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Happy Friday the 13th!

I was going to write a list of goals for today, and then I realized they were all finance-related =P Money on the brain lately. Yesterday I checked my Experian credit report and score for free, using one of the many “Sign up for a free month trial membership and get a free score and report instantly” offers. They then proceed to charge you $9.95/mo if you don’t cancel within the first 30 days. So I canceled thismorning, just to be safe.

Since I had never officially gotten my credit score (never bought a vehicle, never applied for a loan/mortgage/etc), I was remotely curious what my score was. I say remotely, since I have never done anything to blow my credit, and I have high balances with little utilization on all my cards with no revolving debt and no student loans. Also, I wanted to check my report and make sure there was nothing fishy. Everything looks kosher, the addresses are all correct, the accounts are all accurate, no outstanding payments or delinquicies anywhere. I have 14 accounts, and all but three are — let’s pause for a moment while you guess what they are — yes, specialty clothing stores. They were all created eons ago, so they don’t really affect my most recent 2-year history, but they’re all still open and adding to my total available credit balance. J. Crew, Mervyns, Banana Republic, Buckle…the list goes on. Needless to say I probably never used them after their introductory offer. Except for the Macy’s card. But I won’t close them, since leaving them open doesn’t hurt my credit, while closing them can. But I also won’t be adding to that collection either =P

So, my credit score is “excellent”, even with my recent hard credit pulls. And it falls within the range as predicted by the Fico Score Estimator from myFICO, which is free.

2 Responses to “Happy Friday the 13th!”

  1. stardo says:

    looks good. just remember there’s more to life than money. =)

    were the recent pulls on the report? if it is a single-bureau report than it might not show your recent credit applications on it (some pull from just a single bureau, some do all three, etc).

    store cards are also mostly considered weaker forms of credit. they are decent credit builders if you score is low. if you score is high, you can do better. you are right that closing accounts isn’t needed and shouldn’t be done, because the length of good paying history with the card and the overall credit available to you are factors in your credit. typically store cards, though, have lower balances compared to actual credit cards and have higher interest rates (doesn’t matter to you because you pay off your cards month to month, but it can be a factor in offers you receive for new credit – sometimes a credit card company will look at the balances/rates you are getting from other cards to figure out what to offer you).

    any scary movies lined up for tonight?

  2. admin says:

    Ya, I know. That’s the problem with blogs. They make it seem like the person is ultra-obsessed with whatever they happen to be writing about at the time. It neglects the fact that I spend the majority of my day researching and that’s the last thing I’d like to talk about when I get on here.

    The recent pulls were indeed on the report. BofA only pulls from that bureau as a matter of fact, according to FW.

    And yes, I know, I did not get those cards for the purpose of building credit. Far from it. I got them because they gave me 15% or whatever the percentage off of my first purchases, which if used on large purchases can be a significant amount.

    Nope, I’m going to Scottsdale to blow all that hard-saved money ;)

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