The impact on credit report depends on the perspective of the creditor. If you’re applying for a large loan or mortgage, having too many unsecure credit line opened will increase your risk factor. If you’re applying for another credit card, it usually depends the card company, what they look for in a customer. In many instances, prime rate credit card providers won’t approve application for people with too many recent credit line opened. It all depends on the history of the card you’re considering closing, and who’s actually looking at your credit report for it to be view as “positive” or “negative.”

In my situation, I’ll be keeping these cards, and will probably close some unnecessary accounts when it comes time to get a mortgage. It will be best to take these type of action, 6 months before you start shopping for a mortgage.

If you take a look at the first score tracking post, back in August of last year, I made a few mention of it and how it works. It’s a messy read though.

There are a couple problems with the provided FICO score:
1. They’re adjusted credit FICO score, real deal according to many sources, but the scoring model is for credit card companies.
2. They’re not too accurate. They’re about a month behind in reflecting your current actual credit standing.. not only because credit agency hasn’t report yet, but also because Providian doesn’t state when the scores were based on. So you can only use it as a reference, not a definite gauge.

Still, they’re free.. so it’s a good reference. My current FICO score from Transunion is probably around ~680

To get the current, real deal, FICO score so you can shove it at the finance department at the dealership (or mortgage lender), you should check out myfico.com . I have a half written review of it up, which I will post one of these days..

if you decide to use myFICO, search for discount codes online.. there’s always a 20-30% off promotion flying around somewhere.

I use to be a real credit junkie.