Gotta remember this is for a 20 year old guy.

I'm not even sure cause I do not use it at all. Last I recall it was 7.9% :dunno:

 

'ok but I was under the impression that paid off w/o much delay credit cards are favorable to have on your record.

All I really know about credit is to avoid using it unless necessary, and that taking a loan from the bank and then using the same money to pay back said loan is a way to dramatically improve your score.

 

I did that with my highschool graduation money. It helped a lot in acheiving my 700+ credit score at the young age of 21.

 

i still havent found data that tells me otherwise online or anywhere else.... it's been a few years since i heard this the first time and i've had quite a few more people agree with it than fight it. as far as i am concerned it was and still is fact.

IBwaitingtillyouscrewupandicanyellatyou :airon:
:chuckles:

 

the score goes down because of the inquiries by the credit card companies not because you cancelled the credit cards.

keep waiting because if i screw up i learn from my mistakes and i own up to it.

 

From my understanding, neither applying for many accounts or closing them will effect the score too much. Applying for a lot of cards in a short period of time will look weird on your report if anybody needs to see or review it. Closing accounts shouldnt do much. It just raises your debt:credit availability ratio.

 

wait, so you are saying the inquiries make the score go down....

so i am partitally correct...

way you made it look was as if i was completely wrong

 

why do you think it is that they gave me such a high limit? because i have an excellent credit history. in other words, thanks for the "advice", but i know what i'm doing.
dunno, i can check when i get home, if you want.

 

as Will said it's only when there is a lot of credit inquiries in a short period of time. Also sometime when you apply for a mortgage some bank consider the credit limit as debt even if you card has a 0 balance. Having a couple of credit card is good for your credit and if you have an unpaid balance you should spread it out not put all the debt on 1 credit card.

 

Facts:
1) Having only a few credit cards with balances makes it appear to as though you are living beyond your means and are relying on credit to get you by, to potential creditors

2) If you have many credit cards, or a few but with high credit lines, and you have 0 balances on them, to a potential creditor it may appear as "potential debt". Like there is enough slack in your "credit rope" to hang yourself with.

** DO find a medium between the two extremes. DON'T rack up CC's and let them sit without use. DON'T get 10 lower-limit cards and have balances on all of them. DON'T close CC accounts unless absolutely necessary. -If you continuously change CC's for better rates THAT smart, but by closing your previous ones you are eliminating whatever "credit history" you had with that company and hence you appear less stable to potential creditors.

Hope that helps, its my take on it at least.