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Total Number of Accounts on Report is Hurting my FICO Score

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Anonymous
Not applicable

Total Number of Accounts on Report is Hurting my FICO Score

I pulled my TransUnion report thru myFICO today and there's a flag indicating that the number of accounts I have is hurting my score. I have 35 accounts total.
 
14 of these accounts are Sallie Mae student loan accounts and 6 more are student loan accounts with USA Group. All have a "unrated or bankruptcy" status. I consolidated my student loans, so all of these have a zero balance and were opened no later than Feb 2003 and all were closed in July 2003, when I consolidated.
 
My question: how do I get these accounts reduced or eliminated so they don't hurt my score? My score is 699, so I'm just a few points from getting better interest rates. Very important to me since I hope to be buying a new home soon.
 
Any recommendations????
Message 1 of 7
6 REPLIES 6
Tuscani
Moderator Emeritus

Re: Total Number of Accounts on Report is Hurting my FICO Score

How old are your newest accounts? The unrated accounts shouldn't affect your score.
Message 2 of 7
Anonymous
Not applicable

Re: Total Number of Accounts on Report is Hurting my FICO Score

I have three accounts opened in 2005, Dell, Chase credit card, and a car loan.
 
The report has a red flag on the "Credit at a Glance" page next to Total number of accounts. I have 35 total. (The report is the new easier to read format.)
Message 3 of 7
Tuscani
Moderator Emeritus

Re: Total Number of Accounts on Report is Hurting my FICO Score

Weird.. I have just as many TLs and I do not see that.
Message 4 of 7
Anonymous
Not applicable

Re: Total Number of Accounts on Report is Hurting my FICO Score

I think perhaps the software is really reaching hard for a reason and pulled that one because it had nothing better to latch onto.
Message 5 of 7
Anonymous
Not applicable

Re: Total Number of Accounts on Report is Hurting my FICO Score

Well I have other flags too. That's just the one I don't understand. Could it have something to do with the "Unrated or bankruptcy" Status?
Message 6 of 7
Anonymous
Not applicable

Re: Total Number of Accounts on Report is Hurting my FICO Score



@Anonymous wrote:
Well I have other flags too. That's just the one I don't understand. Could it have something to do with the "Unrated or bankruptcy" Status?





I would try to get the status changed to "Closed" "Paid as agreed"

I have an account that has a similar marking that is causing my Equifax score to be 20 points lower than the others.
Message 7 of 7
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