Besides that card, my newest lines of credit were another credit card and a car note, both of which online free credit check Lubbock were about a year old. Canceling that credit card reduced my average age of credit quite a bit, and there was no substantial benefit by reducing my line of credit by $1,000.
This chart breaks down the components of your FICO score. As you can see by the above chart, making any drastic changes to any of the categories can affect your credit score. This would include missing payments, raising your credit utilization, canceling cards and reducing the length of your credit history, taking out new credit cards, and taking out different forms of credit (mortgages, store brand credit cards, student loans, etc.).
Recently, my wife received a new Discover Card to replace an expired card, but she forgot she even had this particular card in her name! It turns out she used the card when she lived with her parents and even though she hadnt used the card for several years, it was still active. We looked into it a online free credit check Lubbock little bit, and it turned online free credit check Lubbock out she had a $15,000 limit on it. credit cards Add that credit limit to another Discover Card, a credit card through online free credit check Lubbock our bank, and a mortgage online free credit check Lubbock in her name (she bought online free credit check Lubbock the house before we were married and I was never added online free credit check Lubbock to the mortgage), and we online free credit check Lubbock found out she has a lot of available credit to her name! Time to reduce the amount of credit to improve her score! We called customer service to cancel the card and while we were going through the process, I remembered that we shouldnt cancel the card online free credit check Lubbock because your length of credit online free credit check Lubbock history affects your score. check credit report
This card was about 12 years old, which is a very good age to keep on your online free credit check Lubbock credit.
Well, it turns out credit card companies dont like to lose customers, so they transferred us to a CSR intent on keeping us as customers. In the end, we kept the card open and had it switched to the Discover® More® Card which offers great rewards benefits.
The Discover Card rep online free credit check Lubbock offered to lower the credit limit online free credit check Lubbock to $1,000, which is the minimum line of credit you can have. This helped lower her available credit limit and should help improve her credit score. The last time I checked was a couple years online free credit check Lubbock ago when I bought my car.
My wife hasnt checked hers in about the same amount of time, when she got a mortgage. One of the reasons Ive written about credit scores so often lately is because I knew I needed to check ours, and I was interested in learning about it. Related Articles:
- Why College Students Should Get a Credit Card NOW online free credit check Lubbock What Do You Do When One Credit Bureau Reports Your Credit History Incorrectly? free credit reports government Pros and Cons online free credit check Lubbock of Secured Credit Cards Difference Between Credit Score and Credit Report How to Improve Your online free credit check Lubbock Credit Score
No comments:
Post a Comment