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31: Too many bankcard or other revolving accounts were opened recently
Bankcard accounts include credit cards and charge cards from a bank and are frequently revolving accounts. Revolving accounts allow you to carry a balance and your monthly payment will vary, based on the amount of your balance. Opening multiple bankcards or other revolving accounts in a relatively short period of time is a proven indicator of increased risk because the history on those new accounts is not long enough to provide sufficient payment and account information to demonstrate responsible behavior on those accounts. In addition, having multiple accounts that are relatively new is seen as a higher risk because of the possibility of becoming overextended, which can then lead to late payments or defaulting on the account.
What you can do:
Use your existing credit responsibly and make your payments on time. Your credit score will benefit as you make payments on time and manage the accounts in a responsible fashion. Manage your credit wisely by planning ahead for your credit needs so you can avoid applying for more credit than you need.
A HIGHER LEVEL OF CONFIDENCE
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