DISQUS

Denton County Real Estate: Path to home ownership…What makes a good FICO Score?

  • Coral Snake · 1 year ago
    The one thing I have always never understood....

    1) Your score goes down if you open up a credit card.
    2) Your score goes down if you close a credit card.

    Those 2 don't make sense to me.... then why even try to establish credit via a credit card? I don't get it!

    I think it should be....

    1) Your score goes down if you open up a credit card.
    2) Your score goes up if you close a credit card.

    Till then,

    Jean
  • Jay Myers · 1 year ago
    Yes, the whole system does seem a bit out of whack. I am very curious to see what happens when the millions people who have had short sales and foreclosures are not going to be able to get credit due to the scoring system.