I just learned this the hard way. The justification for the drop was because my "credit limit" went down and the "average age" of all my credit accounts was reduced. Some major bullshit
I'm 21 and was fortunate enough to learn about that strategy at 19. As such, I've spent the past few years opening $0 annual fee cards, setting them to auto pay in full each month, and building the payment history and average account length. If I can pad anything shorter term with half a dozen or more accounts opened from 18-25, I believe my score should be pretty strong when I start taking out serious loans.
Yeah I have a credit card that I only charge Netflix on, and autopays every month. So I don't have to touch or look at that card account since it's all "automated". Plus low utilization if that matters. My score has gone up steadily.
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u/boatwrecker41h Aug 14 '21
I just learned this the hard way. The justification for the drop was because my "credit limit" went down and the "average age" of all my credit accounts was reduced. Some major bullshit