Does the number of "open" accounts negatively affect your fico?

[creditgirl]

I have a bunch of student loans that were consolidated but the original loans are showing up open with a $0 balance. will it improve my fico to have them changed to closed with a $0 balance? they all show up "current".

i'm thinking maybe it will help because EX is my highest score and they have all the loans "closed" which is really the only thing different in the reports at this point (a few other things on EQ....UGH!!).

Thanks!

[Anonymous]

The number of accounts with balances can negatively affect your FICO.

How log ago did you consolidate?

[creditgirl]

Oh, it's been over 4 years since I consolidated those loans. None of them have balances but it looks as though I have 14 open accounts on TU and 15 open accounts on EQ (only 4 open on EX). In reality, I only have about 5 open accounts.

Just wondering if it doesn't matter as long as they don't have balances.

Thanks Timothy!

Message Edited by creditgirl on 10-09-2007 07:30 AM

[Anonymous]

---

creditgirl wrote:

I have a bunch of student loans that were consolidated but the original loans are showing up open with a $0 balance. will it improve my fico to have them changed to closed with a $0 balance? they all show up "current".

i'm thinking maybe it will help because EX is my highest score and they have all the loans "closed" which is really the only thing different in the reports at this point (a few other things on EQ....UGH!!).

Thanks!

---

because they show Bal $0  they will work for you. They will count towards total UTIL  also all good TL stay on your CR for 10 years (after closed)  so this will go on longer.

35% of your scores are from history.  don't touch the way it is reporting.