Houston Credit Repair Coach Explains the Golden Account

By Cliff Pape

The key to an 850 credit score

Many mistakes people make is closing dated accounts. This prevents them from reaching an 800 credit score. You should always leave open older accounts because these are what we call "Golden accounts."

Golden Account

The difference between a 700 credit score and an 800 is often the length of time the revolving accounts (i.e. credit cards) have been open. Once we have an account that has been open for seven years we should never close it, because this account will help you get a 800 credit score. One of the best strategies is to acquire two to 4 Golden Accounts in our credit report.

Don't Have Too Many...

If you are over-flowing with credit cards BUT you currently have four Golden Accounts, you should close the revolving accounts (credit cards) that were opened the most recently. Try to keep a few national or bank credit cards such as a Chase Visa for example.

About the Author:

Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to improve credit and builds a business development strategy to help investors or homeowners overcome problems to financing properties and building their portfolio.