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Valued Member
thomasil74
Posts: 45
Registered: ‎07-09-2007
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Current Status: TOO NEW TO RATE and Closed revolving accounts

I am getting ready to buy a house, therefore I am trying to improve my FICO score as much as I can, and I need some help.  When I obtained my FICO score the report gave my some key factors affecting my score and these were:
 
The length of time your accounts have been established is relatively short. 
 
I do have a few revolving accounts and student loans that have a current status of TOO NEW TO RATE.  Are these negatively affecting my credit score and if so is there anything I can do?
 
Second a few years ago I made the mistake of closing most of my credit cards that had a $0 balance.  In doing some reading everybody recomments not to close any accounts, and if you do so it can have a negative impact on the credit score.  Is there anything I can do with the closed revolving accounts to improve my credit score?  Can I reopen them?
 
Any help is appreciated.
 
Thanks in advance.
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Current Status: TOO NEW TO RATE and Closed revolving accounts



thomasil74 wrote:
I am getting ready to buy a house, therefore I am trying to improve my FICO score as much as I can, and I need some help.  When I obtained my FICO score the report gave my some key factors affecting my score and these were:
 
The length of time your accounts have been established is relatively short. 
 
I do have a few revolving accounts and student loans that have a current status of TOO NEW TO RATE.  Are these negatively affecting my credit score and if so is there anything I can do?
 
Second a few years ago I made the mistake of closing most of my credit cards that had a $0 balance.  In doing some reading everybody recomments not to close any accounts, and if you do so it can have a negative impact on the credit score.  Is there anything I can do with the closed revolving accounts to improve my credit score?  Can I reopen them?
 
Any help is appreciated.
 
Thanks in advance.


What can you do?  Wait it out.  I know it's frustrating, but it's that simple.
 
It's not that your accounts being new is negatively affecting your socres; it's that you don't have any old accounts to positively affect them.
 
You could try calling your creditors and see if they would re-open the closed accounts.  Tell them that you do NOT want new accounts because that would defeat the purpose.  It's worth a try. 
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