Duplicate accounts can be good or bad for your order credit scores only online depending if they have a balance or not. If you are using the account then there will be 2 accounts with balances that affect your number of open accounts with balances and can put your revolving and installment accounts out of balance. It will also affect your debt to credit ratios and over all debt to credit ratio. If there is no balance on the account and it doesn’t throw your balance of accounts off, then it could work to your advantage. The credit limit will also work to your advantage if there is no balance because it will be added to your overall debt to credit limit ratio and lower it and increase your credit score. But watch it… if these things change by using the account then it can work against you and you will have to get one removed by contacting your creditor and asking them to remove the duplicate.

An open account can work for you or against you depending upon how many and how many with balances. Too many open accounts with balances will cost your credit points and lower your credit score. The number of open accounts should be no more than about 20 and no more than about 8 open accounts with balances. This will include revolving and installment accounts with balances. As a rule of thumb, keep installment accounts at the same ratio as revolving accounts.

Open accounts are accounts that you have opened by going to a creditor to get a loan for a product or service. These can have a balance or you can pay them off each month. It can be a revolving account (an account that has no payoff date and the payment varies depending upon the balance owed) or an installment account (an account with a set payment and a set payoff date). Open accounts are necessary for a good credit score but too many open accounts can be bad for your credit score also. There is a balance that needs to be in place.

Watch Out when moving. The average family moves every 3 to 5 years in the United States. This is when most of the mistakes happen on your credit file. Moving can be especially hectic and cause a great deal of damage if not taking precautions to make sure your bills are taken care of and address changes made in a timely manner. Change of address can take up to a month to take place and then the postal service can hold the mail for a week at a time before they send it to the new address. It would be much better to change the address with each creditor as soon as you know when you will be in your new home so that the statements will arrive in a timely manner and you won’t be late or with a lost statement. Remember, it’s up to you. Keep a list of your bills and who should be sending you a statement by when. I know it takes some extra time and effort, but your good credit score is well worth the effort. This is how you got the best interest rates in the first place. Don’t gamble with your credit score!