I have pretty good credit (715 middle FICO score) but I have a lot of debt. I mean like $100,000 in credit card debt. I know, I know, what was I thinking. It's a combinations of stupidity and despiration. I was young and stupid and put college on credit cards and then later a divorce and just life in general got me here. Having said that, I have never made a late payment on anything no matter how many jobs I had to have to do it. I just seem to hang on with God's help. I have a question for you that I don't think I have ever seen addressed anywhere. I wondered if you had run across anything that might help me. I have a lot of old accounts that are in good standing. I'm wondering if I should ask the credit agencies to take them off my report. I'm not sure if they hurt me because they are just hanging out there as potential credit that I could tap into one day. I haven't in the past 7 years, but they are still there and available to me and I'm wondering if that factors into my score. Is there such a thing as too much available good credit?
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680 FICO score is average
you are above average and should be happy with a 715
if you want neon super credit person, you might get it down to one credit card and one home loan.
plus your home loan should be less than 80% owed
and your card should be less than 50 % owed against high credit limit
so you can have a low balance debt to high credit ratio
but i doubt it hurts your score much to have very old credit you might possibly use one day
i have seen very few 800's
most haveonly about 3 lines of credit with almost nothing owed on them
715 is a great score and i like the flexibility of having open credit myself
Thursday, March 20, 2008
715 FICO score, how can i raise my credit report score
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Do not close old accounts! That actually hurts your score because one of the positive factors increasing your score is how long you've had the account. It's probably one of the reasons your score is so high despite your high balances. Since your score is already very good, just concentrate on paying down your debt to improve your overall picture.
I agree, NEVER close accounts - even if it's not in good standing. 2/3 of your credit is determined mostly by the history and debt-to-credit ratio. If you close an account, you increase your debt-to-credit ratio and loose a grantor with substantial history. If the grantor has reported deliquencies, they remain on your credit for 7 years regardless if the account is active.
Just want to add to my last comment: This does not mean to go open every account you can get your hands on either. Unless you're buying a car or house, FICO treats numerous credit inquiries in a short time as a desperate financial cry for help.
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