According to my quarterly monitoring update that I received yesterday my Transunion score has dropped 19 points from 739 to 720. The reason given was "too many credit accounts." It says I have 26 accounts but 5 are/were closed in good standing. This is the first time I'm seeing this as a reason for a score drop. I don't get why that reason is being factored in this go round when I haven't opened or closed any accounts in almost a year. What gives??
How many open revolving, installment, etc. tradee lines do you currently have? On your open accounts how many of them have a balance as well?
***Correction from my original post - 6 of the 26 accounts are closed.
CreditBob- I have 17 revolving accounts and 3 installment loans (1 car loan, 2 student loans). Out of my 17 revolving accounts 2 have a balance, Discover $979 & Cap One $24. The Discover has recently been paid down to a $0 balance but hasn't updated with the CBs yet. All 3 of my installment loans have a balance. That gives me 5 accounts with open balances.
The stated reasons are often less than helpful, and negative reasons tend to show up even with scores above 800.
I find it most useful to ignore the reasons entirely.
If this your TU Fico score the link below might be helpful
There could very well have been other subtle changes in data that contributed to the score change.
The reasons provided for score changes are often generated by looking at certain items, and do not necessarily represent all or even the most important reason.
I would not associate a stated reason as being accurate or complete.