Want to imrove my credit score

Submitted by ryan.wagoner on Wed, 05/28/2008 - 23:38

I have about 9 revolving accounts open with $0 balances in my credit report. what is the best way to close these to improve my credit score? or should I leave them open? I don't need them

leave them open atleast ubtil they expire. The older your positive credit hisory the better your score. I would also suggest that you put something small like, a tank of gas on the card and pay it off at the end of the month. You want active credit,.

Thu, 05/29/2008 - 04:19 Permalink

Hi Ryan
It is true that older is your credit account, the better is your credit score and so it is advisable not to close any old accounts as it will hamper your credit score. You can keep the credit account active by paying your utility bills regularly as CMBV pointed out. You need not worry about your credit rating if you keep your expenditure under control and pay your bills on time.

Thu, 05/29/2008 - 10:44 Permalink

about 35% of your credit score depends upon your credit history and so credit history constitutes an important part of your credit report. So more old is your credit account, the better it is. Only try to keep these cards active by paying utility bills or any other bills which you would have otherwise paid in cash every month. This will improve your credit score and so you should not close these accounts, rather maintain these accounts efficiently.

Thu, 05/29/2008 - 13:18 Permalink

you need to start using some of your credit. 0 balances can actually neg effect your credit score. You should be using about 10% of your total avaiable credit monthly. So use the cards and pay them off in full.

Fri, 06/06/2008 - 23:57 Permalink

yes, a zero balance does not put you in a good situation. You can start building your credit by paying your utility and other monthly bills through your card and then repaying the debt amount on time. In this way you will have a good credit history and your credit score will increase and your future possibility of getting a debt at affordable rates will be much higher.

Sat, 06/07/2008 - 07:17 Permalink

I've been late on a few Utility bills, but, the Utility Co's have never reported it to the CB. I think there is actually a website you can go to (I don't know the name of it, however), that you can have your rent, house payments, utility payments, etc. reported to the CB's, to improve your credit. However...I think this program charges you a fee every month for using them.

Tue, 10/06/2009 - 10:25 Permalink

What do they do, do they contact your utilities and your landlord to verify the information?

I think this stuff should be reported, these are bills that you have to pay on a monthly basis so it should be reported, think of how many people would have better credit if they did report this.

If you think of the site, you should put it on here so that people can take advantage of it.

Tue, 12/08/2009 - 17:54 Permalink

I agree especially when young people just starting out need to build credit ratings. Where better to start than with their monthly bills like rent , electric and water bills ,etc. If your not paying these bills I am pretty sure they get reported as bad credit, so if you are paying, why not be credited with a good report. I know a lot of young people who complain about not bing able to get loans or anything but they pay their bills every month like clockwork, never so much as a day late. If you find out any more about this let everyone here know so we can pass it on.

Tue, 12/08/2009 - 18:11 Permalink

That is true, if you are paying and paying on time they should make a report to the credit reporting agency. Would be great for anyone who is in a credit rebuild situation also.

good points, simple truth.

Tue, 12/08/2009 - 18:57 Permalink

If you pay fingerhut $6.67 a month and they say you have established a good credit rating, because you have had the account for 5 years, then why haven't you established a good credit rating if you have paid $600 a month for rent for the last 5 years. I don't think they should be allowed to discriminate on what bills constitute a credit rating.

Tue, 12/08/2009 - 20:16 Permalink