 I am thinking about cancelling some of my credit cards, will that affect my credit? |
| i have a couple of cards, but am thinking about cancelling one or two, both of them are paid off. will that affect my credit in any way? my score is already at a low 568. i am trying to increase it.... |
|
 Still on collection report after 7 year period (1999)? |
Ok.. was reviewing my credit reports and found numerous debts that are passed the "7 year mark", however they still appear on all 3 CRA (Equifax,Experian and Transunion).
What is the ... |
|
 Is it true that when you marry someone you both have the same credit score? |
| Okay.. I have worked really hard to get my credit right. The guy i'm about to marry has bad bad credit. Is it true that when we get married, I'll also have bad credit , the same credit that ... |
|
 Does it wreck you credit score to switch from one 0APR credit card to another when 0% runs out? |
| i.e. have your balance transferred from one 0% APR to another 0% APR card and then closing the first card out.... |
|
 Do we have to be in debt to live a good lifestyle? |
| Many people buy expensive car simply for them to show-off,but they don't really have the need for a car. Sometimes,immitate other people by obtained a big loan to go on expensive holiday and ... |
|
 Which credit card should I get? |
| I never had a credit card.I do alot of online shoping and pay tv,phone,and Intrenet bills with my debit card.I do fly alot or drive.Is there a card for my uses?I want a card to start gaining credit ... |
|
 How to I get a Credit card |
| I have a debit card. I am wondering is 16 years old too young to have a credit card?? And I always hear it is terrible to have a credit card because it rips you off. Also how does it work?... |
|
 Does anyone know any good credit cards with low interest? Serious Only, I have a PERFECT credit score, I'm 19. |
| I need to find a GOOD credit card with LOW interest, I have a PERFECT credit score and I am 19, a college student, my current credit card has like 25%, which is bullshit, PLEASE SERIOUS ONLY. thank ... |
|
 How does the negative stuff on my credit report go away? |
| I have pulled a credit report and disputed everthing, and its all still on there. Most of the things are to expensive to pay off (would take YEARS). However, some things I could pay off quicker. H... |
|
 I'm married and in my 20's with debt well up to $20k. If I file bankruptcy can I ever get a future home loan? |
Additional Details
I have secured and nonsecured debt. I called a counselor but the best they could do was take $600 worth of my bills and have me pay them $600 to cover them. I have ... |
|
 I have a lot of credit card debt. 3 major credit cards almost maxed out several small cards like gas? |
| cards, department store cards etc. And I have recently gotten some money. Should I pay down and almost delete the 3 major credit cards or pay off the dept store cards land one of the major credit ... |
|
|  |
AgentKane | If I do a balance transfer to just one credit card from 2 will it hurt my credit? |
I recently got 3 low balance high interest rate cards. I got approved for $750 recently which was the highest and it has 0% for 12 months. Obviously I want to do a balance transfer but I am afraid that closing out the other cards will hurt my credit. |
 |
 
cz73kz
|
Don't close out the other credit cards, keep them with the zero balance. |
|
Ting Tong K
 |
closing the other cards WILL affect your credit
your "credit" means the sum of your worth - part of what you are worth is savings, part is investments, part is what people are willing to credit you with as a loan
the value of a credit card is part of that portion of your credit which people are willing to credit you as a loan
i would transfer your balances to the 0% credit card, then CUT UP the old 2 cards - but don't close the accounts. this way your credit still shows the other 2 cards are active, and your credit still includes the value of those cards but you won't be tempted to use them. |
|
Ambi
|
DON'T close out the cards you transfer from. If you must, close out the card that is the newest out of the 2 you transfer from. You want to keep cards with credit history open.
It will show you have an open line of credit, but have enough self control not to spend it. You can even cut them up if you're afraid you will use them.
Check out her site, it has lots of info on this sort of thing:
http://www.suzeorman.com/ |
|
logan28
 |
Transfer the balances...just don't cancel the cards. It won't hurt your credit then, instead it will help it by showing that you have more money available to use. |
|
Mick
 |
No, put it on the low interest card. Lowering your debt to income ratio should be good for your credit (less interest, less debt). Also, those cards you transfer balances off of should just show on your report as paid. Just because you paid them with another card makes no matter to the credit card people, as long as they got their money. |
|
Ariel36
 |
transferring the balance would not seem to be a problem depending on the size of the debt v. credit line but closing the accounts could. Transferring the balance can hurt is this: Credit card companies like to see less the fifty percent and really less than 30% on a card. If you have 30% on each card and then transfer everything and end up with 90% on the new one it "could" hurt. Then again you also have been given a bigger credit limit and this looks good. It will also look good to establish and keep in good condition multiple accounts.
Unfortunately it is difficult to say exactly how you will be impacted by your decisions. A credit score (from my understanding) is an algorhythm that takes many, many things into account so whether this could impact you positively by 10 points or negatively by 20 is completely unknown to me. What I have written above re balance transfer and the percentages of debt per card is information readily avaliable on msn.money should you decide to do some research there. |
|
Mrs. WC
 |
You can transfer the balances, but try to keep your other cards open. Just buy a little something on them each month. Something you can afford to pay all at once. Like maybe a tank of gas or a pair of shoes. A lot of credit cards don't charge interest if the balance is paid in full and on time.
In the meantime, be sure you can keep up with the payments on the 0% interest card. If you are late (usually twice) they will jack up the interest rate, possibly higher than the other cards. Check to see what the normal interest is on that card after the 12 months is up.
If you are on time with your payments, you may be able to renegotiate your interest rate with the company. My husband has done this several times with his Capital One card. |
|
It's a girl due 5/11/09
|
Nope, actually making large payments on cards is a good thing. Just don't go over board and start opening up a ton of them now, keep the few you have and establish good credit with them. |
|
Mel
 |
No it won't and not charging any more than you can pay off at the end of the month will improve it. I always pay all mine off and that way I don't get charged any interest. |
|
sarg
|
You will be ok. I do it all the time and I have a really good credit. I think it helps you more then hurts. |
|
zaxton6
|
no but keep it open and swich it back and forth each month |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 19 minutes(s) ago
| | | |
11 | 46 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 6 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
10 | 4 day(s) ago
| | | |
11 | 2 week(s) ago
| | | |
11 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
