Understanding FICO® Scoring

[aten1701]

I will be applying for CapitalOne Healthcare financing, since I'll be getting Lasik surgery within the month.  They are offering 18 month interest free.  Should I close this account once it is fully paid off within 18 months?  I am hearing mix reviews about CapitalOne, and just want to be sure I am will be doing the best thing for my FICO.

Currently, my FICO stands around 750s - 770s.

Also, below are the TLs that I currently have, and should I be considering opening any more to improve my FICO.  I have always been current and tend to pay off all outstanding balance every month/billing cycle.

(1) Visa - CL $7,500 - since 2004 (about 30% or more usage)

(2) Mastercard - CL $21,000 - since 1998 (little to no usage)

(3) Circuit City Chase Card - $4,000 - since 2006 (paying off my Plasma and will be done Nov. 2007)

(4) Chase Mtg (1st)

(5) Chase Mtg (2nd) - HELOC

(6) Wachovia - car payment

Thanks!

[crazynurse123]

I always thought you were to keep credit lines open because length of history is calculated as well, hoever my score isn't nearly as good as yours, so what do i know?

[fused]

---

aten1701 wrote:

I will be applying for CapitalOne Healthcare financing, since I'll be getting Lasik surgery within the month.  They are offering 18 month interest free.  Should I close this account once it is fully paid off within 18 months?  I am hearing mix reviews about CapitalOne, and just want to be sure I am will be doing the best thing for my FICO.

Currently, my FICO stands around 750s - 770s.

Also, below are the TLs that I currently have, and should I be considering opening any more to improve my FICO.  I have always been current and tend to pay off all outstanding balance every month/billing cycle.

(1) Visa - CL $7,500 - since 2004 (about 30% or more usage)

(2) Mastercard - CL $21,000 - since 1998 (little to no usage)

(3) Circuit City Chase Card - $4,000 - since 2006 (paying off my Plasma and will be done Nov. 2007)

(4) Chase Mtg (1st)

(5) Chase Mtg (2nd) - HELOC

(6) Wachovia - car payment

Thanks!

---

With your scores you should be approved with VERY favorable terms.

[aten1701]

Thanks fused111.  Do you think it would be prudent to close that account once everything is paid off?  I am just wondering if CapitalOne is worth it after the financing is all done and paid off.

[MidnightVoice]

If there is no annual fee, why bother?  DW has a GE heathcare card for $5,000, hasn't been used for over a year, and keeps her Utilization lower than mine 

[fused]

---

aten1701 wrote:

Thanks fused111.  Do you think it would be prudent to close that account once everything is paid off?  I am just wondering if CapitalOne is worth it after the financing is all done and paid off.

---

I agree with Midnight but for other reasons. With your excellent scores, I wouldn't mess around and do unnecessary things. You are not likely to see much improvement in your scores.