 How should I go about raising my credit rating? |
| About 8 months ago, I applied for a credit card. I use it religiously about 3-5 times a month (usually about $20/month) so that I can raise my credit rating. I currently have Capital One so the APR ... |
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 Credit cards:? |
| Anyone have any more options for first timers? I have been trying to get one ( I have no credit at all) and have been denied by EVERYONE! I am losing hope! What do i do?... |
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 If my husband moves out of the country am I responsible for his credit card debt as well as mine? |
| I will need to divorce him soon and wonder if that is possible on 2 separate continents? He is crazy mind you, and is fleeing from all responsibility, both the debt he incurred while we were ... |
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 Are you criminally liable for defaulting on a credit card bill? |
| On my one credit card with a $10,500 limit, I missed a payment and the interest rate alone made me over the credit limit. Without moving in with parents I wouldn't have been able to get it paid. ... |
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 $ 10,000 loan needed A.S.A.P.!!!? |
| long story but i need a ten thousand dollar loan before the end of this month!?... |
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 What's the best credit card for a college student? |
| I'm looking for a good credit card with low annual and monthly payments and a decent APR. I would be using it mainly for bills and other living expenses.... |
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 HELP! I think I am being sued by a collection agency? |
| I just got the letter from their lawyers stating that might come after me and take me to court. It is an old SBC bill for $2800.00 from back in 2003, what happens if they sue me? What does a ... |
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 I have really really bad credit and i need a small business loan ? |
| is there any website that are legit and i can get a small business loan with really really bad credit and kinda fast too i need about 20,000 dollars please help ... |
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 Any ideas on how to pay off credit card debt fast? i will never get it paid off at the rate i am going? |
| i have some credit card debt.. i have great credit and dont want to ruin it but it seems that i will be paying till i am 90... i dont use them at all. but the balances i do have are taking forever to ... |
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 Pay pal...? |
| Your experience's? any good? reliable? thanks.... |
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 I'm in debt? |
| I just found out that my credit card went from 6% to 32% and I have a balance of 7000.00. I want to scream. I'm thinking of debt settlement through credit solutions, but they said it will affect ... |
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 Pre-Approved Credit Cards? |
| I’ve been wanting to get a CC for a little while but I had a mark on my credit 3 years ago, I paid off the debt in full but of course it haunts me still. I’ve applied for one CC and was denied, ... |
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 I need a $2000 loan. Any help? |
| i have good credit but it's new. I just started establishing it. So banks deny me for a claim. do you kjnow any good places to get large personal loans?... |
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 My first credit card tips? |
whats the best way to raise the so called "credit score"?
paying the minumum every month vs paying the balance off immediately?
does the amount you charge matter?
and any ... |
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alkalinetrioguy | Does your credit score drop when you close a credit card account? |
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akristel2003
 |
no, it doesn't drop your score.... BUT it does make your credit report weaker in some cases.
If you just have wayyyy too many cards open and you close one that is new or infrequently used it won't hurt you.
However, if you have a reasonable number of cards you shouldn't close it.
That makes it seem to the credit agencies that you are leary about your credit for some reason. |
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Nata
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Yes it does mainly because of the criteria for assessing one's credit score is how long they've have it. When you close your account, you wipe part of your history off so it does have an effect on your score. Clearing the balance off as oppose to closing the account looks a lot better. When u close the account, there could be a million reasons why u did so and thus it plays a factor. |
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Juanita
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if the account has been open for a while, then yes. your credit score is based on timely payments as well as the age of your account. |
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InspectorBudget
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Yes, the score drops.
The credit guys assume ( usually wrongly, but that's life ) that you're closing the account because you can't handle the debt load. Better to simply keep it at zero balance, lock it up and not use it.
I used to have several cards, and since I use those with the best rebate & reward programs, had a few that were unused for a long time.
One day I decided to simplify my life, and closed out 2 bank cards, a SEARs card, and a KOHLs card. All had been unused for years with no balances.
Was I ever surprised when my score went down!! |
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melissapinkfloyd
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i hear that it does. just make payments on it till it is paid off and it will look better on your credit report. |
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supermisplu
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Not necessarily but it is a good idea just to leave it open even if your balance is $0 and you have no plans of ever using it again. It will help your credit history out which will help your score. |
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RT
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Yes. And beware of bank charges to investigate your account if you don't use your account - they may over draft you for those charges and you won't even know till it's to late and that is a scam!
If you pay it off and don't plan to use it close it. |
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James R
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Yes and no. Your score will drop slightly when you close the account, because you have less available credit. How much the score decreases varies depending on your current situation and payment history. This is only short-term, however, less than four months, and your score WILL go back up. Most lenders check your credit report for at least three positive trade lines, so before you close any credit account, make sure you still have three other items, whether they are car loans, mortgages, or other credit cards that you are paying-- ON TIME. |
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TaxMaven
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yes, but who cares!?! your credit score only matters if you plan on borrowing money for the rest of your life. go get a copy of dave ramsey's "total money makeover" book. i have been following it for about 4yrs. it has revolutionized my life. |
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rachel
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depends on why it's closed (your choice or theirs?) and how much you owe on others. your score is partially based on debt-to-avail-credit ratio. so if you owe $500 on one card, and have a $1000 limit, that's 50%, but it you have another card with a $1000 limit AND YOU OWE NOTHING ON IT, that's only 25% of your avail credit that you're using up. |
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matsystud
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yes, your better off just not closing, just rip up the card so you don't use it. |
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Marie
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Credit cards might affect their credit score if closed it sometimes depends on the card. Call your customer service center to see what terms apply for that certain card. |
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Etta P
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In some cases, yes. The consumers credit score is calculated using a method of analyzing the number of open accounts, with and without balances, closed accounts,the age and type of account and the number of months reporting. If consumer 2 revolving accounts, 1 open with a credit limit of 5000, balance of $2500, another with a $5000 credit limit & -0- balance, both open. This consumers balance to high credit ratio is 25%. Now if the 2nd account is closed, the ratio would be 50%. Lenders use this to estimate the potential risk involved approving the credit request. The below website by the Federal Trade Commission is designed to give consumers information on credit reports.
Hope it helps! |
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hirebookkeeper
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No, your score should be better because you have more potential credit available to you and less that you have to pay off. |
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Alfa Mel the MeatMan
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i buy everything with meat patties |
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