The fundamentals to an 850 credit score
Many errors people make is closing older accounts. This prevents them from reaching an 800 credit score. You should always leave open dated accounts because these are what we call "Golden accounts."
The Golden Revolving Account
One of the most significant ways for getting an 800 credit score is to obtain multiple Golden Accounts. Once an account has been open for 7 years, it is considered a Golden Account.
Don't Have Too Many...
When you show too many open revolving accounts in your credit report AND you already have 4 Golden Accounts, you should close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you need to always hold on to at least 1 bank or national credit card open with your credit file. - 20897
Many errors people make is closing older accounts. This prevents them from reaching an 800 credit score. You should always leave open dated accounts because these are what we call "Golden accounts."
The Golden Revolving Account
One of the most significant ways for getting an 800 credit score is to obtain multiple Golden Accounts. Once an account has been open for 7 years, it is considered a Golden Account.
Don't Have Too Many...
When you show too many open revolving accounts in your credit report AND you already have 4 Golden Accounts, you should close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you need to always hold on to at least 1 bank or national credit card open with your credit file. - 20897
About the Author:
Home Buddies is a houston credit counseling coach for investors. Home Buddies develops and implements a customized strategy to improve credit and builds a business development strategy to help investors or homeowners overcome obstacles to financing real estate and growing their portfolio.
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