Too Young? History I Am Unaware Of? Score Just Seems Low…

Tips and Deals Forums Consumer Credit Improve credit Too Young? History I Am Unaware Of? Score Just Seems Low…

Viewing 0 reply threads
  • Author
    Posts
    • #228679
      dealpal
      Keymaster

      I am assuming the worst (identity theft) and posting in this subforum:

      *

      I am currently a young adult with 6 current credit cards for a total limit of $10,000 – $12,000 and approximately 25% utilization.* I was told it is better to keep old cards and make small purchases every few years to keep the accounts open (question one…is this incorrect?).* I have students loans of approximately $36,000, and a car loan of $7,750 on a car worth $12,500.

      *

      I have never had a missed/late payment that I am aware of.* Credit history on one card should be approximately 6 years, the rest were opened within the last 3 years, and bills were paid in full each month for most of that time period.* For 8-10 month period one card had minimum payments made on it.

      *

      That being said, I was told my score was 680.* I am just starting out (car loan is recent, one or two credit cards are recent as work required particular ones) with regards to credit in the big picture so I hope this is the issue.* I have however had two instances of identity theft thanks to a stolen wallet in college…explaining to Verizon that I had no idea about 8 months of no payments on an account I opened was certainly awkward.* After each run in with various collection agencies, I was able to get everything straightened out and credit reports from all three agencies dropped any information that was not correct.

      *

      Now I am wondering if I should be concerned again, and found this site.* I am certainly wanting to get a paid account, but I am not sure which one would be best.

      *

      *

      Three big questions then are:

      • Am I correct in not closing out cards/accounts not in use?* I was told/have read that after 5-7 years, unused accounts will not show on credit reports and thus good history can be erased.
      • For someone wanting to keep track of FICO scores with goals of reaching much higher numbers, is FICO quarterly monitoring sufficient?* It says that TransUnion FICO is used, but I thought TransUnion used a propiertary scale of 950 rather than the traditional FICO 850.
      • Lastly, my [hopefully near term] goal would be two cards with $10,000 to $15,000 on an Amex and a Visa with a lower limit for places that do not take Amex….any thouhgts on getting from A to B?

Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password