Improving credit score?

[Steve Carlton]

Originally posted by pwd72s
Question...worried about identity theft, we've read that it's wise to check your credit report. BUT...every online service we've contacted requires us to provide info we'd rather not post on the net. All it would take is for one of these credit reporting firms to have a badass employee who sells info, and in our effort to prevent identity theft, we could be helping the thieves.

So, just how secure are these sites????

I would only recommend going to the site that was created by the bureaus themselves, not someone looking to sell you something:

https://www.annualcreditreport.com/cra/index.jsp

[masraum]

I agree, don't go to freecreditreports.com, or any others except annualcreditreport.com.

[campbellcj]

Originally posted by asphaltgambler
Pay down revolving credit; do not close them. Best scenario is all accounts current, open and zero balance.

closing any lines of credit will hurt your score.

Is this really true? I am in the position now where I can either close a few accounts, or just let them sit idle. I always figured it would be a 'negative' factor to have a bunch of available credit if you go to apply for a new loan -- as your debt/income ratio would then be a 'variable' to the new lender.

[84porsche]

My credit score as of last December was a 776 and on my report, and these were things I was dinged for...

The time since your most recent account opening is very recent

You have too many bank/national revolving accounts with balances being reported

You have a relatively high number of accounts with balances

The length of time your accounts have been established is relatively short.

Maybe these might help you a little. When I run my report again, next month, we'll see if my score has improved because I have closed a few accounts and reduced my revolving cards. Good luck.

[Steve Carlton]

Keep in mind when you have a high score most of those reasons are merely the worst thing about your credit per the scoring model. Like saying Elle McPherson has a freckle.

[asphaltgambler]

Originally posted by campbellcj
Is this really true? I am in the position now where I can either close a few accounts, or just let them sit idle. I always figured it would be a 'negative' factor to have a bunch of available credit if you go to apply for a new loan -- as your debt/income ratio would then be a 'variable' to the new lender.

Yes because according to the three reporting agencies it shows more responsibilty to open credit lines but with zero or little balance.

Of course there is a limit. If you had 15-20 lines open then that may actually reduce your score.