Golden Revolving Account - The Gold Mine for Boosting your Credit

By Cliff Pape

The fundamentals to an 850 credit score

Older accounts should not only be used, but are actually what we call a golden account. If you are trying to achieve a credit score of 800 there are many key factors that you must do and the most critical is getting a "Golden Account." Often people close older accounts because they are not using them.

A Golden Account

The difference between a 700 credit score and an 800 is many times 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 acquire a 800 credit score. One of the best strategies is to acquire two to four Golden Accounts in our credit report.

Don't Have Too Many...

Let's say you are over-doing-it with credit cards BUT you currently have four Golden Accounts, you may want to close your revolving accounts (credit cards) that were opened the most recently. Try to hang on to 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 investors. Home Buddies develops and implements a customized strategy to restore credit and creates a business development strategy to help investors or homeowners overcome obstacles to financing properties and building their portfolio.