 If I don't pay my bill will it still come off of my credit report after 7 years (Next year)? |
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happydawg | Does it help your credit to pay your credit cards off and never use them again? |
I managed to make some credit card debt trying to raise 2 teens by myself w/ no child support. They have moved out and now I am paying off the debt and have very small balances on the cards like $101. and another has $200 bucks. The largest is $8K which has a 4% interest until its paid in full.
My credit score is 730. I want to know if I pay the cards off, should I close them out or should I leave them open w/ zero balances. What would help my credit score the most? |
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Keeping them open and making SMALL purchases on them to show activity. Where people go wrong is that in order to have good credit, you have to use credit cards a lot. That's not the case. My just making purchases totalling no more than $20/month max, and paying them off on time every month, you not only show activity, but you're not going into debt in the process. Also, keep in mind that the available credit on those cards are vital to your score becuase it creates a cushion between what you owe, and what you're capable of borrowing. You close those accounts, you not only lose that payment history that built your score in the first place but also the available credit will surely tank your score. |
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Craig T
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Pay them off and leave 0 balances
HOWEVER, you should use them for at lease a small charge at least 2 times a year, say like $20 in gas then pay in full when the statement comes. If you don't show at least some usage, the card company will close it for inactivity as it costs them to keep accounts open. |
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Sharon F
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Paying them off and not using them is ok for a while
but if possible try to buy some gas or groceries and pay the bill in full the following month
The reason is because you need to keep some sort of activity on your credit report
good job on your keeping a good credit file |
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crablady5jr
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The best thing would be to keep one or two of the cards open & use occasionally and pay them off. Not only will it help your credit, but you'll have them available in case of an emergancy. |
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src50
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Leave them open, so your actual debt-to-available credit ratio is low. |
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Jeff
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Once they're paid off in full:
If you leave them open, the credit will be available for future use, and your credit score will go up. But you will be vulnerable to identity theft if a crook gets ahold of one of those credit card numbers.
If you close them, your credit score won't go up as much, but an identity theif won't be able to do anything with the account number to a closed account. Plus, you won't have the temptation to reopen the accounts and go back into debt.
Just make sure that before you start knocking down all the balances, that you have some cash in the bank for emergencies ($1,000 for now, 6 months expenses once you've paid-in-full.) |
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?
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No, I had never borrow money from any bank or financial institute. I am debt free. |
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Steve R
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Don't close out your cards to help your credit score the most. |
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wyrmwyrd1
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How credit is viewed varies from creditor to crediotr and what you are seeking credit for. Generally speaking -- having a history of a credit balance that is paid off is good. Having a $0 balance on all cards for at least 3 months is preferred. Generally speaking having no more than 2 open accounts (including Credit cards, deparmtent store /gas cards, and open lines of credit) gets the best rating.
730 is a pretty good score in this market.
How credit history is rated varies widely place to place, the law only requires that the individual creditor treat all requests using the same criteria.
Something else to keep in mind is the number of recent inquires on your credit also affects the credit score.
I've seen people with 12 credit cards, 15K+ in debt, with recent deliquencies making less than 40K a year land a large mortgage. On the other side, I've seen people with perfect credit history, no debt and making the same amount of money denied a department store credit card with a $1000 limit. |
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