THIS Can DAMAGE Your FICO Credit Score Long Term
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- čas přidán 10. 05. 2024
- This can damage your FICO credit score long term.
If you’re looking to increase or maintain your FICO credit score, you need to watch this video.
Having a good or excellent FICO credit score is so important.
A good FICO credit score can help you gain access to favorable rates as well as getting approved for loans.
Recently, something did major damage to my FICO credit score and I’ll explain what happened in this video.
Please be mindful of your credit report so that you don’t have a negative impact on your FICO credit score.
Are you maintaining your FICO credit score correctly?
#creditscore #creditscore #ficoscore #creditscoreadvice
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Another GREAT video. I paid my car off early but it still shows on my credit report and more importantly all payments made on time.
Congrats on paying off your car early. Thanks for watching, Herbert.
Yeah I see too many CZcams content creators telling people just to get a card for the SUB then cancel it after a year or to cancel cards to get rid of the annual fee. Best thing to do is try to downgrade or product change the card to another with no annual fee instead of outright canceling the card. Just canceling cards willy nilly will hurt your credit score in the long run.
Indeed. Thanks for watching.
Yep and it will kill your age.
Yes. This same thing happened to me with a Macy’s card.
Thanks for watching.
Yep the same thing happened to my wife when Macy's closed out her 22 year old card. It had like a small limit like 600 but her other Macy's Amex is a high limit card.
Yep it comes off after 10 years.
Nice work
Thanks for watching, Marquis.
Keep dropping 💎💎💎💎
Thanks for watching, Sledge.
Thank you for that information
Thanks for watching.
Good day, good Brother. Thank you for your content, I appreciate it as well as you. Peace and Blessings to you and your Family.
I appreciate it, Kevin. The same to you and yours. Thanks for watching.
Great info 💯
I appreciate it. Thanks for watching, Tasha.
Thats crazy bit good information thanks
Definitely. Thanks for watching, Betty.
What I do is since I don’t want to buy anything since I have a lot of collectibles already I keep my card active by buying an item once a month for a friend and then pay it off it works out they get the item and I keep my cc active. Limited to 100 dollars the most
Thanks for watching.
Good knowledge
Thanks for watching, Stephen.
Luckily for me my first card was a decent rewards cards I have no intention of ever closing at 22 only get cards that I plan to use for years at a minimum
Smart move. Thanks for watching, Robert.
@@WaterYourSoilyep I literally have certain cards just for the dollar store because they are the low limit cards that I got early in my credit journey
Yeah I only have 2 cars on my credit now.
So when I took some bad advice and removed a 17 year paid off student loan [that had been closed], I lost 32 points!
Yeah, those drops are painful. Thanks for watching, Loretta.
...and heartbreak
Thanks for watching.
I got a question what happens if you own a credit card from a bank then the bank collapse goes away. What happens to your line of credit and who do you pay your balance on your card.
It depends on the situation. I had that happen to the Best Buy card and I believe it was Citi or another bank who took over the previous bank. It just transferred over in that case. I'm sure it can differ though. Thanks for watching, Robert.
That it stays on up to 10 years thing....LOL I made the same mistake with a Home Depot Card years ago.
Yeah, it happens. Thanks for watching, Floyd.
Great lesson as always! Question, I have quite a few cards if there are set amount of cards you recommend people keep for life as a good base
It depends on the person and their lifestyle. I say 3 is a good start, but that all depends on the person. Thanks for watching, Key.
Can you petition the credit bureaus to keep closed accounts on your report after 10 years?
I don't believe so. I haven't heard of anyone having theirs stay beyond 10 after it closed. Thanks for watching.
Great video and sound advice! Subed! I do the same and also will throw a bill that won't charge me a service fee like a internet bill or something. Rotate that and use it for minor things like chewing gum maybe fast food.
I appreciate the sub. Thanks for watching.