A drink and an aspirin !!

Discussion in 'Credit Talk' started by brad, Feb 18, 2001.

  1. Erik

    Erik Well-Known Member

    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?
     
  2. GEORGE

    GEORGE Well-Known Member

    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...

    :(
     
  3. Saar

    Saar Banned

    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
     
  4. brad

    brad Well-Known Member

    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.
     
  5. Momof3

    Momof3 Well-Known Member

    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
     
  6. LKH

    LKH Well-Known Member

    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.
     

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