a PRIME example of why TrueCredit SUCKS !

[Anonymous]

I saw this on my account under "ways to improve your credit score" Can you believe it ?

"There are too many personal finance accounts on your credit report. [Experian] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter. "

Message Edited by firstinlastout on 06-17-2008 04:15 PM

[Anonymous]

DEfinitely take TrueCredit's advice with a grain of salt. FICO scoring does not penalize you for having too many accounts (with the annoying exception of "consumer finance accounts," which seem to be a weasel term for "credit extended to poor or bad-credit people").

[Schoolbuskid]

Yea its ridiculous how they calculate their information...but i do like the having the three reports...i thinkn its by far the easiest for monitoring!

[haulingthescoreup]

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@Anonymous wrote:
I saw this on my account under "ways to improve your credit score" Can you believe it ?

"There are too many personal finance accounts on your credit report. [Experian] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter. "

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I'm not sure what any of us can say, other than to repeat for the umpty-umpth time, don't get TrueCredit for the scores or the advice! It's a great way to get daily access to your reports to see what's what with your accounts.

If other people are going to believe that there's something wonderful about their scores, fine, so be it, but that's not what's useful about TC and other monitoring services.

I have a co-worker who drives me nuts, going on and on about her love life or lack thereof, but she is able to help me in some critical areas that make my job easier. I can easily tune out her yada yada, making the occasional sympathetic noise, in exchange for what's really useful. I do the same with TrueCredit.