 How do I get rid of a new, un-activated card? |
I applied for a credit card last week, and it arrived in the mail today, but circumstances changed, and I no longer want it.
It still has the sticker on it that says to call the number in ... |
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 Bad debt written off? |
| I had a discussion with someone who said that companies will write off bad debt after 5 years of trying to recover it, i disagree, does anyone know the actual facts about this?... |
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| How can I start my credit? I just turned 18.? |
| I just turned 18 and im in college, and I have applied for student visas, discover, and american express cards, but have been denied because i have no credit. isnt that what the student card is for? ... |
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 I have no credit and need to establish some. Where can I get a credit card with no credit requirments? |
| I have already applied for two credit cards and was denied because I had no credit or not enough income. I am a college student and figure it is a good idea to start establishing some credit. I plan ... |
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 14 year old having a debit card. What do you think.? |
| When it comes to money I am extremely responsible.When ever I get a gift card, I always check online what the balance is, before I buy anything with it. I dont go online to random websites and put my ... |
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 The loan is in his name BUT I've made every single payment? |
| So the guy I live with has a loan through American General Finance in his name and for reasons I won't get into here (too long of a story) I am the one making all the payments. If it matter I ... |
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 Can you buy a car with a credit card? |
| I've never had a cc with a high limit like over 20,000. I wonder if you can make big purchases like a brand new car all in one payment with a card like that, or do they put a cap on how much you ... |
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 Where can i learn how to fix my credit, deleting? |
| A friend of mine got some of his credit deleted. Brought his credit score up to 800... |
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 My dad used my name to get gas in his hosue when i was 15 and now i have a 1800 dollar bill to the gas comapn |
| is there anything i can do to get rid of this because i think it is unfair that i have to pay this bill that i did not create for myself please help becase i am a college student and it is also ... |
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 My sister gave me a personal check "named to her" as a payment for the money she owed me.? |
| Definitely, I can't encash this check because it was named to her....so, If I will deposit this check into my bank account, will the amount of money indicated in the check arrive in my account ... |
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 Does paying off a car loan early save on interest? |
| I just took out a car loan that seems to be a mistake. (At an interest rate of 19.58% on a 12,777 laon) Since i have no knowledge about finances i first wanted to know if this was a bad decision. ... |
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 18 years old, where can I apply for a credit card? |
| It seems that everything on the internet revolves around having a credit card. Even "all-age" video games with online subscriptions. Ironic there. It's just that I don't have a ... |
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 Could you go to jail for not paying a credit card bill? |
im like $1000 in debt, im still going to school so its difficult for me to work and actually pay my debt.
i got a phonecall from a creepy guy this morning talking about a lawsuit or ... |
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 Credit card question...need advice from experienced adults!? |
| I signed up for a Circuit City Chase Mastercard to purchase a laptop about 6 months ago and go 0% interest for a year. I just paid it all off and now want to cancel my credit card. Do I just cut it ... |
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 Does me and my husband need a will? |
We are in our late 20s homeowners but (unforunatley)not very rich. We have children,and live in N,Ireland.
Additional Details
PISH (sorry I mean) PHISH, You have to remember it is 1am ... |
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 Immigration? |
| We are going from Belfast to toronto C... |
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 When paying my creditcard bill how much do i actually pay back? |
i am trying to build my credit and i just receved my first credit card bill! th ammount i need to pay back is $52 but it says the minamum is $10 so which do i pay back?
i am trying to ... |
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shirley e | I was told paying off your credit cards and closing the account will hurt your credit score? |
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tickled blue
 |
Paying them off wont hurt at all; closing all of them could if you have no other credit. Just keep one or two open with no balances and you will be fine. |
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lexy
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Your credit score is determined by a few different factors. One of them is your outstanding debt to available credit ratio. Meaning that if your have a total of $10,000 available to you on all of your cards/accounts and you owe a total of $9,000 - you will have a lower score than if you only owe $3,000.
So when you close an account you lower your available credit - and if you have high balances on other accounts, it affects your score adversely.
Also regular payments every month lend to a higher score than having no payment at all because you paid it all off. (Not by much, but every point helps, right?) I am not saying don't pay off your debt - just leave something trivial with a low interest rate and pay it religiously on time. That will help your score.
One last thing - length of credit is another factor. So when deciding which accounts to close, choose the more recent accounts first. Keep the older accounts (which have good payment history) open - even with a zero balance.
I hope that helps... |
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Johnny B
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Just keep one card and keep it paid up to date. You can aeven pay extra into it in case you want to spend on a regular basis. |
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ZORCH
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Pay them down to zero balance and then just use them for a cash substitute for convenience. That looks very good on your credit score -- you have cards, you pay the balance, you are a good risk. And, with no balance from month to month, you are not getting poor or crazy. |
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armywife32903
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yes if you plan to buy something big in the next 6-8 months
Pay them off and put the card away at home. When you close the account it lowers you available un-used credit therefore lowering your score about 10 points or so.
They say you should only charge 16% of your total limit on each card at one given time also.
Also dont open account you dont need or plant to use. Opening a new account also lowers your score. The higher your limit v/s amount owed affects it too. Call the card companys every 9-12 months and ask for a limit increase of about 200-300$ to also increase your score. Also ask for a lower APR. Maxing out cards lowers your score by 70 points.
Below is from :
http://www.bankrate.com/brm/news/credit-scoring/20040128a2.asp
"If someone tells you to close unused accounts to improve your score, they're pulling your leg," he says. "It won't help you and it can hurt you."
Closing unused accounts without paying down your debt changes your utilization ratio, which is the amount of your total debt divided by your total available credit.
"You appear closer to maxing out your accounts," he says. "That's why your score can drop. It doesn't mean people shouldn't close them, but don't close them to improve your score."
If you do cut up cards, though, leave the oldest one open, says Steve Rhode, former president of Myvesta.org, a national nonprofit financial crisis center.
The length of your credit history is another factor in your score. If you close the account of the credit card you got when you were a freshman in college and leave open the ones you just got within the last couple years, it makes you look like a much newer borrower.
"Keep a couple of the oldest open; I don't care what the interest rate is," he says. "Creditors don't care what the rate is."
Do you basic google search on Improving your credit score. |
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kim h
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Closing them will paying them off won't. |
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Candy
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Yes, the best thing for your credit score is to carry a modest amount of debt and to make payments religiously. This shows that you're a good risk. |
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aandf
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thats a total lie i did the same thing but it doesnt hurt to just have one and from time to time just buy small things and pay the minimum amount just to keep building your credit hope that helped you |
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Harmon
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Told by the credit card companies I am sure
My wife had four credit cards and crappy credit score.
I took her cards from her, paid them off and now her credit score is dammed good.
Get rid of all but one card and pay it off monthly. A weekly payment of the minunum monthly payment usually helps. |
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Johnny
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It won't really be a problem unless you close them all. The only way to have a good credit rating is by using credit. I speak to poor people on benefits all the time with great credit ratings becuase they use one card to pay another - you can be in desparate trouble and still have a good credit rating. But an 18 year old with no debts does not have a good credit rating. |
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Mike H
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False.
Not paying it but closing it might, but as long as you settle your debts then they can't affect your credit rating. |
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