Number of accounts

[Anonymous]

I have a total of approx 45 accounts, but all but 20 are closed.  The open ones are mostly rental property.  But my score is being affected by having so many accounts 45, even though half of thee are closed, what can I do.  My scores range from 725 -750

[Anonymous]

not to sound like a jerk, but are you serious?

[Anonymous]

On which score system did it say too many accounts were effecting your score?

Your score sounds like it is exactly where it should be due to debt. After I have more information I may be able to understand the situation better.

What type of accounts are they?

Revolving ? open/closed
For revolving... what is your percentage of open revolving debt to revolving total credit limits combined?

Installment ? open/closed
For installments... what is your total open installments debt to installment total credit starting debt.

Mortgages ? open/closed
For mortgages... what is your total open mortgage debt to mortgage total credit starting debt.

Other (please specify) open/closed

Any negatives and how many inquiries.

Message Edited by ilovepizza on 06-17-2007 08:08 PM

[Anonymous]

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@Anonymous wrote:

I have a total of approx 45 accounts, but all but 20 are closed. The open ones are mostly rental property. But my score is being affected by having so many accounts 45, even though half of thee are closed, what can I do. My scores range from 725 -750

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If a bunch of these are investment/rental properties you should consider putting these accounts in your company name. LLC would be best.

[Anonymous]

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@Anonymous wrote:

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Yes. You are able to separate business credit reporting from personal credit if you can make some changes.

My guess is that you are trying to stay above 760? What was your highest score earlier?

Message Edited by ilovepizza on 06-17-2007 08:22 PM

[Anonymous]

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@Anonymous wrote:

are you serious?

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When you are talking about large amounts of money (like multiple mortgages) The difference between 720-750 and 760... makes a difference.

Lets say someone buys houses as a business to rent. It's not that they are super rich actually they might not even have much money and just be trying to make monthly payments so the property can mature and go up in value. A 760+ can save someone more money.

Link MyFico home page

5 houses at $300k each = monthly payment of $9,570.
5 houses at $300k each = monthly payment of $9,350.
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The difference monthly is...................$ 220 saved. ($2,640 yr)

It might not sound like much for that much money, unless you are having trouble making that monthly payment. Either way it is money saved.

I do a lot with loans my self and make mere peanuts in commissions. If I can squeeze an extra tiny percent it can go a far way. Who couldn't use extra cash for raising their FICO score. I want to raise my score as high as I can to give as much room as possible. Some people don't care (this is true) if they pay a little extra. I care very much. Even if I save $25 a month for raising my personal FICO score, I'd do it. I am trying to do it! Money is money.