 My credit is in the toilet and I'm 37. How do I repair without filing for bankruptcy? |
| I'm studying to be come an electrical engineer and working for an field engineering company as an electrical apprentice. I pay child support for 3 daughters. I don't have a 401k or ... |
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 My mother has bad credit, I have no credit. Can She still co-sign a credit card for me? |
I'm about to turn 21 years old and I have no credit.I don't want to get an insured credit card, so that's out of the question.
My question is, can my mother cosign a credit ... |
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 What does my credit score have to be to be approved for a home loan? |
| I am restablishing my credit because I want to buy a home. My credit score now is 550... |
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 How can i get out this credit card debt ? |
| I don't have a job right now i can't pay my bills everybody is calling me to make a payment i can't give them what i do't have. one company has sent me execution payment request ... |
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 What can I do to improve my credit, so I can get a loan? |
| Got denied credit because of 3-4 unpaid very old debts that have been turned into collection agencies years ago. (3-5 yrs) The total is low, and they are hospital bills and a cell phone bill. Peoples ... |
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 I have several credit cards from years ago that I never was able to pay? |
| I am always getting letters telling me to pay the debt and the amount keeps getting higher. I am not able to pay these off in full. What should I do? What can the companys do to me if they are not ... |
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 If you default on your credit card,can the card company sue you? |
| Say you have about $3500.00 on one card and $3500.00 on another card, can you be sued for not paying?... |
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 Is 14.99% interest rate ok if you are new to credit cards? |
| it's 0% for 6 months,then 14.99%,it has variable rates,14.99% or the prime rate plus 9.99%.... |
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 What can u do if the bank agents are harassing your family coz of overdue payment? |
| I have a loan which I wasn't able to pay before I left my country 6mos ago..but is willing to settle it.The thing is the company is harassing my family..what is my legal right on this? please ... |
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 Can I get a realistic answer for getting out of debt? |
| I have read and listened to numerous "get of debt" solutions. Are these books for real? The rolling affect of once a credit card is paid off put that payment on the next credit card and ... |
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 Where can I find a good interest rate on an Auto Loan if i have bad credit? |
| I recently bought a car and my interest is 25%! That is horrible. . but I needed a car VERY bad. Where can I find a place that will finance someone with bad credit. . but have an interst rate better ... |
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 I'm being sued by an old credit card---! Help? Advice? |
Anyone been through this?
What can I do, and can they get any money from me?
It's an "unsecured" card, not tied to a bank account.
Should I declare bankruptcy---or is ... |
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 Will my bad credit affect my boyfriends good credit if we get married? |
| I have HORRIBLE credit, and my boyfriend has near perfect credit. He owns our home, and vehicle, has a few credit cards, as well as a decent amount in savings. And I'm wondering if we get ... |
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Holly Maria | Does cancelling a CC reflect badly on your FICO score? |
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bgee2001ca
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If the balance on the card has been paid in full, it should not affect your FICO score. |
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Justin H
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As long as the account was closed with a zero balance and good payment history, then it shouldn't affect your score. If anything it should be a positive because you are reducing your debt risk. |
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zebra
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The length you had the credit card and the amount of credit given to you will determine how bad it is.
Your credit score is partially due to the following factors (in addition to others):
length of credit history AND amount of debt as a proportion to the total amount allowed
So lets say you have 3 credit cards....with the following allowances and balances...
Visa- $2500 charged with a limit of $4500
Banana Republic- $200 charged with a limit of $500
Discover- $300 charged with a limit of $5000
JCPenney- $0 charged with a limit of $10000
Right now your debt ratio is 15% (3000/20000)....OK, but the best is under 10%!
If you close out your JCPenney card, you have now increased your debt ratio to 30% which is not really good (3000/10000). Also you have now eliminated the history associated with that card, so you have less proof of your ability to pay. You are better off keeping the card technically, but just cutting it up. The history remains and keeps your overall debt low.
The only exception is if you have a credit card with a really low balance and you have over 5 credit cards. 5 or less seems to be the magic number and more than 2 retails cards tends to hurt your score over time. |
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Stefanie B
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Yes. |
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swatthefly
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cancelling within the first year is usually not good. after that, it wont hurt you. |
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C D
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It all depends...are you closing it to open another one? Then it can reflect badly. The fico score is driven by the amount of time you've had the account, the amount of the balance and your timely payments.
If you want to raise your fico score...pay your card down to about 1/3 of your credit limit. |
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Strygoi
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Your credit score is a bit of a balancing act. Many people make the mistake of just closing cards and assuming your score will improve; that is not necessarily the case. Some cards are good for your score - examples being cards you've had for a long time and where you're utilizing less than 50% of the available credit - these types should actually improve your credit.
Now with that being said - if you have a lot of accounts, then the sheer quantity is hurting you. If this is your scenario and you're looking to clear up your credit, look to close accounts that you've had for the least amount of time. In theory - closing these accounts will give you the best balance of lowering your overall debt load (which helps the credit score) and not hurting your score because you're leaving long term accounts in place.
Good luck! |
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Diane A
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Canceling 1 or 2--no. Its the activity that affects it more--opening them up frequently & shutting them down and carrying large balances (it is worse to have 1 large balance than many smaller as well--seems counter-intuitive doesn't it?). Even many "inquiries" many effect the FICO, although "soft" inquiries not so much. And these things don't nearly impact FICO like the serious things-missing payments, bankrupcy etc.
Another way to shed cards is to not use them at all & when they expire, not renew them. An unused card just carries along as a "null" on the report unless there are hundreds--then again a possible flag. |
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OC Boarder
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Not really, but having too many open does. Just don't make it a habit of opening and closing accounts |
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rachelrmf@sbcglobal.net
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yes it does. when you have a cc it shows everyone you could have up to that amount loaned to you which is very good. when you cancel it it shows up like you could not afford it. just switch to a cc with no annual charges and stop using it but do not cancel.
I had to get a financial adviser to help with my credit cards and score and this is how he explained it to me.
exactly what zebra said down there! please listen to him and not the others. |
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