7 Steps to Improve Your Fico Score

[suzie02]

Originally Posted by NCyank

We've learned a lot more since then, like how little we even need credit/debt. We haven't had a car loan in 7+ years and it has been 10+ years since we closed our CC's. We have since closed all but one credit card, we don't have car loans or any other type of loan other than our mortgage and our credit score is over 800. Our only CC has a relatively low credit limit ($8,000?? ) but we do use it to charge gas and the occasional expense (usually a dinner out at a nice restaurant). When we come across people who want to raise their credit score we first question why. Unless it is a mortgage most people don't NEED credit for anything, if they can afford payments they can save up and buy something. Even for a mortgage you can get manual underwriting so your credit score becomes irrelevant.

Your information is 10+ years old.

Things have changed a lot. Now when you apply for insurance your credit gets pull and your rates are based on your score. Believe I know because that is how we found out there was something negative in our credit report. Also employers will look at you credit before hiring you.

[NCyank]

Originally Posted by suzie02

Your information is 10+ years old.

Things have changed a lot. Now when you apply for insurance your credit gets pull and your rates are based on your score. Believe I know because that is how we found out there was something negative in our credit report. Also employers will look at you credit before hiring you.

Yes, it's been 10 years since we closed the cards but we have applied for insurance and jobs since then.


We've NEVER had an employer check our credit score, but they all pull a credit report, same for renting an apartment and for insurance. Our insurance company uses the CREDIT REPORT to make their own insurance score...they don't use FICO (credit score) at all. As long as you don't have negatives on your CREDIT REPORT you'll be fine.

[suzie02]

Originally Posted by NCyank

Yes, it's been 10 years since we closed the cards but we have applied for insurance and jobs since then.

Yes, but your information that closing accounts improves score is outdated. It is not the case now.

[NCyank]

Originally Posted by suzie02

Yes, but your information that closing accounts improves score is outdated. It is not the case now.

Except I know of other people who have experienced the same thing recently.