Well I'm not sure what Saar's recommendations go for closing accounts or the right number of cards to have. It might be what Momof3 mentioned for the right number. One retail card and 3-4 major cards. I can go along with those numbers (I have double that though). I would say don't close accounts just to hit that perfect mix if it's going to screw up your total balance/total limits or significantly shorten your average length of credit history. Is that something we can all agree on?
My opinion...the chart is FULL of reasons to DENY cards... TOO MANY NOT ENOUGH TOO NEW NO CURRENT REVOLVING CARD BALANCE NO MORTGAGE NO AUTO LOAN ETC.... F.I.C.O. IS FULL OF REASONS TO DENY CREDIT, TOTALLY EMPTY OF REASONS TO APPROVE CREDIT!!! I DON'T SEE A CODE THAT SAYS PAID ALL ACCOUNTS 23+ YEARS...NEVER LATE...
Erik wrote: "Well I'm not sure what Saar's recommendations go for closing accounts or the right number of cards to have. It might be what Momof3 mentioned for the right number. One retail card and 3-4 major cards." Correct. "I would say don't close accounts just to hit that perfect mix if it's going to screw up your total balance/total limits or significantly shorten your average length of credit history. Is that something we can all agree on?" Yes! Saar
GEORGE wrote: ------------------------------- My opinion...the chart is FULL of reasons to DENY cards... TOO MANY NOT ENOUGH TOO NEW NO CURRENT REVOLVING CARD BALANCE NO MORTGAGE NO AUTO LOAN ETC.... F.I.C.O. IS FULL OF REASONS TO DENY CREDIT, TOTALLY EMPTY OF REASONS TO APPROVE CREDIT!!! I DON'T SEE A CODE THAT SAYS PAID ALL ACCOUNTS 23+ YEARS...NEVER LATE... Well, knowledge is power and the last thing corporate America wants is for us to have power over them. Which is why these boards are so helpful. Thanks to all of you for answering so far and please continue...I believe a general concensus is coming out of this.
I would say don't close accounts just to hit that perfect mix if it's going to screw up your total balance/total limits or significantly shorten your average length of credit history. Is that something we can all agree on? I agree with that 100%. I also think it is how you manage your accounts as well. I mean a person can have the "right mix" and have their cards near the limits, hence a low score and that goes the same for a person who has 15 accounts and has theirs near the limits, with that said the same person who has 4 cards low balances may very well have a similiar score to someone with 15 accounts all low as well. And as george put it the deny you for this and that, it's just so hard to figure out. I am looking forward, I think, to Equifax releasing scores, I am aure they are going to make a ton of money off this. Mom
They will make a ton of money and we will know our scores but we probably will not know any more about how they arrived at the score.
