07-24-2008 08:37 AM
I am a 24 year old accountant who's a year out of college. I have a solid credit score (Experian = 763), positive cash flow, manage money & credit well, etc.
My primary use of credit cards is to route my daily "cash" activity through them since I take advantage of rewards. I want to get either an AMEX or Discover card since Citi’s Dividend program has slashed its rebate significantly.
However, I feel that I have too many revolving accounts (7), most of which have been dormant for years (4). The accounts are at the youngest 4 years old. They stay open since length of credit history is the main weak spot in my FICO profile.
There is concern on my part that another account will create too much potential debt and will eventually drag on my score, even though I don't plan on using it.
07-24-2008 08:43 AM
07-24-2008 08:48 AM
07-24-2008 08:50 AM - edited 07-24-2008 08:55 AM
07-24-2008 09:09 AM
Thank you for the prompt replies.
Looking at my credit card companies respective rewards programs, they are not any better than what I am getting with Citi. So, if I want to bump up cash back rabates, AMEX or Discover would be my best bet.
I will also be sure to use the old cards every few months to keep them active. Although, a couple of my dormant accounts are charge accounts, one from a retailer that doesn't exist in my area anymore, so they might just stay inactive.
Thank you again for all your help.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.