Houston Credit Repair Coach Explains the Golden Account

By Cliff Pape

The Essential Key to an 850 Credit Score

In obtaining a credit score of 750+ there are several key factors that you must obtain, but none is more crucial than gaining a Golden Account. Often times people close older accounts because of their lack of use. This is a common mistake. As we will see, these older accounts should not only be used but are actually "golden".

A Golden Account

One of the main ways for acquiring an 800 credit score is to obtain several Golden Accounts. Once an account has been open for 7 years, it is considered a Golden Account.

Don't Have Too Many...

Assuming you have too many open credit cards in your report AND you already show 4 Golden Accounts, you need close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you need to always keep at least one bank or national credit card account open with your credit file.

About the Author:

Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to improve credit and builds a business development strategy to help investors or homeowners overcome problems to financing properties and building their portfolio.