Understanding FICO® Scoring

[Jiaguy]

I am currently in a Pharmacy College, I took out a 25k loan for this year and expect to do so every year until 2012 when I graduate. I was offered a 4% loan with repayments after graduation (my + parents credit + avg Pharmacist is in high demand and earns 120k year) this is a better rate than the government offers. So I am freaking out to ensure I can keep taking out loans and keep my credit score high. My current credit history is only 4 years as I am 23, but my score is 763 at the moment.

I just closed two store credit cards I haven't used in years... I have a CC from Citi with <1% of max balance (10k) I opened a new low limit card account with fifth third bank (500) at zero balance, and I am currently at two credit cards. I do not use my credit cards very often now but, while in college I kept balances on my card ranging from 20-90%. I worked for a few months as an engineer and completely paid my debts off. I bought both my vehicles with cash. I do have 3 bank accounts with low balances (100-200) and an investment account with a brokerage at 3-4K I did end up having two bank accounts closed on me due to inactivity but they should not show up on my credit correct? Citi recently raised my APR from 9.99 to 10.99 so I freaked out and signed up for this service.

How can I get my credit scores into the 800's to keep my credit rating so I can continue to finance my education in this credit enviroment? Does anyone have any ideas as to why Citi Plat Visa would up my rate by 1% (their lowest stated rate is 7.69%?) Should I get another credit card? It seems stupid because I am at less than 1% of total credit utilization.

[Jiaguy]

Let me add there is no court documents on me and I have never made a late payment.

[1111mel]

Pay on time every time.

Those closed accounts for "inactivity" still count towards your score, but just not your utility.

Go with the government loans (even if the interest is higher) because government loan rates can be locked, private loans will sky rocket to 20%++ and they can do so because they feel like it!!!!!!!!!

Don't close anything else.

IF you don't apply for anything else (other than SL) your score shouldn't suffer much....Once a year for a new inquiry isn't bad....but again go Government fixed rates over the cheaper (at the time) rates private loans offer.

I suggest watching Suzie or checking out her internet site on this subject.

Edited: 800's take time.  Average age on my accounts is 4 years (total credit history 9), no cc debt, only 1 car installment loan, never a late payment (knock on wood) and my scores are in my sig. 

Message Edited by 1111mel on 10-14-2008 11:14 PM