CREDIT SCORE...
Quick question... I just got my free credit report for the year. I have a question regarding revolving loans. I only use about 3-4 of these cards, should I close the cards I don't use or would it hurt my credit score?
Total Number of Revolving Accounts 10
Balance $2,778
Available $23,846
Credit Limit $26,624
Debt to Credit Ratio 10%
Monthly Payment $43
Amount Accounts with a Balance 2
If you are worshiping at the FICO alter, no, do not close the accounts.
Keeping the accounts open and lightly used will keep your score higher than closing them.
Make sure you use each for small purchases you pay off each month a couple of times each year.
If you just want to reduce the number of accounts you have, then close the newest ones keeping the oldest ones. That has a minimal impact on your score and within 6 months you are pretty much back to where you were before.
Do NOT close any account. Obviously the cards are not new because you would have just opened it in the last year. Just make sure you use the card every now and than because a card will become inactive if you do not use it for two years.
For the love of God don't listen to the above advice. We are only rated on what is open and active so telling you closing the newest accounts will only affect your score for 6 months without reviewing the other accounts you have open is terrible advice. You need Good Accounts to have Good scores and yes the newest ones help the least but you can't determine that by the little information you provided. Taz... I realize you used to write dispute letters for people but you are repeatedly giving people bad advice. Why don't you stick to giving advice wihtin the scope of your current job title. It's not fair to people trying to get good advice. You really are wrong on credit more often than you are right.
Originally posted by Alina Nicol:
Taz... I realize you used to write dispute letters for people but you are repeatedly giving people bad advice.
You know nothing about what I used to do or currently do. What's more the only bad advice here is where you are claiming the system can be 100% gamed.
Why don't you stick to giving advice wihtin the scope of your current job title. It's not fair to people trying to get good advice. You really are wrong on credit more often than you are right.
Again, then there should be no problem you showing actual proof of those errors. You could start by answering the questions I asked in the other thread, you know, about the difference between the types of credit reports available to lenders.
Also, only a fool would think a "job title" somehow makes you any kind of expert.
I'm eant out of your profession Taz. Proof of waht errors? What questions? Your rantings are so vague and unclear I'm not sure what you are asking. I apologize but I don't check this site every day. You are a Real Estate Investor trying to give advice about credit when you are not a credit repair specialist. You claim you used to have a company yet you never cleared up what your service included. All the advice you have offered up was either irrellevant or way off base and could actually end up hurting the client. I really feel you truly believe you know all there is to know about credit bt here you are asking me questions about the different types of credit reports different companies pull when I'm here to help people improve their credit. So I get it, in the past you probably started out as a car sales man and realized the reports were different than when you were slingging loans. Good for you. It's irrelevant to what I do for a living because I'm here to help people improve their credit not confuse them with nonsence which by the way your still only half right. True a car dealership pulls a different report but your personal information is still going to reflect good credit if you follow the rules.