- This topic has 4 replies, 3 voices, and was last updated 10 years, 2 months ago by Anonymous.
- May 5, 2011 at 5:49 am #203153AnonymousInactive
…start raising my fica score? I only have 4 accounts with balances and they are all in good standing for the last two years and have never been derogatory. Should I open more accounts just to have more available credit?
- May 6, 2011 at 1:23 pm #261358AnonymousInactive
No, don’t open more accounts. First off, more accounts does not make your credit any better. Second, if you do open more credit cards/account, with your bad credit score the interest rate is going to be horrible.
Just give it time and keep paying ALL your bills on time (even being late on a phone bill can get reported to a credit agency) and keep paying down those balances that you do still have. You want your debt to credit ratio to be no more than 30% (best if as close to 0 as possible) and your score will start improving.
Also, remember that part of credit score is also credit HISTORY. So after paying things off, don’t close the accounts even if you no longer use them. It’s better for your credit score to have a say 4 accounts that are 5 yr old than a bunch of new account. The moment you close an account, it (for the sake of a better term) doesn’t really count. You want to have old accounts in good standing, not a bunch of new account.
And you don’t need a lot of credit lines to have a good credit score. You just need to not default on the ones you have, even if it’s just one credit line.
- May 11, 2011 at 12:55 am #271461AnonymousInactive
If you do not need more credit then do not open more accounts, any credit card you have paid off and was in good standing will remain on your credit report as a positive, the score is calculated by several things: payment history, outstanding debt, length of credit history, types of credit in use ( auto, mortgage, c.cards) and inquiries. All credit limits on any cards, active or paid off in good standing are a positive for your score. If you have a card paid off and in good standing and still an active account then use the card and buy groceries, gas, etc, put a small balance on it and pay it off before the due date of the following month. This will help your score jump up, pay everything on time and try to keep inquiries limited, these few things will improve your score, it takes time to improve your score and be sure and check your credit report yearly.
- May 15, 2011 at 1:27 am #426835AnonymousInactive
most of them if you can show you got the means to pay, because these would be for rather large sums of cash
- May 15, 2011 at 1:34 am #426836AnonymousInactive
Not all – particualrly if you are working with a big National Lender. As important of a question is which loan officers handle sub-prime mortgages. In my company, a National Lender, the loan officer takes the application for the sub-prime loan, but then teams with a sub-prime specialist. As you can imagine, a sub-prime loan has more issues to deal with, and it is harder to underwrite. You would want to work with a specialist who lives in this world.
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