more credit accounts = lower credit score?

[Skeeedunt]

First off, it was my understanding that having too many open revolving credit accounts hurt your credit score (if this is just plain wrong, let me know.)

Assuming there is some truth to it, would opening up a newegg preferred account and doing one of their no payments for 3/6 month deals have any noteworthy negative impact on my credit? (Assuming, of course, I made the payments on time 😉 )

Thanks in advance 🙂

 

[kranky]

How many revolving accounts do you have now? How many installment accounts? How many years have you had credit? How many accounts were opened in the last year?

 

[Skeeedunt]

Originally posted by: kranky
How many revolving accounts do you have now? How many installment accounts? How many years have you had credit? How many accounts were opened in the last year?

I've currently got 3 open cc accounts (one with a balance), 1 installement (car payment), about 5 years credit. I don't think any of the accounts were opened in the last year. Checked my FICO a couple weeks ago, and that was at 749.

 

[Strk]

I've heard it's more of a debt/credit ratio than just how much credit you have, but I could be wrong 🙂

 

[kranky]

In your case, I don't think it will hurt. You have 5 years of credit history, low utilization, and no new accounts in the last year. And even if it has an effect, your score is high enough that it won't make any material difference. Five or 10 points isn't going to matter.

 

[Skeeedunt]

Awesome, thanks guys.