An open account can work for you or against you depending upon how many and how many with balances. Too many open accounts with balances will cost your credit points and lower your credit score. The number of open accounts should be no more than about 20 and no more than about 8 open accounts with balances. This will include revolving and installment accounts with balances. As a rule of thumb, keep installment accounts at the same ratio as revolving accounts.

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