You have too many credit accounts. --> 21 total: 10 open, 11 closed

[Anonymous]

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@smallfry wrote:

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@Anonymous wrote:

I don't think it's the ratio. I also have the "too many accounts paid as agreed" message on TU with only 13 total accounts, all positive.

I tend to think it's related to some sort of "too many accounts in relation to your short history" factor, as ByrdMan suggested to me on a thread where I posted this a few months ago.

ETA: Score is 744 on a completely clean report, and the only things FICO complains about are my short history, my short revolving history, and the fact that my 13 accounts are "too many."

Message Edited by cheddar on 05-23-2008 11:42 AM

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What is your average age of accounts?

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13 months.

[Junejer]

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@Anonymous wrote:

I don't think it's the ratio. I also have the "too many accounts paid as agreed" message on TU with only 13 total accounts, all positive.

I tend to think it's related to some sort of "too many accounts in relation to your short history" factor, as ByrdMan suggested to me on a thread where I posted this a few months ago.

ETA: Score is 744 on a completely clean report, and the only things FICO complains about are my short history, my short revolving history, and the fact that my 13 accounts are "too many."

Message Edited by cheddar on 05-23-2008 11:42 AM

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How quickly we forget.

[RobertEG]

I wish that FairIsaac would clarify this continuing confusion for all of us.

FairIsaac recently and emphatically stated in their recent webinars that it is a complete fallacy that there is such as thing as too much revolving credit, or that it would have any negative impact on FICO score.  But what that statement does not address is whether having 3 or 30 cards contributing to that credit is scored differently in any significanat way.

I still do not have a fix on whether the "What's hurting your FICO score" comments attached to credit score reports are generated directly by FairIsaac based upon definitive affects from their actual scoring algorithm, or whether they are second or third party evaluations based on their own, and separate, observations. 

Does anyone have any info on this?

Message Edited by RobertEG on 05-23-2008 08:44 PM

[Anonymous]

RobertEG wrote:

I still do not have a fix on whether the "What's hurting your FICO score" comments attached to credit score reports are generated directly by FairIsaac based upon definitive affects from their actual scoring algorithm, or whether they are second or third party evaluations based on their own, and separate, observations. 

Does anyone have any info on this?

Those statements on myFICO reports come directly from FI, and are based on the actual algorithm used to generate that particular score.

[RobertEG]

Thanks, Cheddar!  That is important to know.  It gives them some credibility in my mind.  But it opens up the question as to why, if they are based on the actual FI scoring algorithm, do they so often contradict themselves, even in the same score report?  We all see it over and over. 

[Junejer]

Yeah, it may seem that way. It seems like after there is nothing to yell at you about, that the reasons just get crazier and crazier. Here is that list of reason codes from each of the CRAs again.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=17061#M17061

R- Revolving (usually a credit card)
I - installment (like home or auto loan)
R1 or I1 = pays as agreed never late
R2 or I2 = 30 days late
R3 or I3 = 60 days late
R4 or I4 = 90 days late
R5 or I5 = 120 days late
R7 or I7 = making regular payments under wage earner plan
R8 or I8 = repossession
R9 or I9 = charge off
EQUIFAX - BEACON Score Codes
00039 - serious delinquency
00038 - serious delinquency, and derogatory public record or collection filed
00034 - amount owed on delinquent accounts
00033 - proportion of loan balances to loan amounts is too high
00032 - lack of recent information loan information
00030 - time since most recent account opening is too short
00024 - no recent revolving balances
00023 - number of bank or national revolving accounts with balances
00020 - length of time since derogatory public record or collection is too short
00019 - too few accounts currently paid as agreed
00018 - number of accounts with delinquency
00016 - lack of recent revolving account information
00015 - lack of recent bank revolving information
00014 - length of time accounts have been established
00013 - time since delinquency is too recent or unknown
00012 - length of time revolving accounts have been established
00011 - amount owed on revolving account is too high
00010 - proportion of balances to credit limits is too high on bank revolving or other revolving accounts
00009 - too many accounts recently opened
00008 - too many inquiries last 12 months
00006 - too many consumer finance company accounts
00005 - too many accounts with balances
00002 - level of delinquency on accounts
00001 - amount owed on accounts is too high
O - beacon not available, no recently reported account information
FA - number of inquiries adversely affected the score, but not significantly
TRANSUNION - EMPIRICA Score Codes
040 - derogatory public record or collection filed
039 - serious delinquency
038 - serious delinquency, and public record or collection filed
030 - time since most recent account opening is too short
029 - no recent bankcard balances
028 - number of established accounts
027 - too few accounts currently paid as agreed
024 - no recent revolving balances
021 - amount past due on accounts
020 - length of time since derogatory public record or collection is too short
018 - number of accounts with delinquency
017 - no recent non-mortgage balance information
016 - lack of recent revolving account information
015 - lack of recent bank revolving information
014 - length of time accounts have been established
013 - time since delinquency is too recent or unknown
012 - length of time revolving accounts have been established
010 - proportion of balances to credit limits is too high on bank revolving or other revolving accounts
009 - too many accounts recently opened
008 - too many inquiries last 12 months
006 - too many consumer finance company accounts
005 - too many accounts with balances
003 - proportion of loan balances to loan amounts is too high
002 - level of delinquency on accounts
001 - amount owed on accounts too high
- file not scored because subject does not have sufficient credit
FA - in addition to the factors listed above, the number of inquiries on the consumer's credit file has adversely affected the credit score
EXPERIAN - FAIR ISAAC Score Codes
40 - derogatory public record or collection field
39 - serious delinquency
38 - serious delinquency and public record or collection filed
33 - proportion of current loan balance to original loan amount
32 - no recent installment loan information
24 - lack of recently reported balances on revolving/open accounts
21 - amount past due to accounts
20 - length of time since legal item filed or collection item reported
18 - number of accounts delinquent
16 - insufficient or lack of revolving account information
15 - insufficient or lack of bank revolving account information
14 - length of time accounts have been established
13 - length of time (or unknown time) since account delinquent
12 - length of revolving account history
10 - proportion of balance to high credit on bank revolving or all revolving accounts
09 - number of accounts opened within the last 12 months
08 - number of recent inquiries
06 - number of finance company accounts
05 - number of accounts with balances
02 - delinquency reported on accounts
01 - current balances on accounts
9002 - the profile report does not contain any tradeline which satisfies both of the following: status date within the last six (6) months or a balance within the last six (6) months. does not contain disputed information
- risk score not calculated due to lack of credit history

[marty56]

Great list.  I like 027 - too few accounts currently paid as agreed.  I wonder what too few means.  Seems funny to me.

[Junejer]

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@marty56 wrote:

Great list. I like 027 - too few accounts currently paid as agreed. I wonder what too few means. Seems funny to me.

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You would think that they could've worded that better huh?

[RobertEG]

After reading your post, I understand from supreme authority that FI has established a new code 27A  that reads:

027A - too many accounts currently paid as agreed.

That way, alll bases will always be covered with feces, with no possible escape!

[Junejer]

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@RobertEG wrote:

After reading your post, I understand from supreme authority that FI has established a new code 27A that reads:

027A - too many accounts currently paid as agreed.

That way, alll bases will always be covered with feces, with no possible escape!

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ROFL. RobbySaprano, that was the funniest thing that I ever read from you. I love it.