Closing Accounts

[MidnightVoice]

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ilovepizza wrote:

I think they were talking about too many accounts with "balances".

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To quote my TU report (after a 30 point drop for no apparent reason)

You have too many credit accounts.

Number of your credit accounts currently paid as agreed
23 accounts FICO High Achievers have an average of 6 accounts currently paid as agreed.

Your FICO score takes into account the number of accounts (such as credit cards or installment loans) on your credit report. You have a large number of accounts. In general, people who have a large number of accounts pose more of a risk to lenders than people with a moderate number of accounts.

Most of these are closed accounts

[Anonymous]

^^ Out of curiosity. What was your score before, and what other risk factors did they mention?

[MidnightVoice]

787 to 757, and "too many accounts with balances" (I get that on every report - I actually use my 6 CCs, and I have a mortgage, Heloc and car loan!).

And my util is below 5%

[Anonymous]

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@MidnightVoice wrote:

787 to 757, and "too many accounts with balances" (I get that on every report - I actually use my 6 CCs, and I have a mortgage, Heloc and car loan!).

And my util is below 5%

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At 787-757 you more than likely will get that on every single report due to the fact that its probably one of the only things that is affecting your score. Keep that in mind because once your score gets even higher those score factors get even stranger. Like for instance "Too Many Inquiries In the Last 12 mos" and you look and theres 1 inquiry. Well its there because at the score your at having zero inquiries might improve your score.

[MidnightVoice]

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@Anonymous wrote:

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@MidnightVoice wrote:

787 to 757, and "too many accounts with balances" (I get that on every report - I actually use my 6 CCs, and I have a mortgage, Heloc and car loan!).

And my util is below 5%

---

At 787-757 you more than likely will get that on every single report due to the fact that its probably one of the only things that is affecting your score. Keep that in mind because once your score gets even higher those score factors get even stranger. Like for instance "Too Many Inquiries In the Last 12 mos" and you look and theres 1 inquiry. Well its there because at the score your at having zero inquiries might improve your score.

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The classic was EQ. 

At 780 my new credit was "good".  A month later, I hit 800 and new credit went to "not good". 

[Anonymous]

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MidnightVoice wrote:

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ilovepizza wrote:

I think they were talking about too many accounts with "balances".

---

To quote my TU report (after a 30 point drop for no apparent reason)

You have too many credit accounts.

Number of your credit accounts currently paid as agreed
23 accounts FICO High Achievers have an average of 6 accounts currently paid as agreed.

Your FICO score takes into account the number of accounts (such as credit cards or installment loans) on your credit report. You have a large number of accounts. In general, people who have a large number of accounts pose more of a risk to lenders than people with a moderate number of accounts.

Most of these are closed accounts

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FWIW, I used to get the same comment on TU with only 11 accounts.

TU was 696 at the time, with an old CA reporting.  Once the CA aged off and my report was clean, my score jumped to 744 and the "too many credit accounts" comment disappeared, as well.

ByrdMan mentioned at the time that this comment may be related to bucketing, at least the number of accounts that may trigger it.  I tend to agree, because the comment disappeared when I had a rebucketing event (last derog dropped).