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Cliff Pape Gives Credit Tip at RICH Club in Houston (Video)

Cliff Pape at the RICH Club in Houston, TX.

“The Golden Account”

Credit Tip of The Week

Key to 850 credit score

In reaching a credit score of 750 plus, there are several key factors that you must obtain, but none is more important than gaining a “Golden Account.” Most often people close older accounts because of their lack of use. This is a common mistake. As you will see, these older accounts should not only be used, but are actually golden.

Golden Account

Many times, the difference between a 700 credit score and an 800 is the length of time that the revolving accounts (i.e. credit cards) have been open. Once you have an account that has been open for seven years you should never close it, because this account will help you achieve an 800 credit score. One of the best strategies is to obtain two to four “Golden Accounts” in your credit report.

Too Many Open Revolving Accounts

If you have too many open revolving accounts in your credit report, and you have four “Golden Accounts” then you should close those credit cards that have been opened the shortest amount of time. In addition, you should always keep at least one bank or national credit card account open with your credit file.

Cliff Pape
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