Just received my FICO score and I want to get it higher (645 EQ and 675 EX). They both indicate that I have a "high number of consumer finance company accounts being reported". How do I get these off my credit report? Additionally, my credit reports shows 35 accounts and 62 accounts, EQ and EX respectively. I only use about 15 of those...Should I get rid of/Close the rest? Thanks in advance!
It doesn't say you have to many accounts. It says you have too many "consumer finance" accounts. That is different. Finance accounts would be like Citi Financial (not Citi), Wells Fargo Financial (not Wells Fargo), and others. Even my car loan through NMAC is consided a finance account. Closing the accounts won't change anything, because they would still be reported. There really isn't anything that you can do. other than maybe try to get some removed that are already closed. I personally think it is a pretty bogus reason code.
Re: Re: Too many open accounts A "FEW" LATE PAYMENTS ON A "REGULAR" ACCOUNT IS BETTER THAN A PERFECTLY PAID "FINANCE" COMPANY!!! The logic of F.I.C.O. But that is from the company that "THINKS" one inquiry is BETTER than ZERO!!!
