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Does anyone out there know? Does too many open accounts bring my credit score down?

I don't know yet. I opened two new cards recently, to use their no-fee low-rate for life BT offers.

I did get Equifax's FICO Watch (TM) service on a month by month basis (3 month minimum). My FICO was at 770 before I started the show. It did go down and it did say it was for somethat that happen on the day of the score change, it was the first time one of the account report the balance (including the trasfer amount). The FICO dropped to 728 :(.

The next event happen 2 weeks later when the other account reported its first balance. Strangely it cause the FICO to go up to 745 :).

Now I know that all the balances have not been reported for this month yet. But I image that the FICO score will go up after all of those are reported, especially since I threw a snowman (large one-time payment) at one of those balances. Probably not back to the 770 though.

I suspect that some of the FICO bouncing was due to the temporary balance modifications and of course some was for new accounts.

I am not too particularly worried about my FICO that much since I don't expect a major refinance in the next few years, unless rates on mortgage go down dramatically soon (not holding my breath on that). I have until 2011 to refinance my HELOC into a traditional mortgage otherwise at that point if I haven't already refied, it will become a 15year fixed at whatever the prevailing rate is at that time.

I will try to give a report back in 6 months on how it turned out, at which time it will have included snowballing effects. At that point I will be able to answer your question.

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