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| 2008/10/14-17 [Finance/CC] UID:51519 Activity:nil |
10/14 Credit card questions:
1) how long do credit card info stay on your credit report?
I just saw my cred report for the first time and was pissed
to see certain things over 10 years ago!!!
\_ Positive ratings can stay on indefinitely. Was it a positive or
negative thing? I think negative things have to come off after
seven years.
2) I just tried to cancel a bunch of cards (and I have perfect
record with them) and they gave me a hard time saying that
I don't want to cancel my card because I've had over 13 years
with them and that doing so will hurt my credit, therefore,
I should keep them. WTF? Is that really true even though you
have a card that you never intend to use?
\_ Yes. Your score includes the age of your oldest account,
and the average age of your accounts. http://csua.org/u/mn7
\_ Keep the one that has the longest credit record. Total credit
history is important. For some reason my student loan fell off my
credit history and my credit score dropped (not much, like 10
points, but still it was annoying)
\_ Get your credit limit set to as low as you can and
then cut up the card. Your history
will remain. |
| csua.org/u/mn7 -> myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/std_adp.php?p_faqid=161 Email This Answer Email Answer Explanation of "Length of time accounts have been established" Question One of the negative reasons for my score was "Length of time accounts have been established". Answer In general, a longer credit history will increase your FICO score. However, even people who have not been using credit long may get high FICO scores, depending on how the rest of the credit report looks. Your FICO score takes into account: * How long your credit accounts have been established. Your FICO score considers the age of your oldest account, the age of your newest account and an average age of all your accounts. FICO TIPS If you have been managing credit for a short time, don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your FICO score if you don't have a lot of other credit information. Even if you have used credit for a long time, opening a new account can still lower your FICO score. |