Comments on: My Credit Score Is Excellent

By: MJ

MJ — Wed, 26 May 2010 01:23:06 +0000

Interesting… So as long as I pay the bill on time, it should be okay…

By: Charles

Charles — Tue, 25 May 2010 00:46:16 +0000

MJ,
That’s a loaded question. I could write an entire blog entry in answering this question. Basically, having too many open credit cards is not healthy for your score. If you have too much credit available, lenders will often consider that as potential debt. But if your income is high enough to justify all your available credit, then it should be OK. To answer your question, opening additional credit may have adverse effect in the beginning, but as long as you pay your bills ontime, you should be able to recoup some of the lost points in your score. hope this helps at least a little.

By: MJ

MJ — Mon, 24 May 2010 23:16:42 +0000

Let’s say you currently have a high credit score (greater than 700)… Does it still hurt your credit score if you open multiple credit cards?

By: Charles

Charles — Mon, 24 May 2010 00:55:15 +0000

Money Reasons,
You are absolutely right. Having a high credit score give you so much leverage when negotiating loans. I’ve never tried it but just as you mentioned, you can definitely get lower rates with your high scores!

By: Money Reasons

Money Reasons — Mon, 24 May 2010 00:40:03 +0000

It’s funny I didn’t even realize how good my credit score was (or even the range of scores) until we bought our minivan in 2003. The guy that sold us the car was impressed that my credit score was over 800. I didn’t know the range for credit scores, so I assumed it would be equivalent to a B average if the scale was 0 to 1000… lol, live and learn… Since then, I’ve educated myself on the credit card scoring system. If I ever buy a new car again (which so far I don’t plan on doing), I’m going to ask for a lower interest rate on the car. I didn’t know that you can haggle on that element too until after the fact.