I have a Zales (revolving) account showing up on my reports, it was opened 12-1998. terms $0 - credit limit $1 - balance $0 - open/never late... can this bring my score down? It's a error - but I don't know if it's a good one or bad one... the story is I applied in 12-98 but was turned down... somehow it's on my reports as --OPEN--$0 CREDIT LIMIT--$1 BALANCE--REVOLVING--PAYS ACCOUNT AS AGREED...advise please!
Re: Re: Is this affecting my score????????? YES, for the following reasons: 1: It adds to your available credit total and the number of credit lines open. 2: The type of creditor in his case, Zales being a store than taditionally has lower income and higher risk customers, will flag your account as higher risk. As far as #2 is concerned, when I gotmy Cap1 card with a $2250 limit my FICO went up 8 points. When I got my Wells Fargo Bank card with a $200 limit FIO went up over 20 points.
Re: Re: Is this affecting my score? Flyingfir "when I gotmy Cap1 card with a $2250 limit my FICO went up 8 points. When I got my Wells Fargo Bank card with a $200 limit FIO went up over 20 points." 20 points for the 200 limit and 8 points for the 2250 ??? what's up with that? Is it because it is Wells Fargo vs Cap One? Julie
Re: Re: Re: Is this affecting my score????????? The difference in increases has nothing to do with the name of the creditor. The notation "pays as agreed" is what you want for all accts. If that is how it is reporting, I would leave it.
Re: Re: Re: Is this affecting my score????????? maybe I was not clear. I have a Zales (revolving) account with a one dollar ($1.00) credit limit, it was opened on 12/1998 and I have never used it, so my balance ($0) and most owed ($0) the account is still open on my credit account. Is this bad for my credit?
Re: Re: Is this affecting my score????????? I'm not calling you a liar, but most peoples score goes down when they open a new credit line because the average years per account goes down. .... But, every CR is different, so in your case that could have happend.
Re: Re: Is this affecting my score????????? Maybe this is just another question that I will never get an answer... my score has not gone up! I never said that my score went up... I am just asking if you have a account that you never used, and the credit limit is only ($1) because you never used it, would this affect your score to be lower? This is my longest open account....BUT! It has no history becouse I never used it...and before I closed it I just thought the good people of creditnet would be able to help me out?
Re: Re: Re: Re: Is this affecting my score????????? Ohh... so you are asking if you should leave this account that appears on your credit report in error? Will the error help your scores? Will the error help due to the account open date? DUNOOO. But the limit is pretty LOW, if it was mine I'll have it removed, due to the fact, if you ever do a major purchase and the creditor looks at your reports in detail and see's the big $1.00 limit it might bring up some questions. They might think the creditor did grant you credit then decrased your credit line due to xxxxx reason. Sounds Good? =)
Re: Re: Re: Re: Is this affecting my score????????? WOW! thank you very much... I was kinda thinking that, but I didn't know if the history was helping me in any kinda way...
