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bobtheelf
Do the next
right thing
Picture of bobtheelf
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quote:
Originally posted by smlsig:
I'm going to go against the crowd here and suggest you drop the two newer ones like you mentioned.

There are a lot of theories on what goes into earning a high fico score.
My personal opinion is to minimize your accounts and pay off your credit cards off each month. I know some will say that the ratio of available credit to the amount of used will affect the numbers but it has not affected me.

I only have two cards; one personal and one for my business. I always pay them off each month and my score has been +\- 835 for the past 10 years or so.


It's going to depend on the OP's other existing accounts and balances. I had fairly low utilization, but still carried a balance for a while, and my score was around 760. I paid them off and my score went up to about 810. It would probably be higher if I had a mortgage in my history or some other installment loan. If his utilization goes from 10% to 20% or more, it could impact his score.
 
Posts: 3659 | Location: Nashville | Registered: July 23, 2012Reply With QuoteReport This Post
fallenangelhim
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I cancelled 4 credit cards and my credit tanked 50 points. I was so upset. My credit wasnt the best and just got better.

Then it went downhill.
 
Posts: 907 | Location: Columbus, OH | Registered: April 07, 2011Reply With QuoteReport This Post
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