Credit Score Begins Racing Back Up
You’ve seen me talk previously about dragging my credit score down by refinancing opening a slew of credit card accounts and creating huge balances to take advantage of 0% credit offers.
Today I got my credit score again and it popped up more than 15 points. Why? Time. All those accounts that were opened over a 5 month period have aged another month and the scoring model has decided that I’m now a few percentage points less risky as a borrower.
Remember to give yourself a big discount on your car or home loan by paying down credit balances and not opening accounts several months before you plan on getting a loan.
The time factor is huge. About a month. Over fifteen points.
When you get a pleasant surprise.