The Fico Gods threw me a curve ball this morning. My Eq score plummeted from 753 to 728. The only thing that changed was that my Atlantic Coast Federal Visa hit the 6 month mark. Balances, inquiries, etc remained the same. In the negative reasons factor - the number 2 reason (after "relatively short credit history") was "too many bankcard accounts." Here's the question: Fico says that it counts all accounts - closed and open. Therefore - it would seem to me that closing a few accounts wouldn't make a difference. I placed in dispute as "not mine" a recently closed Amex account and a closed Chase Stockback account that was converted to a Chase Platinum - figuring that getting at least one or two recently closed accounts off my report might help. Any suggestions? TIA
I have read that credit card issuers are concerned that consumers will stop applying for new cards if they take an immediate hit in their scores. (because of consumer awareness of Fico scores becoming more widespread) So perhaps new accounts are "unrated" for 6 months to make it less obvious.
thanx catleg for your reply does anyone know if getting closd accounts off your report has any effect in raising one's score. fico says it counts all accounts (open and closed) when giving the "too many bankcards" reason.
Re: Question re: "too many bankcard open credit cards, charge, store accounts: 11 closed (by consumer) credit card accounts: 10 one paid off car loan one open car loan
Re: Question re: "too many bankcard Mark, I'm wondering if this is something new. Maybe they came up with some new scoring model they sprang on the population today. (I know this reason code has been around, but I can't understand why it suddenly affected the score when it never did before.) We got hit by the same thing today. cost us 16 and 39 points overnight. No new account reported since yesterday. We're puzzled. Yes, we've got a bunch of accounts, 27 and 36 total accounts reporting. Most are open. I wish I knew the answer to your question. Would like to know if closing anything would help. DemPooches
Re: Question re: "too many bankcard Hi Dem! Nice to hear from you, as usual... I'll let you know tomorrow - when i see the two closed accounts in dispute - how it affected the score. in any case - i'm not planning on closing any open accounts - I'd rather have the available credit - which - due to money I owe the IRS this year - i'm going to need. Right now my utilization is 3% (on my personal cards) but i'm planning on using some low apr cash checks over the next few months - which will probably bring my total utilization close to 15%. I'm curious to see what kind of score drop i'm going to get.
Re: Question re: "too many bankcard JUST ANOTHER F.A.C.O. REASON FOR F.I.C.O. TO GET YA!!! EXCESSIVE CREDIT LIMITS IS NOT A LEGITIMATE REASON FOR A LOWER F.I.C.O.
Re: Re: Question re: "too many bank I agree GEORGE the strange thing is what happened - TODAY - that both DemPooches and I - got the same NEW negative reason and lower fico scores - when nothing changed on the report - aside from one of my cards reaching the 6 month mark. Maybe they are changing the scoring system - unfortunately not in my favor
Re: Re: Question re: "too many bank I lost 4 points from yesterday...FOR NO REASON!!! RNG All I had was LOWER BALANCES!!! I'm gonna have to go on a SPENDING SPREE...MAYBE I WILL BE BACK IN THE 700 CLUB?!?!!?!?!
Re: Re: Re: Question re: "too many Funny you should mention that - GEORGE!!! Because in the back of my mind - after reading the "too many bankcards" reason - when it mentions "you should only apply for credit when you really need it" - i thought to myself - maybe if I used the cards more - had a higher utilization - they'd raise my score? Sounds crazy - but who knows??? but - WHATEVER! Fico isn't everything in life. How's life GEORGE? Have any trips planned to Whittier in the near future? And how are things at the store? I was in Target last weekend and it was PACKED - the economy can't be THAT bad
Re: Re: Re: Question re: "too many $161.50 DELTA SAT-MON (DEN~LAX) MIGHT GO HOME THIS WEEKEND...BUT FOR <48 HOURS SEEMS LIKE A WASTE OF TIME... MOM WILL SAY---->"Why don't you come when you can stay a while longer" WAL*MART is fine...steady...not really SLAMMED...but we are keeping up with sales vs. last year...We do have 3 SUPER WAL*MARTS (soon a 4th) with-in 15 miles...
Re: Re: Re: Question re: "too many GEORGE--I can't believe your score keeps going down!! Is this a cruel April Fool's joke? Maybe tomorrow it goes back up? Our Wal*Mart seems to be doing fine. My favorite store--I told someone the other day that I think I know the location of every Wal*Mart for about three states around here! It does seem like the more you owe, the more credit they give you. Pay it off and no more offers.
