Quoted: So, if I have a bunch of open accounts (credit cards) with $0 balance and around $5000-$8000 limits, would I be smart to close them?
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Its not smart to close accounts. Your credit "history" relates in (big) part to the length of time you've had credit, period. So you look at the shitty cards you have, they are probably the oldest... (you can find those dates out, on your credit reports) Therefore, if you close the shitty cards you'd never want to use... well, you effectively shorten your credit history. Bad, always bad.
If they have been open for less than 3 yeras, would closing them help my score due to the fact that I would have a lot fewer accounts open?
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No, not at all. You don't want "excessive" accounts... meaning, too much credit available that you never use. Always use your accounts, and then pay in full. Keep em active.
Whether the accounts are 30 years old, or three years, or three months... since you have them now, you keep them. That is all. The most important factors are these:
#1 Pay all bills on time. So fucking important!
#2 Credit to debt ratio - Ideally you want less than 20% credit utilization.
In other words, you raise your score by paying on time, no matter what, and by keeping low balances. If you have $10,000 worth of credit available... you are wise keeping that card's balance at $2,000 or lower. Thats for each account seperately, not a combined overview.
Also, how different can a husband's beacon score be from a wife's?
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A marriage does not equal a combined credit history! Nor should it.
I go by FICO score (www.myfico.com) but regardless... her length of credit history, employment, payment history, age, debts like school loans etc... all variables that differentiate her from him.
I have the house mortgage in my name, our one car is in both (for the lien), and we have a few credit cards in both names (though have pretty low balances).
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The *Primary* is often
the only one reported to the CRAs (credit reporting agencies).
Because someone is a co-signer, does not make them anymore credit-worthy or have any impact on anything, since it's on the primary account holder to pay the debts. Hopefully you understand what I'm saying here?
Go to MyFico, and pull triple reports for both of you and compare them. You'll likely see the joint credit accounts are only on your report, not hers. There will be differences across the board most likely.
Never been late, bankrupt, etc. Was wondering, if we go to finance a car, should I use her credit instead of mine due to the home mortgage being in my name?
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I'd have to say... it depends solely on the lenders. They all look at different things.
My best advice... is both of you should apply for financing and see who gets the better offer.
If you need clarification or have more questions, feel free to IM me.
Chances are good I won't see this thread again.
Oh, one last bit of free advice
Don't apply for any more credit cards! Seeking credit hurts. Inquiries stay on reports for two years. Use what credit you've got, you don't need no more. No more store cards, no more major credit cards, just leave yourself as "established, but not looking".
When you apply for financing, try to do all your applications within as small a timeframe as possible. When you go mortgage or car shopping, you'll get inquiries on the report... but if done within a close period of time, it becomes obvious that you were just rate shopping... opposed to being seen as a red flag.