Quote:
Originally posted by psyko514
No. Typically, information stays on your file for 6-7 years. Even discharged bankruptcies will eventually fall off your credit file.
What TheSaint is saying is true. When you're dealing with someone in the upper class, someone who has a few hundred K in the bank, his credit score isn't all too important.
Also, what bobosoft said is correct. It's like a game. You have to keep the right balance. Using only 5% of your credit is better than using 75% or 100% of it. But a customer with $5K of credit and a $500 balance typically looks better than a customer with $100K of credit and a $5K balance, even if he's using twice as much credit.
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Credit information stays on yoru account forever unless its negative or you close the account. negative info stays on yoru acohahahaha for 7 years. bankrupcies stay on your account for 10 years. closed accounts, even if positive, go away after 10 years. I have to disagree with you about thepercentage thing, I think its all abotu the percentage, but you couild be right. Here is what my credit report says:
The proportion of balances to credit limits (high credit) on your revolving/charge accounts is 38%. The average proportion of balances to credit limits (high credit) on revolving/charge accounts carried by U.S. consumers is around 34%. Click here to review your Accounts Summary.
Analysis of consumer credit behavior repeatedly finds that owing a substantial balance on revolving/charge accounts (Visa, MasterCard, Discover, American Express, Diners Club, department store cards, etc.) relative to the amount of revolving/charge credit available to you represents increased risk. In fact, the level of revolving debt is one of the most important factors in the FICO score. The score evaluates your total balances in relation to your total available credit on revolving/charge accounts, as well as on individual revolving/charge accounts. For a given amount of revolving credit available, a greater amount owed indicates a greater risk, and lowers the score. (For credit cards, the total outstanding balance on your last statement is generally the amount that will show in your credit bureau report. Bear in mind that even if you pay off your credit cards in full each and every month, your credit bureau report may show the last billing statement balance on those accounts.)
The more you owe on revolving/charge credit accounts - relative to the amount of credit available to you - the more your score may be affected. So doing your best to pay your revolving/charge account balances is a smart way to help increase your score. On the other hand, shifting balances among revolving/charge accounts, opening up new revolving/charge accounts, and closing down other revolving/charge accounts will not improve your score, and could possibly decrease your score.