Been at this credit repair stuff for about 2 months, with 1 month on my own before I found this site. Disputed some stuff from my report (i.e. stuff that wasn't mine or was incorrect). Got my updated score and it went down 12 points. (TU). Go figure. So after paying off 2 mortgages and refinancing into 1 mortgage, I pull my report again to see if things have improved or not, since TU was my lowest score by about 70 points. Well, my score went up 39 points, which is a good thing of course! But now it's listing as one of my reasons 'too many open accounts'. This report is showing we have 2 vehicle payments, 1 mortgage, 2 visas, 1 gas card. Now, here's where I get fuzzy. My gas card just started reporting again since I made a purchase after not using it for like 8 years.It is my oldest open account on my report now (1992).I have a whopping $12 balance on it. Now, since TU deleted the Sears account completely off of mine and my dh's account, his stuff is only dating back about 10 years too. I was thinking of calling and having Citgo add him to my account, so he'll get a nice, aged tradeline. But I'm worried that instead of it increasing his score, it'll lower it becuase of too many open accounts. I know this is a shady area, but does anyone have any words of wisdom as to how to proceed... or if to proceed??? Thanks! Ozzy.
Ozzy, I had my wife add me to a few of her CC's and 2 of them reported the original open date on my CR's. This helped me by having instantly aged accounts in good standing. I don't remember exactly how much, but my scores went up. I have about 10 open CC accounts, plus mortgage and car loan. My reason codes don't include "too many open accounts". Positive Score Factors â?¢ The average length of time since your accounts were opened is greater than five years Negative Score Factors â?¢ Presence of derogatory information (such as collection, charge-off, or bankruptcy) on your credit profile â?¢ Account opened within the last three years â?¢ The outstanding balances on your accounts are greater than the average in your credit category â?¢ Two or more applications for credit made in the last two years Recently my Target Visa showed up on EX, and even though it's a new account, my score went up 15 points. I'm not sure why that happened. I think you'll find that even if you have a near perfect score, they will still have reason codes for why you're not perfect. My wife has perfect credit, never a late pay or any derog. Her scores are in the high 700s, but still have reason codes that seem pretty bogus. So anyway, IMHO, I think that adding the good aged account would outway the negative aspect of too many accounts. Especially because it doesn't sound like you do have too many accounts. If you add it and it has negative effects, you could always remove him. But I would put him on and give it a few months to see.
Hey.. that's a good idea - never thought of taking him back off it if it did damage to his score! duh! Sometimes the obvious is so hard to see! Thanks for the info, I appreciate it! =-) Ozzy.
