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Number of open accounts and financing

Member

Number of open accounts and financing

Could anyone explain me , please! May the number of open credit cards accounts in year affect for a decision to give me financing for a rhinoplasty?
Message 1 of 16
15 REPLIES
Community Leader
Super Contributor

Re: Number of open accounts and financing

Can you explain a bit further?  Are you saying that you tried to get financing for this medical procedure, and that you were turned down by a particular lender, and they cited being concerned by how many new accounts you had opened in the last 12 months?

Message 2 of 16
Member

Re: Number of open accounts and financing

Not yet. I want to take financing in the future for a rhinoplasty. I opened 4 accounts last year and I want a couple more. But I'm worried can this affect for a decision to give me financing in the near future?
Message 3 of 16
Community Leader
Super Contributor

Re: Number of open accounts and financing

Can you tell us more about the four accounts?  Were they all credit cards?

 

How many credit cards do you have now?  Would it be easy for you to keep all your cards at zero except one (AZEO), with the remaining card showing a small positive balance?  That's a simple way to optimize your score.

 

Do you have an open loan?  If so, what was the loan originally for and how much do you owe now?

 

When would you ideally like to apply for the rhinoplasty financing?

 

 

Message 4 of 16
Member

Re: Number of open accounts and financing

5 credit cards . 4 cards 9 months old, 1 a year and a half. 0 balance for now. I don’t have any loans or mortgages. I would like to apply for a rhinoplasty in summer.
Message 5 of 16
Senior Contributor

Re: Number of open accounts and financing

((4x9) + (1x18))/ 5 = 10.8 month average age of accounts (AAoA).  Anything under 24 months is dinging your scores as they are, but if you want to age it all out you'd have to wait 14 more months to get to the next threshold -- so that's longer than you want to get the surgery.

 

Based on your numbers, your newest account is 9 months, which is greater than the 6 month "new account penalty" but not quite 12 months when the new account penalty appears to go away entirely.  So adding a new revolving account might ding you a tiny bit but not a ton.  Unless this finance option is an installment loan?

 

What are your current FICO8 scores?

Message 6 of 16
Member

Re: Number of open accounts and financing

I don't think this is a installment loan. Care credit, prosper healthcare lending and similar. My fico score 750 for now and It keeps grow really fast now.
Message 7 of 16
Member

Re: Number of open accounts and financing

Do you want to tell me they will not give me financing even if I do not open new accounts and I will have a score 800?
Message 8 of 16
Senior Contributor

Re: Number of open accounts and financing


Lanaastile wrote:
Do you want to tell me they will not give me financing even if I do not open new accounts and I will have a score 800?

The FICO score is just a filter to see if a person is worth looking at more closely.  I'd say you'd get approved because people with WAY lower scores do.  Your oldest account is almost 2 years and that's pretty solid history to go on.  But you also didn't mention how big of a credit limit you're looking for -- if it's $3000 that's one thing, $30,000 is another story.

Message 9 of 16
Member

Re: Number of open accounts and financing

13000$ For financing.
Message 10 of 16