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From “Exceptional” to “Good” and Back Again: Frank’s Credit Score Journey

When Wespath Benefits Educator Frank O’Brien and his wife Mary relocated from Long Island, New York, to southeast Florida, their financial health was strongly anchored by a FICO credit score solidly in the “exceptional” range. FICO, which stands for Fair Isaac Corporation, is a widely used credit scoring model that evaluates an individual’s creditworthiness based on factors such as payment history, amounts owed, length of credit history, new credit, and types of credit used. Scores typically range from 300 to 850, with higher scores indicating better credit risk. A top-tier “exceptional” rating usually falls around 800 or above, reflecting a strong history of managing credit responsibly.

That top-tier rating helped Frank and Mary secure their new condo in the Sunshine State. Having a high FICO score can make the home purchasing process smoother by improving your likelihood of loan approval, qualifying for lower interest rates, and reducing the need for costly mortgage insurance. Lenders view “exceptional” scores as a sign of reliability, often streamlining underwriting and offering more favorable loan terms.

Like many new homeowners, the couple began settling in by furnishing their space. They started visiting local appliance and department stores and opening new store credit cards to take advantage of first-time purchase discounts. However, once the cards were no longer needed, Frank decided to close them. Around the same time, a business credit card his wife had used was also closed.

The result? Their credit score dropped considerably, falling from “exceptional” to “good.”

“It felt counterintuitive,” Frank recalls. “We were managing our finances more responsibly than ever, yet the score dipped. Even so, we weren't alarmed because we knew closing these cards would be good for our credit rating in the long run.”

Frank was right. Credit agencies review the number of credit cards you possess, the frequency of use, the length of time a card is open, and other factors. In the short term, the couple’s short-lived store credit cards actually influenced their rating negatively. However, by staying disciplined, paying off balances in full, and avoiding new debt, Frank and Mary soon saw their score climb back to “exceptional.”

His advice? “If you’re thinking about closing credit card accounts, be mindful of which ones you close. Keeping your oldest card open can help maintain your credit history and score stability.”

Want to Understand More About Credit Scores?

Register to watch the recording of the EY webinar, Cracking the Code of Credit Scores, to learn how scores are calculated, why they fluctuate, and how to manage yours wisely.

Financial experts from EY Financial Planning Services are always here to help. Reach out by calling 1-800-360-2539 or logging in at wespath.eynavigate.com if you’d like to review your financial strategy.

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