@Anonymous wrote:1) Should I consolidate to improve my FICO, currently at 771? My report has 15 Open Accounts, 10 of which are education loans (+1 auto and 4 credit cards). I can consolidate these 10 student loans down to 5; therefore my total open account would go from 15 to 10.
My report stated that one reason for my score was something similar to "Number or Quantity of Private Accounts". I wasn't sure if this "Number/Quantity" actualy meant total balance or actual quantity. Would consolidating help, i was not sure of how a new inquiry would weigh against less TL's? This is NOT my oldest line of credit (currently at 12 years), I have another that is 14 years. I currently only have 1 inquiry in the past 12 months.
2) Also, I only have one negative account on my report, it is a 5 1/2 year old (Aug/Sept 2009) 90 & 120 late, would the impact of the late payment be any less if I pay this loan off and it is no longer an open account?
Thanks for any help! I cannot find any answers to either of these online.
I would not consolidate anything unless its in your interest financially irregardless of that message you got. Fico will give a notice of excessive installment loans in this case private loans for more than 4 but I would not worry about it, IMO the thicker your file is the better. Paying off that derog account isnt going to change the fact that you had those lates unless you can get them to commute their reporting or remove the TL all together in exchange for full payment. If its not updating now I would not poke the bear, poking them can wake them up and result in an update to the TL which would bring the status date current and in Ficos eyes it would look like a brand new CO. The fact they have not reported it as CO at this point is in your favor.
Welcome to My Fico 
