Golden Revolving Account - The Gold Mine for Boosting your Credit

By Cliff Pape

The key to an 850 credit score

In reaching a credit score of 750 or higher there are several key factors that you must obtain, but none is more important 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".

The Golden Revolving Account

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

You Can Over-Do It

Assuming you hold too many open credit cards in your credit report AND you already hold four Golden Accounts, you should close those credit cards (revolving accounts) that have been opened the most recently. In addition, you should always keep at least one bank or national card 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 real estate and building their portfolio.