shaffe48 Posted November 18, 2013 Report Share Posted November 18, 2013 I have recently paid off all of my debt and have a reasonable credit score. I am now back in grad school on fellowship and significant savings so I don't plan on using credit for 4-5 years. Will this kill my credit? Have been thinking about taking out personal loans to pay rent just to use credit along with maintaining credit cards. Is this a good idea? Any further ideas? Plan on buying house on VA loan after grad school. Also, what does it take to get your credit score above 800. I mean I have a 24 page credit report from student loans from multiple private, state, and federal sources, auto loans, personal loans, and credit cards all paid off and all strictly positive. Yet my score is only 784. What gives? Is this typical? Thanks. Link to comment Share on other sites More sharing options...
willingtocope Posted November 18, 2013 Report Share Posted November 18, 2013 784 is great. Leave it alone. IMO, everyone only need two open credit cards. One with of limit of $1000-1500 for shopping on line and day to day use...a second with a limit as high as possible but only for emercencies. Pay both off completely each month. Read my signature... Link to comment Share on other sites More sharing options...
shaffe48 Posted November 18, 2013 Author Report Share Posted November 18, 2013 I've heard that not having any credit activity for five years can bomb your score so much you can't get a loan. I'm assuming this isn't true. Link to comment Share on other sites More sharing options...
willingtocope Posted November 18, 2013 Report Share Posted November 18, 2013 There are many different credit scores. Only the ones that come directly from myFICO.com are valid. It is possible that if you do not use credit cards for 5 years, your FICO Bank Card score (the "sucker score") will drop. The sucker score predicts who CC companies will make money on. Your FICO Mortgage Score will be okay...your FICO new car score will be fine. If you're concerned about your sucker score, follow my advice about gettin two CCs...then put them in your sock drawer. Link to comment Share on other sites More sharing options...
shaffe48 Posted November 18, 2013 Author Report Share Posted November 18, 2013 all right, thanks Link to comment Share on other sites More sharing options...
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