I've improved my score from just under 760 a couple of years ago to 786 today, but I'd really like to get above 800. I had a red flag on my report today that says that I have 46 accounts, and the explanation said that this many accounts is hurting my FICO score. There are 5 accounts with balances; two Visas, Exxon Mobil, my mortgage, and my car. I have another car loan through my credit union, but it's not showing up on the credit report. I usually let one of the Visas sit at zero useage, but I read here that I should use it, so I did recently. I subscribe to ScoreWatch and when the Visa reported a new balance of $26 from being previously inactive, it dropped by about 6 points. The funny thing, too, is that right after I used it, I wrote Visa a check for $26 to Visa and sent it in immediately so it wouldn't affect my FICO score, yet they reported it as a $26 balance and I lost FICO points. I also have department store cards that I occasionally use about twice a year--Kohl's, Lane Bryant, Catherine's. Additionally, my credit report shows that I still have credit cards that are open, at zero (they've been dormant for years)--Express and American General (furniture store credit). I also have accounts that have been transferred or sold due to mergers and acquisitions by the banking industry. Also, Lane Bryant has two different cards listed on my credit report, one open with a zero balance, and one closed.. Plus, I've had lines of credit at all the banks in town associated with checking accounts. I closed most of the checking accounts and associated lines of credit, but they're still coming up as not closed on my credit report. I recently applied for a Fashion Bug card to get a 15% discount on clothing for that sale. My score dropped by about 6 points for having applied for new credit. That made me mad, so I paid off the Fashion Bug card and wrote to them to close the account. Should I request that the store accounts I never or rarely use be closed? Every time I use a card that had been previously inactive, my score drops. I can live without the 15% discounts, but will closing inactive department store cards help or hurt my score? Should I just mothball all of the cards and just stick with one Visa? In other words, are department store cards detrimental to your score, compared to regular Visa or MasterCard credit cards? Once you've applied for too many credit cards, is it too late? Has the damage been done just by owning them or could I increase my FICO score by asking to have them cancelled?
