a lender lists this on the denial letter, that counts as proof.

Also when there are listings on my credit report that I'm dinged because of my Walmart card, you also ignored it.

I'm one of the most respectful people on this forum historically, but the fact that you have not once done me the courtesy of showing me or anyone else who disagrees with you respect, isn't going to engender much.  The fact that you keep re-asking the exact same things and keep ignoring all responses contrary to your view of the world (which is apparent you haven't done much research on yourself) leads to the inescapable conclusion you're simply trying to rile up the community.

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I discounted it because the word "NEW" is in there.

There is no debate that you can have too many NEW accounts.  I myself got a decline for too many NEW accounts just weeks ago:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Evansville-Teachers-FCU/td-p/3739041/page/15

[Revelate]

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@Anonymous wrote:

---

@Revelate wrote:

---

@Anonymous wrote:

---

@Revelate wrote:

Are you a troll?

---

This is not a particularly helpful or respectful comment.

Please stay on topic.  Thankyou

---

I offered up the posted Amex letter which you utterly discounted.

http://ficoforums.myfico.com/t5/forums/forumtopicprintpage/board-id/Applications/message-id/40938/print-single-message/true/page/1

I'm sorry, but when a lender lists this on the denial letter, that counts as proof.

Also when there are listings on my credit report that I'm dinged because of my Walmart card, you also ignored it.

I'm one of the most respectful people on this forum historically, but the fact that you have not once done me the courtesy of showing me or anyone else who disagrees with you respect, isn't going to engender much.  The fact that you keep re-asking the exact same things and keep ignoring all responses contrary to your view of the world (which is apparent you haven't done much research on yourself) leads to the inescapable conclusion you're simply trying to rile up the community.

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I discounted it because the word "NEW" is in there.

There is no debate that you can have too many NEW accounts.  I myself got a decline for too many NEW accounts just weeks ago:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Evansville-Teachers-FCU/td-p/3739041/page/15

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I would also suggest you haven't been reading the entirety of my posts previously.  Each reason listed is seperate, cut and paste from the linked post:

Your FICO score: 675

Too many new accounts (Experian) 12 (including Delta skymiles new approval)

Too many inquiries in the past 12 month: 28

Number of trades. (Experian - 6 dept store, 1 installment loan, 3 AU bankcards and 6 individual bankcard)

Yes, the new accounts is one reason, too many inquiries is another reason, and the number of tradelines is a third; given that many people have gotten an Amex for their second or third card out (was my 4th) I would suggest there's no possible way it's too few.

[Anonymous]

I think the bottom line is that when your file is a clean slate or you are rebuilding,  most people get credit from whomever will grant it to them, and thus it is easier to get some store cards,

As a good payment history develops, more targeted store cards and major cards obviously become part of the equation.

My elderly mom had an 806 Fico score or thereabouts for years (until her unscrupulous lawyer and a caregiver I tried to fire manipulated her into opening an account,closing an account she opened for me, and used her paid off home equity account ).

She had 2 $35,000 limit major cards, 1 $33,000 major card for my exclusive use, and the following store cards opened for years, Dillards, Neiman Marcus, Saks, JC Penney, Mervyns, Macy's,  Sears, Chevron, Robinsons May, plus the above mentioned $50,000 home equity line of credit and never had a mortgage as years ago my parents built and paid cash for their home. 

So I don't believe the store cards matter. The only debt my mom had before I took over her money and credit after the fraud occurred, was  the card she gave to me which fluctuated between 50-80% utilization monthly, with over $2000 a month payments and automatic clis 2-3 times a year.

I believe the length of credit history , the AAoA, and utilization makes for a top tier credit score, not how many store accounts one has.

[NRB525]

In order to let those of us who are clueless become less so, could someone post some summary of what Callandra's score and proposed list of cards is to obtain that score?

As to the request for screen shots, that makes sense. One of the problems with debating FICO scoring is, people cherry pick the bits they want to show, but often (as in the "Understanding FICO Scoring" board where people post alarmed score drops for inoccuous $2 balance changes) don't show the full story. A screen shot helps get to more information. in FICO discussions, more information is always better.

And I think it is generally agreed a large number (more than 3) New Accounts is often a problem in apping. A large number of aged accounts may or may not be a direct issue, depending on the file.

[Anonymous]

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@Revelate wrote:

---

@Anonymous wrote:

---

@Revelate wrote:

---

@Anonymous wrote:

---

@Revelate wrote:

Are you a troll?

