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Mandoneedshelp

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PLEASE READ AND HELP! THANK YOU
Okay so I have good scores (761 and 757) but I am looking to raise my score. I currently have 10 accounts (5 open, 5 closed) and 6 hard inquires. 5 of those inquires will be removed in Feb 2017 which will raise my score. BUT I am wondering, is it a bad idea to get new hard loans, maybe 2 a year (since "lenders generally like seeing several varying accounts suggesting that other lenders have trusted me". Since that will bring my hard inquires to 3 ( not horrible) I know it will affect my score at first but in the long run, it should help right??

My other question is, I will keep the account open for very little (cut it as soon as I get it) then close the account ( just to add accounts) ... I know age is an important factor, when I close an account, does it no longer affect the "age" of my accounts?
As mentioned, I know this will affect me short term but think it makes sense long term?
Sorry I hope I make sense. Please help. Thank you!

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I have had as high as 14 hard inquires,  Just don't do all the lines of Credit at one time,   Spread things out over time. Have A Plan!. 

I have about 18 open lines of Credit 

1 - HELOC  Home Line of Credit   just sitting, do not owe anything on it.

1 - Car Loan - owe 8k , but have the cash to pay it off if  I wanted to. 

16 - Credit Cards only use one thats in my wallet and it's always paid off 300 dollars on just the one.,  the rest owe 0 balance on. 

Now to play the Credit card game I send 1.25 payment to the other 15 Credit cards 2 months in a row,   they send my money back and  then I repeat the process.  It counts as payments for the payment history ( 15 a month add up quick ) and I get the statemens in the mail to make sure no fraud is happening on the account and for my peace of mind. 

Never Close your accounts,  You want History ,  Long Term History. 

The only accounts you want to close would be ones where you pay either a monthly or Yearly fee of some sort. 

Hope this helps out.

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Long term, closing the accounts hurts, and some FICO models ONLY look at open accounts and some include closed, so only a specific lender could tell you. So I would keep any open as long as you can to show versatality and growing age of accounts. I would look at opening credit card lines, and only use them once or twice a year paying full amount due the next statment so you do not pay any interest and keep usage low.

Having three inquiries is not bad, and even after a few months they have smaller impact.  Today I had one of three fall off.  My score only went up 3 points (828 to 831). My point being is that most of the lower score from inquiries rectifies itself in a few months (provided you do not have excesive inquiries)

You are wise to be looking long term, as credit score is not a short term game.  The only time you need to worry about short term is when you are looking to get a car or home loan, then you want to be driving down, or at least not adding to, these types of things for a year prior to the purchase.

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Mandoneedshelp

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Thank you nomadre. Very helpful. You're right. I will keep the credit lines open and pay off in full each month. Appreciate your help.

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