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 Wow! I just discovered we owe $13K! HELP!? |
Hey, I need a little advice from soneone who has been in a similar situation.
I recently discovered we had an old credit card that had not been paid off, and the account has been adding interest ... |
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 What are the benefits of transferring credit card balances to new credit cards? |
any advice for me?
Additional Details
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Additional Details
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Anna C | Cancel credit card or keep it open to improve credit score? |
I am about to finish paying of my high interest credit card. I have had the account open for 10 years. I know the longer you have had it open, the better, but if I am not using it anymore,should I still keep it open (with a no balance and lower available credit) or just cancel it all together? Which would improve my credit score the most? |
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heybulldog
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cancel the card If you don't plan on using it. I would recomend you close all the cards and not play the credit card game.
If you keep a card open and not use it. It will not do a thing for your credit score. You have to borrow money and make payments to get a high score. You have to keep borrowing money and keep making payments to keep a high score.
All you are gonna get is debt.
Pay as you go. Live on less than you make and dont worship at the alter of the almighty fico (I Love Debt) score and you will have money.
Debt free is the way to be! |
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vlgrdsply
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You want to keep the credit card acct open. - if you cancel it it makes your score drop
not sure if I can explain this correct but they look at it like this...
say you have 3 credit cards, each one has a credit line of $3000 dollars, well say you have 500 dollars charged on 2.. to credit card companies it looks like you have an available line of $9,000, and you are only using a small percentage of that... (im not good with percentages but say that would be less than 10% percent of your available credit)
if you close one of them then you only have 6,000.00 credit available and where you owe 500 on each - it looks like your using say 30% percent of your available credit..
ok so that is the best way I know to explain it... but it is said most places you credit looks best if you keep unused cards open |
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raymo73
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Cancel it. I bet money they try and lower the rate in order to keep you. See what other cards and lines of credit you can get though. |
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private
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It's time to check around for the "lowest fixed interest rate."
Including the one card you are holding now.
But if you keep the one you have now. There is them hidden
fee's for not using it at all. So, if you are going to use it from
time to time. You still can pay it off, at the end of the month.
I read of someone who paid their's off every month. and
they dropped him. They told him, they wasn't making any
money off of him in interest.
So. they will get you. Coming & going. <}:-}) & ({-:{> |
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Warren
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Keep it, especially if there's no annual fee. Doing so will improve your credit score. Using it occaisonally and paying off the balance at month end will do even more for your credit score. |
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Mally Jayne
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Cancel the card. Believe it or not it could actually end up hurting you by not using it and keeping a zero balance. |
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Hannah-lou
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they close after a year if not used anyway |
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Savoir Faire½ Eggroll Jenkins ™
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The experts say that keeping it open is best because of the length of time that you have had it. |
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chinainvestor
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just stop using and cut up the card. It won't improve your credit score if you cancel it but it will hurt it if you cancel it. |
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southarkansas
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you showing an active account with good credit hsitory and 0 balance is the best rate you can get |
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KitKat
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If you're going to close it make sure that's what you want to do because they won't always let you reopen it. But here's how it works, although allof us look at the credit cards as "available credit" the credit bureaus look at it as " available debt" they go by your debt to income ratio, so they hold that "available debt" against you and it brings your credit score down. By closing the card it will take 2-3 months for the credit bureaus to update their records, but it will bring your credit score up by closing it. Unless you don't have anyother credit cards, then you should keep it open & use it from time to time & keep your debt below 50% of whatever credit line they've given you, but also carry a balance will build it up too, paying in full every month DOES NOT HELP. Pay at least twice the minimum payment. |
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happiestgirlintheworld
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keeping it open and not using it isn't going to do anything to your credit score accept keeping it open leaves you more vulnerable to identity theft. So I would say if you are not going to use it, cancel it. |
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