topic Re: How does a dormant account affect FICO? in Credit Cards

How does a dormant account affect FICO?

Anonymous — Fri, 07 Dec 2007 14:54:52 GMT

I have a Discover account with a $17k cl that has been paid in full since June. In addition, I have a Chase account with a $20k balance. I plan on buying a home in July and my scores are 782, 782, and 776. I am currently paying $1000 a month towards Chase so that I can get as much of that balance paid down before I apply. My question is this: Will leaving the Discover account dormant without any activity negatively affect my score and my chances of getting approved for a mortgage loan?

Re: How does a dormant account affect FICO?

Anonymous — Fri, 07 Dec 2007 15:04:28 GMT

That 17k CL, with a zero balance, is helping you tremendously. You haven't used it 6 months - no problem. Leave it alone. As long as it;s current, it's good.

If it makes you feel better, give Discover a call and indicate you know you haven't used your account in 6 months, but you just want to verify with them it is still in active status. I don't think that is necessary - but it wouldn't hurt.

Happy house hunting.

BTW, great scores !!!!!!!!!!!!

Re: How does a dormant account affect FICO?

MidnightVoice — Fri, 07 Dec 2007 15:12:21 GMT

cobra19 wrote:
That 17k CL, with a zero balance, is helping you tremendously. You haven't used it 6 months - no problem. Leave it alone. As long as it;s current, it's good.

If it makes you feel better, give Discover a call and indicate you know you haven't used your account in 6 months, but you just want to verify with them it is still in active status. I don't think that is necessary - but it wouldn't hurt.

Happy house hunting.

BTW, great scores !!!!!!!!!!!!

I make sure I keep one of my little used cards active by using it once every 6 months.

Another way is to put a charitable monthy deduction on it.

Re: How does a dormant account affect FICO?

Anonymous — Fri, 07 Dec 2007 15:26:23 GMT

lady, to keep your great Discover card active, if I were you, I'd treat myself to a bottle of perfume from Macy's or Dillard's. And it'd probably be Opium, Euphoria, or Beautiful, and put it on your cc(but that's just me) .

I agree. Use the card every 6 months, or more frequently, for little things, just to keep the trade line reporting.

And wonderful scores btw.

Re: How does a dormant account affect FICO?

Anonymous — Fri, 07 Dec 2007 16:26:00 GMT

Thanks as usual for the great advice. Sylvia I really like your idea.

Re: How does a dormant account affect FICO?

SmartCookie — Fri, 07 Dec 2007 20:19:37 GMT

I love Sylviatobs idea!

I think I'll get Coco by Chanel... I used to love that. And now it's guilt free since it's for credit purposes.

Re: How does a dormant account affect FICO?

marty56 — Fri, 07 Dec 2007 21:06:08 GMT

Dont close any accounts and as people said here show activity on them. You have good scores but you dont want them to drop either.