Experian Credit Report Explanation
2010
Not enough revolving credit experience?
I just paid off a bunch of credit cards of which some were close to their limits. Now I have about $1500 in cc debt on one card and about 6 are paid to 0. I have been using cc’s for many years.
I am checking my credit (truecredit.com) everyday to see how it will change my score. My experian score dropped 20 points with an explanation that I do not have enough credit experience. It says:
“Consider opening a new account to strengthen your credit report and improve your score.”
What the hell is that about? Can someone please explain that to me?
I did not close the accounts and I used one store card for a purchase of $30 to get a %15 discount, then paid it right there at the register. I just paid the cards off within the last month.
If you open another account, that wont help your credit experience until 5 years from now. Don’t do it. All you can do is keep the accounts open and in good standing… and wait a couple of years… I went into an “opening credit cards spree” in 03/04. I didn’t realize how it was messing me up at the time, but now, in 08, all of those 11 credit cards I opened back then have uped my score to 769. Just keep at what you’re doing, and make sure you never put more then a 1/3 of debt onto any card.
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