Monday, April 11, 2011

Here’s the Answer I Promised

Here’s the Answer I Promised
Last time I posted about how you might assume that your score would improve since you now have eliminated an account that you could have, in an instant, borrowed against entirely.
I promised an answer. As I said, the reality is different and is two-fold…
 First, if this account has been established for many years, let’s use 15 years as an example, and you rarely use it, you would have 15 years of good credit with limited usage. This works in your favor because you’ve got an established account with a long history of good credit. Second, if you have a high credit limit and don’t use this credit, you’ve shown that you have willpower and can refrain from using credit even though it’s staring you right in the face.
 Thus, the right thing to do is to keep long standing accounts open even though you don’t use them any longer. I have a suggestion. Stay tuned to my next post!
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