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i'm a college student, i already have loans out. how can i start building my credit?
Additional Details
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baby_rost | Close credit card account or keep open and shred it? |
Whats best for my credit?
I recently paid off a credit card, and I have a few more credit cards to pay off.
Should I close the account I paid off or keep it open?
I plan to shred the card, so would lit look ok to keep an account open on my credit report? |
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Vartha
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Shred the credit card, I just did. |
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$m¤¤v¥ £¤¢¤
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Don't cancel multiple credit cards. That can suddenly lower your available credit and can hurt your credit score. Keep old accounts open to ensure a long credit history.
Once you pay down your cards, you don't necessarily don't have to shred them, use them lightly to where the total is no more than 30% of your available credit on all your cards combined. At this point, not using them at all or cancelling them will do your score more harm than good. |
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Pravda
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Keep the account open because credit history is very important. Shredding is extreme...just vow not to use it. I know it is tough but you can keep the card for an emergency. Anyhow, on my answers profile I have a link that can help with credit issues.
Best of luck, |
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kendra2funny
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Most of these answers are correct, except the guy that said, "When you close your account they charge you ridiculous fees..." This is simply not true. Credit card companies won't and can't charge you anything on a closed, paid off account. However, if you keep the account open, you will still have to pay the annual fee if applicable. If you do keep the account open, if you're not active and you maintain a 0 balance for a period of 6 months or greater, the credit card company has the right to auto-close your account and remove it from their system, so keep this in mind. |
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LB
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Only close the account if they charge an annual fee. I hate cards with annual fees. If there is no annual fee then keep it open- it's better for your credit. |
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SPIFIMAN1
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Keep it open. You do not have to shred the card, just put it away and don't use it.
That way if you have a emergency? You have it for backup. |
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bobbyzigital
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Shred it, pay it off, and keep it open.
Closing an account has the effect of lowering the credit limit on your credit report. Since you no longer are charging anything to that account whatever your current balance is also happens to be the credit limit. This being the case the credit scoring companies only see that a consumer is utilizing 100 percent of the credit line, thus affecting your credit negatively
If you’re maxed out on your credit cards, then lenders may consider it a sign of one of three things: a) you’re overextended and relying on your credit to make ends meet; b) you’re addicted to credit and overuse your credit lines; or c) both.
Needless to say, that's the last thing you want a lender to think when they're looking at your credit report. |
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iceman
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Pay it off, keep it open.. .and shred the card if you have to.
Although if you have the will power, you could just put it away somewhere and only use it for emergencies.
Closing accounts if anything lowers your score. Because it limits your credit line and credit history. |
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Drew
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When you close your account they charge you ridiculous fees, so its always best to just shred it instead of closing your account, just as long as you don't use it then you'll be fine. |
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