Golden Accounts

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This is the second tip (The First Tip) from the news report. I find this one a little obvious but needed to touch on it and give some more information on how to create a “Golden Account.” This post is going to be filled with links as I have touched on all of this before.

A Golden Account is any account you have that remains open for many years (ten or more) and can drive credit scores to higher levels. This basically goes back to the Five Factors that make up a credit score.

The only way to create a “Golden Account” is to open one up and then wait. And wait. And wait some more. OR…

You can piggyback off of someone else’s “Golden Account.” FICO ’08 will only partially eliminate an authorized user, or piggybacking.

Once such accounts are identified, leave them open and periodically use them. NEVER EVER NO MATTER WHAT ANYONE TELLS YOU – CLOSE AN ACCOUNT.

You need to use an account such as a credit card at least once every 6 months so the card doesn’t become inactive or go dormant.