--> # of CC Accts, Affects FICO how

Discussion in 'Credit Talk' started by FedUp2003, Aug 9, 2003.

  1. FedUp2003

    FedUp2003 Well-Known Member

    I want to clean up my CR's some, and to raise my FICO/FAKO scores, and am looking for some feedback from others on their knowledge/experience with how many open and/or closed revolving accounts they have.

    I believe I read on the WorthKnowing web page, when I pulled my report, that 6 or more CC accounts would tend to lower your score, whereas 4-5 was average.

    Just how much does the number of open accounts affect your score?

    I just noticed with PG that I have 12 Revolving accounts reporting on Equifax, 9 with Experian, and 6 with TU.

    I could close one of my Cap1 accts that has a $0 balance, but it has been open since Jun 97 and only a 30 day late on Dec of 2001....

    Could close a Ckt City card through FNANB, has a $0 balance with $800 CL, and open since Dec 97...

    But would I be doing more harm since they are $0 bal and relatively clean of derogs ...

    I know I'd be better off paying down my others, but until that happens, would it help, not make a difference, or worsen my scores to close these 2 accounts?

    Also, if you close an account, does it still report? I believe it only still reports if you are still carrying a balance, right?

    LAst question, you pay off the balance, close the card, so it shouldn't be counted towards your "number of open revolving accounts" as far as the FICO score is concerned, correct?

    And if those particular CC had some dergos (30 day lates) does by closing the account prevent you from disputing the lates, or can you still dispute?

    Thanks in advance for any and all responses!

  2. debtchoked

    debtchoked Well-Known Member


    I have some of these same questions!
  3. LKH

    LKH Well-Known Member

    You do NOT want to close those older cards.
    When you close an acct, it will still show for 10 years if it is in positive standing.

    If you carry balances on any cards, closing some will increase your percentage used as those limits will no longer be included.

    If you are concerned about too many cards, which I wouldn't be, you can combine your newest Cap 1 acct into your oldest. That would keep your length of history and keep the amount of credit the same, but reduce the # of cards.

    Closing an acct does not prevent you from disputing it.
  4. crofttk

    crofttk Well-Known Member

    Let me add that I would only concern myself with the number of revolving accounts if it appeared as one of your top negative scoring factors on the FICO report. The rest like LKH says.
  5. FedUp2003

    FedUp2003 Well-Known Member

    Re: Re: --> # of CC Accts, Affects FICO how

    That's just it, that is one of the reason's stated that was negatively affecting my score, too many open revolving accounts.

    The acounts I can close because they are paid off are my better ones (no derogs) and one was opened a while back ...

    The others, that I want to close, still have a balance and some 30 day lates I want to either try and dispute off or wait a little bit and write a goodwill letter hoping to get the OC to update the TL to never late ...

    I read that if I close the account that I can still dispute, but will the age of the account and if it's clean still count in my favor?

    And, if I close an account with a balance stil, would this prevent me from asking for a goodwill TL update from the OC?


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