Date: Fri, 3 Oct 2003 11:49:49 CST
From: bill 
Newsgroups: misc.invest.financial-plan
Subject: Re: How to go from good to excellent credit?
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In <031020031036419673%john@johnweeks.com> "John A. Weeks III"  writes:

>In article , Chip G
> wrote:

>> One of the major hits is how much potential revolving credit you have... how
>> many credit cards and what are the limits... have you paid on-time over the
>> long-haul. You might try taking a look at your credit report to see if there
>> is anything at all on the report that you had forgotten about... old
>> store/gas cards. The less potential revolving credit you have... the better
>> AFAIK.

>>From what I know of Fair Issac, cancelling accounts actually 
>lowers your credit score, especially if you have any balances.
>The reason is that they track your % of used credit versus
>available credit.  If you reduce your available credit, your
>% of used credit goes up, which reduces your score.

>To increase your Fair Issac, you want to have a lot of accounts,
>with very high credit limits, and you want to use those accounts
>frequently.  Some folks simply move money around to do this,
>while others take the money and invest it.

This is good to know.

>BTW, I am assuming that the original poster has done the basics
>like always paying on time, never going over balance, always
>paying more than the minimums, and always using credit cards
>when you have that option.

I knew only the first two of the "basics" you list above.  Clearly,
I have a lot to learn!  Where can I find out the full scoop on the
basics?  Is there a book or website that I could read on this?

Thanks!

bill