Managing your revolving accounts is a tricky situation as it relates to your credit scores. For example, you may think it impresses the FICO scoring algorithm to max out your credit cards/store cards and to make your payments on time. That action will cost you interest and crush your scores.
The reality is you get penalized if you are using them too much (FICO penalty code 10); you get penalized if you don’t have any (FICO penalty code 15 & 16); you get penalized if you have them but are not using them (FICO penalty code 24); you get penalized for having too many or too few (FICO penalty code 3, 4 & 26) and you also get penalized by using a few of them at once even if it’s not very much (FICO penalty code 5).
Call me to set up a no obligation consultation to discuss what steps you need to take to increase your credit scores in preparation for purchasing your dream home.