No. of Recommendations: 0
I was having a discussion with a guy who was trying to sell me a refi on a HELOC I have. He was looking at my credit report (I gave him my info as I was in the market sort of) and he told me that the number of accounts I have on my report was contributing to my average-ranked FICO score (663).

I just rejoined this board and have been reading posts and looking for detail on this issue. In the FICO links I've found through this website, they don't list "reduce number of accounts" as a way to improve your FICO score. But the guy definitely seemed to be reading something on my credit report which summarized negative flags for me "too many open accounts."

Does anyone out there know? Does too many open accounts bring my credit score down? I thought having high available credit was good for the FICO score.

The "too many accounts" are pretty much just gas cards or retail cards ala Old Navy or Generic Furniture Liquidators Extravaganza etc that I opened to just get a 10% discount on my purchase (or a really cool t-shirt) and then have never even used. Most of them just have like a $500 limit or something. Should I write and close those out? Or did this guy not know what he's talking about?

All help appreciated,
Shirtless Fool
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement