 Can a 15 year old debt be put on your credit report legally if it has already been on it once before? |
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Additional Details
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 Too many credit cards. Should I close some? |
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 Will paying off my entire balance weekly help my credit score? |
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divvey99 | Am I better off closing old credit card accounts? |
I go for credit cards that give deals (0% balance transfer, points or cash back etc). When the deal ends I stop using the card. Should I close them or leave them? If I close them should I close them over a long period of time or all at once?(I've got about 7 I now don't use, 4 of which are with the same firm) I'm asking the question because I'm unsure whether or not it has any effected on my credit rating. Don't know if it's a good idea to have so many cards that i don't use. |
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saltpot66
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Any bank worth its salt will close a CC account if the card hasn't been used for a long period of time as they present a fraud risk if the account is left dormant ! ! ! |
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kevin friend
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you wont get a bad credit rating for not owing money, cancell all cards you are not using, you never know they may have a special on in a few years time for new customers and you could reap the benifits again, keeping cards you dont use also becomes a security risk, if you dont use them it may be a while before you realise that they are missing |
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heybulldog
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Close the all the cards. Don't worship at the alter of the almighty fico score.
Banks spend millions brainwashing people into thinking they need credit cards and a High I love debt score to make it in todays world. NOT TRUE!
Pay as you go and live on less than you make and you will have money.
No payments = cash in the bank
a low score from not paying your bills is trouble.
If you have a 0 score from not borrowing money you can still get an apartment and job and home loan with manual underwriting. It's not a sub prime loan. It's the way it way done before the I love debt score. You can get the same low interest rates.
And it is definitely an I LOVE DEBT SCORE!
You have to borrow money and make payments on time to get a high score. You have to KEEP borrowing money and making payments on time to KEEP a high score.
Of course these bankers and their loyal followers on here are gonna tell you different.
Debt free is the way to be!
Borrower is always slave to the lender.
Always! |
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Leah
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Cut up the cards and write letters to ALL the cards that you no longer wish to use, telling them to close your account(s) with them. You can find the address for correspondence on an old billing statement from them. Of course, if you still owe them money, you will still have to pay it all back.
It doesn't matter (on your credit rating) if you do it all at once or over a period of time. |
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Nicola
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Having more credit cards, especially if they are not used will probably have a positive effect on your credit rating because it looks like you are managing your credit well so lenders will be a lot more willing to give you credit as you will be classed as a "good borrower".
However, if you cancel your credit cards completely, after a while (not sure how long) you will be able to apply for the credit card again as a "new" customer and therefore receive their introductory offers such as no interest balance transfers. If you keep the account open and don't use them however, you will not be able to take advantage of any offers for new customers.
In the long run, if you are managing your credit well - which it sounds like you are - I would say cancelling them would be best. Maybe just keep one or two spare cards for emergencies or something, and cancel the rest.
Well done you for being so responsible!!! (wish I was!!!) |
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bumblingbeermonster
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Having over 5 credit cards does impact on your credit score even if you are not using them.
If you are not using the cards you should cancel them immediately. |
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orisons
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FICO scores will factor in how many accounts you have, the average age of the accounts, the total balance across accounts, and the total available credit across accounts.
Because the formula is using an average for account age, try to get rid of all the recently-acquired cards which have low limits.
Do not close your oldest account under any circumstances - it is very useful to maintaining a high average age across all accounts.
Given that your newest cards probably have the highest limits (as your FICO has improved over time), I would recommend that you close three or four of the newer cards and ask for a credit limit increase on your oldest card to maximize the benefits to your FICO score.
Note: Asking for a limit increase will count as an inquiry (which will have a slight negative effect on your score if you receive other credit inquiries over the next 18-24 months). |
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tw158
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This is a complex question and the answer depends on many different factors and differs from person to person.
What you should do is list all of the cards you have and include how long you've had them, their credit limits, interest rates, etc. and then decide if you want to cancel one or more, and if you do, which is the "best" one to cancel.
Check out this FAQ on this topic -
http://www.e-wisdom.com/credit-cards/apply-for-a-credit-card.html#credit-cards-keep-or-cancel |
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cherie c
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YES |
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loopylynds2506
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Generally it is better to cancel credit agreements if you're not using them. When applying for any type of credit it shows all active accounts so even if you don't owe anything on a credit card you still technically have the funds available to spend. Cancelling them all at once will not make a difference. However, with credit cards it's predominately late payments and going over you're credit limit that card companies use to make their decision not what's outstanding or available |
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Chatelaine
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You can go online and google free credit report. There are three different credit unions which house your information and you can get a free report from each of them once a year. The sites will also have information about your FICA score, and this is what indicates your overall credit rating. Anything above 600 is a good to excellent credit rating. Closing all your cards at once will lower your FICA score. And continuing to accept credit card offers will also do the same. The credit reporting bureaus view such activity as overspending, although you may not be. I would close maybe one a year, and don't accept any more credit card offers. Maintain a perfect payment record and your FICA score will soar, so when the day comes that you need to borrow for a mortgage or are being considered for a job, your FICA score will help you, not hinder you. |
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