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Credit Karma - I got a "F" on Total Accounts?

teetee1 909 December 2, 2011 at 01:36 PM More CreditKarma Deals
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https://www.creditkarma.com/report/totalaccounts

In order for me to get "A" I have to have 21 total accounts. Does it seem right to you? I have 3 credit cards and that's already more than enough for me. Not sure whoever in the right mind need 21 credit cards except for those transfer their credit card balance from one card to the other all the time.

The same page also shows there are 33.3percent of population owns 20+ credit card accounts. Confused Obviously I am the outlier from their stats.

22 Comments

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#16
heartheartheartheartheart
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#17
Quote from teetee1 View Post :
Well it's not really that critical for me. I am just trying to raise my credit score is all. And it's hard when those bankers think I don't have enough number of accounts.
Why are you trying to raise your score? Are you going to be getting a mortage or other loan soon? Since you pay your balance off every month on your cards, it doesn't matter what your interest rate is. And if you're not going to be opening any new accounts, it doesn't really matter what your score is. Obviously you still want to check your credit report regularly to make sure everything is kosher.
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#18
Opening 20 accounts just to fix this one minor issue with your outstanding credit is going to do more harm than good.

Just be patient, the accounts will come with time... that's kind of the point.
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#19
Quote from jolanar View Post :
Opening 20 accounts just to fix this one minor issue with your outstanding credit is going to do more harm than good.

Just be patient, the accounts will come with time... that's kind of the point.
Well Said.
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#20
Exactly. The number of credit accounts is a LOW factor as said by CK. Don't pay too much attention to it. Also, if you want a better credit score for something soon, don't open any new accounts - it will damage average credit history.

To build a credit score with new accounts, it should be done when you don't expect to need it for a loan/mortgage in a long time (2 years+ ideally) where rates are more important since it's unlikely you'll pay the loan in full right away.
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#21
The credit score system is complete bullshit and this is just another fine example. Someone with 20+ credit cards and loans is more credit worthy than someone with 3? But signing up for new credit cards temporarily lowers your score? Closing your oldest card lowers your score?
F@%$ you, FICO.
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#22
Quote from dyangu View Post :
The credit score system is complete bullshit and this is just another fine example. Someone with 20+ credit cards and loans is more credit worthy than someone with 3? But signing up for new credit cards temporarily lowers your score? Closing your oldest card lowers your score?
F@%$ you, FICO.
Exactly!
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#23
Quote from dyangu View Post :
The credit score system is complete bullshit and this is just another fine example. Someone with 20+ credit cards and loans is more credit worthy than someone with 3? But signing up for new credit cards temporarily lowers your score? Closing your oldest card lowers your score?
F@%$ you, FICO.
nice job of confusing several issues.

of course somebody with 20+ total credit lines is more credit worthy than somebody with 3. The former shows that (1) banks were willing to extend this person credit many times, & (2) the person successfully managed multiple accounts, presumably over many years.

The goof with 3 total account is a big farking question mark. Until proven otherwise, he's an undesirable (young, poor, stupid, etc.)

a recent inquiry cuts one's FICO by only a few pts. & is trivial. Lenders are more concerned with a shitload of inquires within a small time frame. That behavior suggests a desperation for credit & an inability to find any.

The damage of closing an old account is laughably overblown for pretty much anybody but the lowest common denominator (kids, poors, idiots).

if you've got 3 total credit lines, for example, closing the oldest (or probably any) is likely to fark your FICO. The same is false for anybody with a clue.
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