16 Aug Holly Walther Team Fun Fact Friday: Length of Credit History (#3 Credit Component)
Hey, it’s Holly happy Friday. I’m here with little Miss Daisy and we’re going to continue our theme of credit. And today we’re going to talk about the length of credit history. Did you know that makes up 15% of your credit score? Um, so a lot of times people will say, ‘should I open a new account?’ or ‘I don’t ever use that account, so I’m going to close it.’ Absolutely not. It’s okay to not use it, but keep those accounts open, especially if you’ve had them for a long time. I have like a Cedars MasterCard. I opened up in ’98 – the interest rates like 28%…literally. Uh, and the reason I keep it is because I’ve had it for over 20 something years. So it gives me great credit depth. So again, just keep in mind, length of credit is a great thing. If you have any personal questions, please don’t hesitate to give us a call and we’ll talk to you next week, with credit tip number four.