How do I fix a "Too many open accounts" problem

Anonymous · ‎08-21-2008

I've worked down my credit and gotten my score up to the high 700's. The remaining issue being reported by all the agencies is that I have too many credit accounts.
I have a total of 54, but only 9 are in use. The others were either one shots, stores that aren't even in business anymore etc. All of these accounts have $0 balances and have had $0 balances for years.
Should I start closing some of these????
If I don't, how do I ever get out from under the issue of - too many credit accounts

Thanks for your help!!

Bruce

wmarat · ‎08-21-2008

Ignore it.

IN VINO VERITAS.

Anonymous · ‎08-21-2008

Yeah, if you are in the high 700's you are not going to gain any real benefit of any higher score. Really, at that point is is just s crap shoot over what exact product mix of credit and debt ratios that you have that is going to make any difference and those are hard to guess.

Anonymous · ‎08-21-2008

When you see that "too many accounts" flag, are you looking at an actual FICO score, or just a "free" credit score like in truecredit?

If a FICO score, that flag is meaningless. FICO does not penalize for having too many accounts.

If it's a non-FICO score...well, the score itself is meaningless.

Anonymous · ‎08-21-2008

Ignore it.

Just make sure you don't have "too many balances" reporting on your open accounts.

Message Edited by ilovepizza on 08-21-2008 10:39 PM

Anonymous · ‎08-22-2008

Thanks for the assistance. The score is a fico I got from buying if off this site so I assume it is a real FICO score. It was from Transunion.

I was at 730, but have really been banging down my credit card debt not just to improve my score, but having gotten disabled, I needed to reduce my monthly outlay.

It obviously is working as of course my outlay is down, but my score went to 786.

Thats when I bought the other agencies and noticed they are all reporting this " too many account" messages. Before this forum, I would have simply closed a bunch of the zero balance ones, but reading this forum, it sounds like its a bit of a catch 22.

I was wondering if it was safe to close the $0 balance accounts that don't exist anymore, stores that are out of business etc.

But I appreciate all your comments. They have helped a great deal.

llecs · ‎08-22-2008

To echo others....ignore it. It seems to be a glitch in the credit report. It has no negative bearing on your CR. If fact, depending on which CCs you close, you score could drop (loss of history or avg. age).

Message Edited by llecs on 08-22-2008 10:26 AM