---

This is not a particularly helpful or respectful comment.

Please stay on topic.  Thankyou

---

I offered up the posted Amex letter which you utterly discounted.

http://ficoforums.myfico.com/t5/forums/forumtopicprintpage/board-id/Applications/message-id/40938/print-single-message/true/page/1

I'm sorry, but when a lender lists this on the denial letter, that counts as proof.

Also when there are listings on my credit report that I'm dinged because of my Walmart card, you also ignored it.

I'm one of the most respectful people on this forum historically, but the fact that you have not once done me the courtesy of showing me or anyone else who disagrees with you respect, isn't going to engender much.  The fact that you keep re-asking the exact same things and keep ignoring all responses contrary to your view of the world (which is apparent you haven't done much research on yourself) leads to the inescapable conclusion you're simply trying to rile up the community.

---

I discounted it because the word "NEW" is in there.

There is no debate that you can have too many NEW accounts.  I myself got a decline for too many NEW accounts just weeks ago:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Evansville-Teachers-FCU/td-p/3739041/page/15

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I would also suggest you haven't been reading the entirety of my posts previously.  Each reason listed is seperate, cut and paste from the linked post:

Your FICO score: 675

Too many new accounts (Experian) 12 (including Delta skymiles new approval)

Too many inquiries in the past 12 month: 28

Number of trades. (Experian - 6 dept store, 1 installment loan, 3 AU bankcards and 6 individual bankcard)

Yes, the new accounts is one reason, too many inquiries is another reason, and the number of tradelines is a third; given that many people have gotten an Amex for their second or third card out (was my 4th) I would suggest there's no possible way it's too few.

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You listed the "Too many NEW accounts" as being the reason for the decline.

I had already said you WILL get declined for having too many NEW accounts.  

Not trying to be difficult but I honestly am not sure what point you are making.

[Anonymous]

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@NRB525 wrote:

In order to let those of us who are clueless become less so, could someone post some summary of what Callandra's score and proposed list of cards is to obtain that score?

As to the request for screen shots, that makes sense. One of the problems with debating FICO scoring is, people cherry pick the bits they want to show, but often (as in the "Understanding FICO Scoring" board where people post alarmed score drops for inoccuous $2 balance changes) don't show the full story. A screen shot helps get to more information. in FICO discussions, more information is always better.

And I think it is generally agreed a large number (more than 3) New Accounts is often a problem in apping. A large number of aged accounts may or may not be a direct issue, depending on the file.

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Check the third link in the opening post of this thread.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

---

I really do hope Callandra does get around to posting a screenshot of her account summary and perhaps AAoA.

She does not know her AAoA and probably doesn't know she has alot of old accounts sitting on her CR.

That would be the first piece of concrete evidence that you can actually hit a 780 with only 6 accounts in 2 years.

If I am wrong about it, I'd be the first to admit it.  

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I don't need a screen shot. I believe her. Just like I believed you before you posted your screen shots.

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I believe her too.  She's very nice and genuine.  Her score is impressive and I truly would like to know if that method works as well.

She is the one that stated that she doesn't know her AAoA; that is why I'm trying to find more info.  

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Than why are you asking for screen shots?

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Because she does not know her AAoA or how to calculate it.  It's quite possible there are old accounts still sitting on the CR that she doesn't know about.

She said it herself "Not sure of my AAoA to be honest (and I've never figured out the formula for it either). "

Definitive proof will squash speculation and we will have our answer.

[NRB525]

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@Revelate wrote:

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I would also suggest you haven't been reading the entirety of my posts previously.  Each reason listed is seperate, cut and paste from the linked post:

Your FICO score: 675

Too many new accounts (Experian) 12 (including Delta skymiles new approval)

Too many inquiries in the past 12 month: 28

Number of trades. (Experian - 6 dept store, 1 installment loan, 3 AU bankcards and 6 individual bankcard)

Yes, the new accounts is one reason, too many inquiries is another reason, and the number of tradelines is a third; given that many people have gotten an Amex for their second or third card out (was my 4th) I would suggest there's no possible way it's too few.

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From Reasons Letters, I usually give the first reason the most weight, and by the time they get to the 3rd and 4th Reason, often times these are the filler, because they have to select 3 or 4 boxes to fill out the form (or the algorithm does). They often don't make sense at the end of the list.

Also, in this particular set of reasons, note that 12 is the new accounts count, and yet the total count of posters accounts are only 16, throwing all of them in there together. New trumps old, because there are very few "old" accounts here.