Too many accounts. This is a new one to me.

[Anonymous]

What’s hurting your FICO^® score

You have too many credit accounts.

Number of your credit accounts currently paid as agreed 11 accounts
FICO High Achievers have an average of 6 accounts currently paid as agreed.

11?  Too many?  Really?

Wow.

I guess I'm doing better than I thought if that's the best they can come up with.

ETA:  This is TU and my score is 696.

Message Edited by cheddar on 03-26-2008 02:07 AM

[Anonymous]

I had a comment once, and only once on an old TransUnion report: "You have too few/too many accounts being reported on your file."   That was certainly a broad, vague statement.  At the time, I had 10 (active) credit cards.  I closed one account, and that comment never reappeared.  What I couldn't understand was that for years, having 10 accounts was never an issue on my TransUnion reports. 

[jackg]

Cheddar.

I also just received that message and my first thought was that I was carrying a "balance due" on more than 50% of open revolving accounts. I checked and sure enough I have balances on 6 of 10 accounts. The total $ balances due is $550 so it's not utilization.

[Anonymous]

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jackg wrote:

Cheddar.

I also just received that message and my first thought was that I was carrying a "balance due" on more than 50% of open revolving accounts. I checked and sure enough I have balances on 6 of 10 accounts. The total $ balances due is $550 so it's not utilization.

---

Well, I have balances on 5 of 11 open accounts.

Overall utilization on that report is currently 5%.

So I guess it really doesn't like the fact that I have 11 total open accounts.  That just seems like an awfully low number to complain about, though.

[Anonymous]

I agree cheddar! I usually take a comment like that with a grain of salt. They make a statement like that, but they do not give you a satisfactory explanation WHY it's not a good thing.

I think it has to do with the cryptic encryption. lol

[Junejer]

Cheddar, U R prolly on the verge of a score breakthrough, if that's all that they can come up with to yell at you about.

[Anonymous]

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ByrdMan wrote:
Cheddar, U R prolly on the verge of a score breakthrough, if that's all that they can come up with to yell at you about.

---

I would love to believe that, and I hope it's true.

You'll notice that this is Very Bad Thing #3 on that report, though.  There are still:

#1: My one and only 6.75 -year-old CA (which has dropped everywhere but TU)

#2: Short credit history (average age = 1 year...I know, I know; that's what happens when you live "off the grid" for a while and then suddenly realize you better get your credit situation in order.)

[Junejer]

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@Anonymous wrote:

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@Junejer wrote:
Cheddar, U R prolly on the verge of a score breakthrough, if that's all that they can come up with to yell at you about.

---

I would love to believe that, and I hope it's true.

You'll notice that this is Very Bad Thing #3 on that report, though.  There are still:

#1: My one and only 6.75 -year-old CA (which has dropped everywhere but TU)

#2: Short credit history (average age = 1 year...I know, I know; that's what happens when you live "off the grid" for a while and then suddenly realize you better get your credit situation in order.)

---

Very bad thing #1 is about to go bye-bye and very bad thing #2 can't be helped. Will only get better with time. Perhaps #2 & #3 work in conjunction. Too many accounts for such a new file?

[Anonymous]

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ByrdMan wrote:

Very bad thing #1 is about to go bye-bye and very bad thing #2 can't be helped. Will only get better with time. Perhaps #2 & #3 work in conjunction. Too many accounts for such a new file?

---

The point about #3 only being a bad thing in conjunction with #2 is an excellent point and something I hadn't considered.  Thanks for the great observation.

[Junejer]

You're welcome.