Current Status: TOO NEW TO RATE and Closed revolving accounts

[Anonymous]

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.

[Anonymous]

---

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.