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Author: buckzimmer Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: How Many is Too many? Date: 7/25/2001 12:35 PM
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<<i'm afraid if I close my old trade lines it will lower my score. What you fools think?>>

Do you have any nasties on your report now (deliquencies, tardiness)? If not, then don't even worry about your FICO score. Why let a bunch of boneheads influence your decision, as long as you know you are behaving responsibly?

Some will take me to task on this, but I believe that the FICO score is justification #112 of "Why I HAVE to have CC's." This although, should not be the reason that you get rid of your store cards. To me, store cards are useless, unless you really like to pay higher than normal interest rates.

I went through the period in my life a few years ago where I would sign up for a store card just for a discount and decided that if I wanted to pay for it on MC or VISA it was just the same. It also makes sitting on my wallet more comfortable. I did have someone charge something on my Sears card, so, yes, that can happen too (especially at Sears where they have been known to run a charge without a card).

Bottom-line is if you use your cards responsibly or not at all, and you are applying for something well within your means, your banker is being a major league bonehead if they deny you based solely on your FICO score. And you don't need to pay interest to boneheads. Shop around for banks with brains.

Fred



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