Too many credit cards...

I just signed up for the Equifax credit monitoring service and my score is pretty good (759). However it stated that I have to many bankcards. i.e., credit cards. Should I request that they be closed? I don't have any balances on my cards.


Here's my list.
American Express x2
4 Store cards (i.e, sears)
4 MC/VISA

--- be happy.

with a score like that, the answer will always be YES when you apply for any kind of credit. how i wish i had your dilema, this with 15 years of flawless credit history and always in the NO territory below 680. a miss is as good as a mile-- with FICO, 680 is solid gold, and 679 is garbage. no whiffs, spams, or cigarette butts.

no matter what your score is, you'll always see reasons why it isn't higher. in most cases these are totally meaningless-- they are there only to satisfy the legal requirement that if your loan application is declined, or if you are offered less favorable rates and terms for a loan, you have been told why. nearly all lending decisions today are made by computer, using FICO scores-- it is quite likely that "reasons" cited will make no sense whatsoever when compared to what your credit profile actually contains. the fed has turned their lending decisions over to a badly flawed set of programs authored by "fair," isaac, based in san rafael, ca. you have nothing to be concerned about with a score of 759, and any data that may or may not be on your credit reports is irrelevant. most lenders never look at credit reports anymore-- that score is the only thing considered.

"if it ain't broke, don't fix it." that's my advice to you. unless your middle FICO score drops below 680, leave it all alone. don't close any accounts; with a score out 759, let them sit with $0 balances. buy a house or condo-- at 759 you don't even need a job, though you'll get the best interest rate out there if you can srape up 5% for a down payment. paying rent is just paying somebody else's mortgage-- why not pay your own and take the tax benefits that come along with it. a 2 or more family house has tenants paying on your behalf. FICO is fraud, but with a 759 score, you can't go wrong by making the best use of one great opportunity it is now placing at your feet. more power to ya'--:)*

I second that, don't fix it if it ain't broke!

Keep those cards.

Will not necessarily increase your score even if it shows too many credit cards. Whether the accounts are open or closed it may still be considered too many credit cards.

Correct, it says in the small print that closed accounts still count.

The only way to really get an even higher score is doing nothing.

Thanks for the input. I'll keep those credit cards open then. I'm currently renting right now and plan to buy a home soon. That's why I decided to check my score.


Thanks everyone.

Need to correct myself, adding a mortgage might increase the scores after you had it for a while.

Good luck! If your other scores are that high you won't have any problems getting the best rates.

[QUOTE] with FICO, 680 is solid gold, and 679 is garbage

So very true. My Father has a lot of Credit just as I do, (at least 150k currently). He always got the best rates until he fell below 680. THEN ALL HELL BROKE LOOSE!


4 first Usa Accounts Closed By Credit Grantor
1 People's Bank Closed By Credit Grantor.
Citbank raised to 19.9 apr
Fleet Raised to 19.9 apr
Amex Blue for Business Lowered limit from 20k to 10k
Amex Blue Lowered From 5k to 2800
Amex Optima Lowered from 15k to 500

There was no derogs, It was basically a length of time and B/L ratio on certain accounts issue.

If you're going to run balances and take advantage of b/t, NEVER EVER FALL BELOW 680!!

Ouch!

Thing is, very few, if any credit card issuers use the scores we get, they have MODIFIED scores. Although I'm sure that all of them put significant weight on the B/L ratio. I'm surprised that so few people calculate it.

Can you calculate YOUR balance/limit ratio? (http://creditforum.org/showthread.php?s=&threadid=1775)

Anyway, I'd be furious if I was your father!

That's right - score alone most often is not a basis for approval - more often it is used to deny or charge higher rates.

The MOST important thing is keeping your report clean. No lates, Charge-Offs, Collections, etc...

You probally had to PAY your money to get your score. If you now make changes based on what cooments they offered, of course you will now have to PAY again to see if it worked. Oh boy - did my score go up today?? Well, I better check. The cycle continues. The more they can get you hooked on how important that score is - the more you will pay to find out.

Don't you have a fundamental problem with paying someone to give you a score - but not telling how that score was derived?

So what if you closed an account and your score went up 10 points, 20 points, whatever amount? What would it really mean to you?

Just my thoughts - as far as I am concerned - I will work to keep my report clean. I will not PAY money to get scored. If my report stays clean, everything else will fall in line.

The best way to increase your credit score is to pay off all debt on credit cards. Your credit score will improve in 100 points at least. For more information please follow Credit Report Directory - www.credit-factor.com

This is NOT true!

I recommend you stop advertising with those incorrect claims. You may not be aware of my federal suit - I'm suing the FTC for failing to enforce truth in advertising and failing to shut down sites with fraudulent credit repair claims - among other items. Your site is right along that line.