 Are you sure creditors can not do anything to you ?, ref. to answer by Wilfred? |
| Surely they can take court action, use collection agencies or threaten to send bailiffs to seize your assets, etc.... |
|
 I have a good credit score, why can I not get a mobile contract? |
| I have just checked my credit score through experian and it is 857 out of 1000. Yet I cannot get a mobile contract through any network service provider. Why could this be? I am not on the electoral ... |
|
 Credit counseling and/or debt management companies? |
| Does anybody have experience with dealing with them? How do they work and can debt that has been charged off be negotiated? Thanks!... |
|
 ATM Withdrawal with my Capital One Credit Card? |
| I recently recieved, and activated, my Capital One Platinum Visa credit card. One quick question I had, for anybody who knows, if I were to go to my bank's local drive-thru ATM, would I be able ... |
|
 Where can I get my credit report for free? |
| I see these places on TV that advertise to get your credit report for free but every one I have been to once I have filled out all of the info suddenly they are asking for a credit card # to pay for ... |
|
 Why people are just dying to have an excellent credit score?what is there benefit from all that? |
what can an excellent credit score do for me?
i know i sounds picky...but i need to know....thank you so much for your time guys..... |
|
 Ive had a really bad month and dont have the money to pay my rent...? |
in my lease if i dont pay by the tenth they start the eviction process... short of robbing a bank what can i do to keep my apartment i have nowhere else to go
Additional Details
wow some ... |
|
 Credit card suing me? |
i just got the letter from there lawer..to go to the court next month(i live in Florida) i owe them $ 900..
What i sould do..can i call them to settle this or i have to settle this in court?
... |
|
 What does it mean when it says " charge off account" on your credit report? |
| I was looking up my credit report and under a credit card it says the account was charged off.... what does that mean??... |
|
 Credit Question? |
| I recently turned 20 and have been living on my own for the past year. I currently carry around $5,000 in credit card debt on 3 cards. I'm having a bout of bad luck as I lost my job about 2 ... |
|
 Can i sue someone for my down payment if they got my car repossessed, and they were a co-signer? |
Additional Details
I was out of work and the cosigner told the dealer they were going to make the payment for that month and they didnt...I didnt hurt anyone's credit because it ... |
|
 A question about depositing money in the bank? |
okay i have a bank account at chase bank
if i want to deposit 100$ cash can i do it at an atm machine, ordo i have to do it inside the bank??
and how long will it take before i can ... |
|
 How to get my money back? |
| i joined the bally total fitness with a friend like a couple months ago. he doesn't have a bank account so i co-sign for him. the total amount of his and my member ship is $4068. couple months ... |
|
|  |
bkgirl88 | Does closing a credit card negatively affect your credit score? |
i've never used the card,and don't even have it. |
 |
 
Jen
|
Yes it can. Depending on how long you have had the credit card and what your credit limit is, this will definely lower your score.
If you have had the card for a year or more, you don't want to close it. It shortens your credit history. This is bad for when you want to buy a home. Most lenders will require for to have at least four or five credit lines open (i.e., credit card, personal loans or car loans). You can buy a home with out credit, but it is much harder.
Also, depending on how high the credit limit is, your score will go down. Look at it as if your credit limit is your income. If you lose income there is less you can buy and depending on what your balances are there is more that you owe.
The best thing to do with the card is to buy small stuff. Gas, groceries or random junk food. You can build your credit quickly by keeping a small balance on your card (less than 30% of your credit limit) and pay more than the minimum balance. |
|
SLOPPY JACK
 |
It drops your score down for about a month but as you pay bills and other stuff your score will go back to what it was. |
|
IceCube
 |
Not at all. I'm a banker. |
|
MadforMAC
 |
No, it does not. Just make sure when you close it, you put it in writing along with calling the card issuer. Tell them you want it labeled as "customer closed" then it doesn't look like they closed it, which is a ding against you. |
|
Heather E
 |
It depends on how many you have (credit cards), how much you owe on any of them and how much the credit line is worth. I dont think that by closing one will do any harm though. I made the mistake of closing about 5 of my credit cards and it did affect my credit score.
Hope that helps :) |
|
Lenita
|
no, it helps your credit. It is credit that you are not using. We have a card that we dont use or have, it just sits there all positive... |
|
wanderer9782
 |
WOW! I've read the other answers here and they scare me!!! Especially by someone identifying themselves as a "banker!" The correct answer to your question is "maybe." There are alot of variables to consider. Is the card you are closing the oldest active account you have in your credit history? If the answer is yes, then yes it could drop your score because length of time active accounts are open is a factor. Does the card you are closing have a high limit? If the answer is yes, then yes it could lower your score because you are narrowing the gap between avaiable and used credit. You would be best advised to seek the advice of someone who can review your credit report with you. Preferably someone licensed to deal with credit issues. Just because someone works in a bank doesn't make him or her an expert. I would not want my appendix taken out by a doctor with a DDS!!! |
|
AussieMom
|
If you closed it , then no it will not hurt you. But if the creditor closed then yes it hurts your credit. |
|
apartment seeker in cali
|
I agree with nellbell 100% it can affect your score depending on the situation. |
|
sweeps9
|
If you close it while in dispute with the card company, it will not be good. However, managing your credit resources so you have a "reasonable" amount of credit available raises your score. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 16 minutes(s) ago
| | | |
9 | 18 minutes(s) ago
| | | |
9 | 34 minutes(s) ago
| | | |
8 | 46 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
5 | 11 hour(s) ago
| | | |
5 | 1 day(s) ago
| | | |
8 | 4 day(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
