New Contributor
Posts: 61
Registered: ‎09-19-2010
Re: Trying to understand Fico scoring

I see what you are saying about diluting your credit.


To few accounts? Is 18 accounts to few? 3 open, 2 past accounts delinquent now 3 years, 11 months old and 16 accounts with a perfect record over 26 years?


I'm retired, and don't need to open a lot of credit, but I would like my scores to be at least 750, if I want to do something with real estate later.


I guess in 3 years when the  2 delinquent accounts drop off, I should have perfect credit right? :-)  ... and a near perfect score right?  :-)  Or will Fico continue to hold me back because I'm not taking out a lot of credit, i.e.: 2 cards and a mortgage. :-)  When I need a new auto, I will pay with cash, and the banks are not helping much when I had a 5.9 % credit card for 2 years and suddenly they raise it to 22%. That's not much of a reward for paying on time. No incentive to use it. Why should I pay 22% interest? I know, the economy. Once I get the credit card to zero balance in the next 2 months, I will make small purchases and repay immediately just to keep it active.


Time will tell. Thanks for your help.