Im being affected a lot by new credit, would closing my new acounts inprove my credit score?

I know that closing accounts would lower my credit score but would it be better than having lots of accounts opened in the last 6 months! im trying to buy a house but i have a credit score of 653 and lots of credit inquiries... its horrible i want a house so bad... i cant stand living in apartments no more... i live in oregon if that is any help thanks!

Im being affected a lot by new credit, would closing my new acounts inprove my credit score?

Below is info on things that affect your credit score.

Closing any unnecessary accounts (all but one) will help as it will lower your debt ratio.

You can write a letter to all three major bureaus and explain what you have done and why and that will improve your image.

As lender have tightened requirements the less debt you carry the better.

Inquiries look as if you have been turned down for credit. Be very careful about shopping with you credit.

Learn to save, that will improve your credit history.

Learn to invest, that will improve your credit history.

Have cash value insurance up to 7 times your income, that will improve your credit history.

Get you credit reports, write to those who either denied you credit or were just looking ( like realtors or car dealers) and ask them to remove the inquiry, they can, be persistent. Make copies and resend until they act.

Many lenders use a FICO庐 score 鈥?a numeric calculation of your credit report calculated by Fair Isaac Corporation 鈥?to obtain a fast, objective measure of your credit risk. By understanding the factors that can help or hurt your score, you%26#039;ll have a better understanding of how lenders view you as a credit risk 鈥?and how you can improve your score.

Here are the five factors that determine your FICO score. The levels of importance shown here are for the general population, and will be different for each individual:

1. Your payment history: what is your track record? (approximately 35% of your score)

The most significant impact on your score is whether you have paid past accounts in a timely manner (on or before the date the payment was due). However, an overall good credit profile can outweigh a few late payments, and late payments have less impact over time.

2. Amounts that you owe: how much is too much? (30%)

Part of the science of credit scoring is determining how much debt is too much:

In some cases, having a very small balance without missing payments shows you%26#039;ve managed credit responsibly, and may be slightly better than having no balance at all.

While you don%26#039;t want to have too many accounts open, it%26#039;s good to have more than one, so that you%26#039;re not using too much of one account%26#039;s available credit limit.

Owing a lot of money on numerous accounts suggests to lenders that you may be overextended and more likely to make late payments 鈥?or make no payments at all.

3. Length of your credit history: how established is it? (15%)

In general, a more seasoned credit history will increase your FICO score. Lenders want to see that you can responsibly manage your credit accounts over time. However, even those people who have not used credit for an extended period of time may get high scores, depending on how the other information in their credit report appears.

4. New credit: are you taking on more debt? (10%)

Opening several credit accounts in a short period of time can represent a greater risk, especially for those with newer credit histories. According to Fair Isaac Corporation, FICO scores try to distinguish between an attempt to obtain many new credit accounts and an attempt to obtain the best interest rate. FICO scores generally do not associate higher risk with shopping for the best interest rate.

5. Types of credit in use: is it a %26quot;healthy%26quot; mix? (10%)

Your FICO score will reflect your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans, etc. While a healthy mix will improve your score, it%26#039;s not necessary to have one of each, and it%26#039;s not a good idea to open accounts you don%26#039;t intend to use.

What does not affect your score

Lenders look at many things when making a credit decision, including your income, employment history, and the kind of credit you%26#039;re requesting. But none of those factors are included in your FICO score. And neither the lender nor your score considers your race, religion, sex, marital status, age, or if you receive public assistance.

FICO scores also ignore self-inquiries, so checking your own credit report will not lower your credit score. In fact, it%26#039;s a good idea to check your credit report once a year to make sure there are no mistakes.

Im being affected a lot by new credit, would closing my new acounts inprove my credit score?

No, you%26#039;ve done the damage by opening the account. Closing them would just do more damage. Rip them up so you can%26#039;t abuse them but don%26#039;t close the account.

Im being affected a lot by new credit, would closing my new acounts inprove my credit score?

Don%26#039;t make your situation worse. Even if you closed the accounts the inquiries would remain. You get an inquiry %26quot;hit%26quot; if you were declined, approved, or approved and then closed the account.

The best thing to do is keep the credit card balances under 30%. Even better would be to charge on them every month for everyday purchases and at the end pay off the balance. Also, be sure to pay the bills on-time every time.

After about 6 months the inquiries/accounts do not have as much of an effect as they do now. After the inquiries have no effect, even though they will still remain until they are 2 years old.

Im being affected a lot by new credit, would closing my new acounts inprove my credit score?

Two ratios to look at.......total credit against used credit...never exceed 30%....for example...six cards each w/ a $1K limit.....

total is $6K....never charge more than $1,800...ever...but obviously never charge more than you can pay off....

the other ratio is your total credit vs. income.....if you have $6K in total credit....but you only make $25K - that almost 25% of your income .....not good....

It%26#039;s a balancing act.....keeping ratios in line......also the type of credit......gas cards/walmart cards.....vs. amex....less quality credit....means lower score....

But....at 653....you are right around the corner from a really strong score.....725