topic Re: Restoring credit in Credit Cards

Restoring credit

Anonymous — Tue, 21 Aug 2007 18:46:11 GMT

Is it better for your FICO to keep credit cards that have been open for 14 years and have some minor dings or to open new ones which have a clean slate?

Re: Restoring credit

SpecFile — Tue, 21 Aug 2007 18:52:33 GMT

From what I have learned, I would keep the 14yr. old and make sure that the util. is between 1-9%. As the dings age, they will not affect you as much. There are some people on these forums with way more knowledge than me so i would wait for a few more responses.

Message Edited by SpecFile on 08-21-2007 01:52 PM

Re: Restoring credit

fused — Tue, 21 Aug 2007 19:06:09 GMT

bara wrote:

Is it better for your FICO to keep credit cards that have been open for 14 years and have some minor dings or to open new ones which have a clean slate?

What kind of dings? How many? How old are they? What's the current util% on these cards.

Util% = CL/Balance: CC 5,000 CL, balance 1,500 = 30% util

Re: Restoring credit

Anonymous — Wed, 22 Aug 2007 08:42:20 GMT

fused111 wrote:

bara wrote:
Is it better for your FICO to keep credit cards that have been open for 14 years and have some minor dings or to open new ones which have a clean slate?

What kind of dings? How many? How old are they? What's the current util% on these cards.
Util% = CL/Balance: CC 5,000 CL, balance 1,500 = 30% util

I would think you would want to keep the TL since they are aged 14+ yrs. As far as what the dings are...if they are lates or accurate whatever...closing will not get rid of it and it will still be reported...

Re: Restoring credit

ronq — Wed, 22 Aug 2007 22:49:45 GMT

keep the old ones. the dings only last for 7.5 years and your account age is a big factor in your score.