I am 21 years old, almost 22. My credit score is 690 and I was wondering if this was a good number for me. I have had a small line of credit out since I was 18. ($500) and someone told me that it was good to have that. I have never had a car in my name either. (I borrow my mom's extra truck sometimes). If I close my Kohl's account and my Kroger's charge account, will it make it better?
2007-03-10 02:17:40 · 5 answers · asked by MrsalmostMom 6 in Business & Finance ➔ Credit
Your credit score is very good for any age the max is 850. Some say the less credit cards you have the better and some disagree and say they more the better. I say just keep the ones you really use and pay on time.
2007-03-10 02:22:15 · answer #1 · answered by asexystudd 3 · 0⤊ 0⤋
Yep 690 is great for your age.
DO NOT CLOSE ANY OF YOUR ACCOUNTS!!!
If you close those charge cards it will alter the length of your credit history, which will hurt your score. The best thing to do is to simply cut up the cards and never use them. Only close them if they have an annual fee or something like that.
Try and keep your debt on the credit card to less than $150. As once you go over a third of your total credit line on all your cards, it hurts your score. It hurts your score even more if you go over half of your available credit.
If I were you I would call the credit card company and tell them you've been offered a new credit card. Ask them to lower your interest rate and increase your credit line.
With your score they should do one of both of these things for you.
A higher credit limit will look better on your credit report, in terms of your debt to available credit ratio. Just don't go maxing that card out or spending more money just because your credit line is higher.
If you carry on the way you are, you are going to have a score in the 700s in no time at all. Once you get over 720, there are few things you won't be able to get financing for.
I did pretty much the same as you when I was that age. I was able to buy a house with no co-signer and just 1% down when I was 23. Good credit will save you a lot of money, guard it wisely.
2007-03-10 02:30:13 · answer #2 · answered by ZCT 7 · 2⤊ 0⤋
thats actually not too bad for someone your age. be careful about closing accounts. one of the big factors in this is how much of your available credit is in use. so it may be less beneficial to have a closed account than to have an open account that is clear and paid regularly and on time. protect your credit like it was your children. it will save you alot of money over the years in interest rates on car and home loans.
good luck
2007-03-10 02:23:08 · answer #3 · answered by chris m 5 · 1⤊ 0⤋
Don't close accounts longer credit history raises your score. Just pay everything on time always and keep blances low or none.
2007-03-10 02:25:47 · answer #4 · answered by M L 2 · 1⤊ 0⤋
ya y not my frnd im 'ving credit but im 20 only............no problem now its very easy.........
2007-03-10 02:24:04 · answer #5 · answered by ran j 1 · 0⤊ 1⤋