Need help improving score

[M_Smart007]

Hi @Anonymous and    to the forums!

You have been given some awesome advice upthread.

Might look into "AZEO"  you will most likely get a boost in your scores.

(Don't worry about the Mortgage, probably not an option to do a whole lot there)

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-rev-5-17-20/m-p/6023350#M169681

[Anonymous]

Great info.  Thanks!

[SouthJamaica]

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@Anonymous wrote:

Hello, 

I'm trying to improve my credit score so I can buy some real estate.  Here's where I stand:

I have a 650 credit score using credit karma.  I have never been late on a payment in 15 years, other than one 30 day late I am in dispute with with one credit card (currently does not show up on my credit report as late).

I have 12 accounts that are as follows:

8 Credit Cards
Total credit lines: $118,200
Total balances: $30,943

Consigner on student loans, balances:

1) $2,249
2) $37,344

Car loan
1) Original Loan: $37,912, Current Balance: $19,774

Home Loan:
1) Original Loan: $383,814, Current Balance: $383,814

Average age of open accounts: 3 yrs 2 mos

I’m trying to figure out if I should close some of my newest accounts.  I thought I would need this credit and I don’t.  I have the money to pay off my existing balances, but they are zero interest balance transfers so I’m just letting them sit there.

Does anyone know if I close the newest cards so that my cards are older, would that help?  My oldest card is 15 years old.  I don’t have a need for most of these cards so I could close 6 of them and still be fine.  How much would an average age of open 6.2 help?

Any other advice? 

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Closing cards would actually lower your score, rather than raise it. You would gain nothing from closing any accounts, because they show up in your average age of accounts as long as they remain on your credit report for many, many years.

The best thing you can do for your mortgage scores is to pay down all your revolving accounts, getting as many of them as possible to zero (but if you succeed in accomplishing that, be sure to let one bank card report a small balance before you pay it off).

[righthererightnow]

Good point on the newer (vs. older) cards. You might get more points by just paying down your balances. Your credit debt ratio has got to be killing your score.