Probably, if you were to actually pay off all your credit cards completely, you could then close out some of the newer ones. 0% against $10000 probably isn't any worse than 0% of $50000

But the last time I checked my scores, it appeared that just the number of cards in your history, even if closed, seemed to hurt part of my score. The explanation was that it counted credit cards in your file, even closed, and some counted against me. It probably helps me that the credit card company for a card I got in 1988 has never done anything to upset me. Though I believe it only counts since about 1992 since when it went gold back then, I got a new number. But it currently shows up as my longest lasting account, and can make up for some much more recent accounts.

2004 Sedan/DVD Navigation/Desert Platinum/Willow

 

From THIS Wells Fargo link:
<blockquote><font class="small">In reply to:</font><hr>

Raising your credit score is a bit like losing weight — it takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over time. Follow these suggestions from Fair Isaac Corporation, the creators of the FICO® score.

Improve your payment history
Pay your bills on time. Delinquent payments and collections can have a major negative impact on your score.
If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score. But also be aware even if you pay off a collection account, it will stay on your report for seven years.
Contact your creditors or a legitimate credit counselor if you're having trouble making ends meet. This won't improve your score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.

Lower your amounts owed
Keep your balances low on credit cards and other "revolving credit." High outstanding debt can affect a score.
Pay off debt rather than moving it around. The most effective way to improve your score is by paying down your revolving credit.
<font color=blue>Don't close unused credit cards as a short-term strategy to raise your score.</font color=blue> Owing the same amount but having fewer open accounts may lower your score.
Don't open new credit cards you don't need, just to increase your available credit. This approach could backfire and lower your score.

Make the most of the length of your credit history
If you've been managing credit for a short time, don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

Getting new credit
Do your rate shopping within a focused period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
Re-establish your credit history. Even if you'd had problems in the past, opening new accounts responsibly and paying them off on time will raise your score in the long term.

Manage the types of credit you have
Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix — it probably won't raise your score.
Have credit cards — but manage them responsibly. In general, having credit cards (and paying them on time) will raise your score.


<hr></blockquote>

04, TB/W, Nav, Aero, 6MT, etc...

 

Another LINK from Trans Union:

<blockquote><font class="small">In reply to:</font><hr>

Top 5 Credit Misconceptions

#2. Closing old accounts will improve your credit score – To close or not to close, that is the question. Many people advocate closing old and inactive accounts as a way for improving your credit. In most cases, closing accounts will actually have the opposite effect. Canceling old credit accounts can lower your credit score by making your credit history appear shorter. Think twice before closing the oldest account on your credit report. If you want to reduce your levels of available credit, ask for your credit limits to be reduced or close newer accounts instead.

<hr></blockquote>Looks like closing accounts may be ok in some situations. Since I was just about to close on my house, closing the old credit accounts and keeping my new, lower-rate credit card was the wrong thing to do.

04, TB/W, Nav, Aero, 6MT, etc...

 

here's the ironic part: I bank at wells fargo and was actually an employee there a long time ago. Guess I got the wrong information. When I closed some of my CC accounts that I never used, the customer service people always asked if I was buying a car or a house as if they knew the purpose.

Thanks for the info SoCal.

 

No problem. Believe me, it was a HUGE shock to me when my score went down for closing accounts. I was a bit perturbed because I'd been getting such conflicting info all these years.

Just when you think you have the game figured out they change the rules on you...

04, TB/W, Nav, Aero, 6MT, etc...

 

yea the formula will probably change as trends changes... thats why you have to be on top of your credit report. Just recently when i checked my report i found a credit card account that i never opened... turned out that my mom had put me down as an extra person on her card...

which i would be worried about cuz it counts as new credit... however, once all my credit cards were payed off it didn't really make much of a difference... but i'm still going to get her to take that off so it doesn't affect my credit...

i think i've been doing the right things in the last year working towards the best credit i can get... probably the biggest impact was the fact that i went from over 70% of my max on the credit cards a year ago to less than 1% now... and i went from less than 600 FICO score to over 700 now...

oh and there's something built into the formula so that multiple inquiries on your credit will only count as one... this is so that you're not penalized for shopping around for loans... i think it applies to the type of inquiry, meaning auto loan inquiries are one type... but i think i read somewhere that you have to make the inquiries within 14 days from the first and last for it to count as one... so you can apply for as many autoloans as you want within a 14 day period and it only counts as one...

and all inquiries stay on your file for 12 months...

well at least i know where i stand and I know what to expect in terms of what kinds of interest rates i'll get...

 

Hey Socal, thanks for all the info. Very interesting this credit stuff.

 

Essentially, it helps if, in an emergency, that you have credit available. But too much might lead you into temptation, so too much is bad.

Obviously debt load is also important. If you have to pay too high of percentage to cover minimum payments, you are a greater risk. Even if your percentage of credit card debt is below 50%.

I know that, a couple years ago when I bought a house, the calculators stated I could buy a very expensive house for this area of the country. (Though that would be a cheap house in other areas).

But a pricey house also has other costs, and I didn't want to get anywhere close to the limits. I've done that before, and it seems like I didn't have any money available for impulse purchases.

As a consequence, I really did the impulse purchase with my car. It would have been much more cost effective to have bought a 2 year old sedan for about $15000 cash.

2004 Sedan/DVD Navigation/Desert Platinum/Willow

 

I think my last FICO result was 750 or something. I had checked when I found out that Sprint PCS had some account open with my SS#.

Luckily, it appeared to just be a mistake on their part. Probably mistyped a number, since the account was 2 years old and there wasn't anything suspicious on my reports. But it took me a month to clear things up, because I had to go through the hassle of proving who I was, not the person with the account.

2004 Sedan/DVD Navigation/Desert Platinum/Willow

 

SoCalG35C is correct. Before I purchased the G, I went to (I think it was) Equifast and paid ~$20 to pull my own credit. I did some sort of analysis that tells you how you can improve your credit score. For me, the analysis reported that I had 2 people pull my credit in 6 months and that was causing me to have a lower score than I normally would have. (I had just refinanced my house and had 2 competing companies both pull my credit.) The score came back 768, and for *****-and-giggles I decided to cancel some of my old, unused credit cards. I waited 90 days and re-ran the credit and my score dropped to 756.

Summary, don't cancel too many old credit cards if you have really good credit. I *think* if you have poor credit, it might be in your best interest to drop down to only a few credit cards and manage that debt as best as you can.

The analysis also told me that my credit was good because I didn't have any 30/60/90 day late payments spread over 11 pages of credit history. Basically don't be late, and don't get over extended, especially if you're trying to build your credit.


As far as Tier 1 credit... I'm not sure, but Orlando Infiniti told me that if I wanted to get their 3.9% financing for 4 or 5 years I had to have a "Beacon Score" of 750 or higher.

 

I just applied for an auto loan and my score was 815. Easiest way to increase it is to keep high limit cards but pay them off in full each month if possible.