Houston Credit Repair Coach Explains the Golden Account

By Cliff Pape

The key to an 850 credit score

Many errors people make is closing dated accounts. This prevents them from reaching an 800 credit score. You should always leave open older accounts because these are what we call "Golden accounts."

A Golden Account

One of the best strategies to use to acquire 800 credit score is hold two to four Golden accounts in your credit report. Once you get an account that has been open for seven years you should never close it. This can be the difference between a 700 and 800 score.

Don't Have Too Many...

Assuming you have too many open revolving accounts 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. Also, you should always show at least one bank or national credit card open with your credit file.

About the Author:

Home Buddies is a houston credit counseling coach for investors. Home Buddies develops and implements a customized strategy to restore credit and creates a business development strategy to help investors or homeowners overcome obstacles to financing properties and growing their portfolio.