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Principal and Aig so far said no, NYL is next
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Principal and Aig so far said no, NYL is next
Here are some things I've heard that I don't know if they are true or not.
1) Open up as many accounts as possible and keep your debt to income ratio below 50%. Makes sense, although I think 25% should be the goal. quote]
Well, I wouldn't recommend opening as many accts as you can. Excessive lines of credit, (regardless of the balance on those accts, which is a seperate issue), is one of the criteria that will ding your credit. Another is the % of utilization of that credit line. e.g. If the credit limit is 10K then exceeding 50% or 5K on that line is going to reduce your score.
You mention debt to income ratio... There is no such thing involved in arriving at your credit score. Income is not part of the equation. It isn't reported at all as part of your score. The aforementioned percentages in the earlier post are the categories, with no weight to income whatsoever.
It is a bit of a mystery, but really more common sense in some ways. It is amazing at how little folks think in advance of some of the events that can and will hurt their FICO score. Too geared in the immediate gratification, as a society... enough of that.
SN