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dragonfly

join:2012-09-04
reply to Gone

Re: [Serious] new ikea credit card

That's a myth, Gone. FICO scores are based on account history, number of months reporting. Having accounts open with zero balance will build a history just fine.



Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4

said by dragonfly:

That's a myth, Gone. FICO scores are based on account history, number of months reporting. Having accounts open with zero balance will build a history just fine.

Not according to my business account manager at the bank I deal with. But hey, what do they know!


BigSensFan
Premium
join:2003-07-16
Whitby, ON
reply to dragonfly

said by dragonfly:

That's a myth, Gone. FICO scores are based on account history, number of months reporting. Having accounts open with zero balance will build a history just fine.

Yes and no, having an account can also hurt you, because if they see the available credit on the account as being available to you, so it can possibly lower any future amount you want to borrow. (New creditors assumes you will use all your available credit)

Also, having a 0 balance does little good to your credit rating. The scores go up based on use and payment history. Generally if you want to see your scores go up, use the cards but never carry more than about 35% of the available credit as balance.
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"The hardest thing about any political campaign is how to win without proving that you are unworthy of winning." ~ Adlai E. Stevenson