Does this really work to improve your score? Opening multipl

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supplychain.dan

Joined: 21 Oct 2009
supplychaindan's page
Posts: 4

74 Magic Points

Subject: Does this really work to improve your score? Opening multipl

Wed Oct 21, 2009 9:58 pm

Does that work?

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debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Wed Oct 21, 2009 11:09 pm

I guess it's possible but be careful not to get in over your head and remember that your score improves with you having different kinds of credit like installment loans, mortgage ect. not just credit cards and plus in goes by your debt to income ratio so having to much credit credit can hurt you instead of help you.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1298

28935 Magic Points

Thu Oct 22, 2009 7:26 am

Hi Supplychain,

I agree with Debra that only opening multiple credit card accounts do not help to boost your credit score. Open as many accounts as you think will be possible for you to handle. Stay current on the accounts by paying the bills regularly. Do not miss payments and do not be late on your payments. These hurt the credit score. You must have different kinds of credits in your report so that the creditors can consider you as a less risky option. Just try to keep your debt to income ratio low.
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All the Best Smile

Justin

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