Credit Score and number of revolving accounts?

Can your credit score be lowered by having too many revolving accounts? If so, what is the idea number of accounts? Should I close accounts not being used?

Public Comments

1. Credit score basically means "the risk of loaning you money" If you have a bunch of credit cards and no money on them there really isn't a risk loaning money to you.(but credit score wont increase) If you have revolving balances that you only pay the minimum payments and the balance is fairly high. Well then there is a higher risk of loaning this person money. If you have a balance that you always pay the majority of on time you are considered a lower risk.(Credit goes up)\ There really isnt an ideal number of accounts to have. Basically how many you feel you need.(and feel wont get you in trouble) Each company has their little gimmicks. If you feel that you need to close an account take into consideration a few things. 1. Credit Limits 2. APR 3. Customer Service(online banking is a very easy way to keep track of your balance and statements) PS credit score usually lowers with missed payment(self explanitory), too many inquiries(people looking at your credit. Your at a "higher risk" if too many people look at your credit and determines they won't give you money.) Delinquiencies(when a loan goes to credit collectors and it is very past due)
2. It is believed that having too many accounts does lower your scores. The ideal number of accounts to have would be 3-5. You should NOT close old accounts not being used as it can also hurt your scores.
3. Keep your oldest card no matter how small the limit or crappy the terms. It really doesn't matter how many cards you have besides that as long as they all have good size limits on them. I've monitored my credit over the years as I've read the 3-5 card rule and have 15 accounts with a zero balance and have a 750 score. Credit bureaus evaluate the amount owed vs. what's available way more than how many accounts you have.
4. Your FICO score will not be adversely affected by having too many revolving accounts. With that said, your FICO score can be adversely affected if you've had "too many" new tradelines opened "recently". If you're applying for a mortage from an A Paper lender, odds are fair to good they will insist that some revolving accounts be closed if they feel you have "too many". This interview with FICO's Craig Watts is a pretty good on the subject. http://www.bankrate.com/brm/news/Financial_Literacy/June07_credit_score_FICO_a2.asp?caret=38a#stages