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Best way to raise with current credit


muddlethru
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Based on Equafax.com my Fico score is 788. But found out the Wells Fargo lowered my available balance due to "plummeting" credit score. I told them that I just checked my score and that their information was wrong. They said it was in the 500's. Can I trust what the "free" reports say as far as credit? Also, I do not see where they pulled my credit. I have not request for credit since last year. I asked them to please raise my available high credit back to where it was, they said NO, I needed to handle my accounts better if I want higher credit. I told them to close my account and shove it. This is a cc that I have had for 5 years, since I was 18. Had a high balance available of $3500. I have never had more than $500 charged at a time on it. Now to find a new cc with a great interest rate. From what I hear in the news no one is issuing credit.

Here is my question. I only owe a total of $358 and that is just one account. All autos, student loans, credit cards etc are paid off. I have several "open" but $0 balance accounts. Should I leave those open or close them in order to improve my scores. Also, while looking at my reports found many of my brother's accounts on my reports. I am clearing those now.

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How old are those "open" accounts?

Typically, when you close an account that has been on your credit history for a while, it will actually lower your score because you are closing a long standing account with good history. (Assuming you had good history on those accounts.) You want to have active accounts, that helps your score, you just want to keep your eye on the ratio between debt and available credit. For example, you have debt of $358, which is low, but if you only have $500 iN total credit, then your ratio is over 50% and that lowers your score.

As for the Wells Fargo card, screw them. I had one and I kept i paid off regularly, and they closed my account. As for my wife, they randomly lowered her limit from $3,000 to $300 with no real explanation; and she never missed a payment, and she has a credit score over 750--go figure.

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None of them are very old...I am only 24. There is a discount tire that I just paid off with $1000 limit still open, a jewelry one that is a limit of $2500 never used, a Care Credit that is $800 limit I have never used, student loans that are now paid off, my truck I just paid off, and of course the Wells Fargo cc I told them to shove up theirs and close.

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