 My roomate took my debit card without asking and purchased a cellular phone with it.? |
could she go to jail if its her first offense ever
Additional Details
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SweeTneSs | If you cancel one of your credit cards but have made every payment on time, would your credit score go down? |
how long does it take for someone to have really good credit...do you need 2 buy a house or car or anything major like that to make it higher?? |
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grierGRIER h
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By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.
4. The state of your financial accounts
How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score.
5. Different credit types you have
Whether you have taken a secured loan, unsecured loan or applied for a debt consolidation matters. The loan or credit types also reflects on your credit score. Credit rating agencies give it a 10 % weight to determine your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score |
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Elizabeth T
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It's better to pay it off and leave it open. |
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pppres
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your credit score will be better if you leave the account OPEN. pay off the card, certainly, but keep it if you can control your spending. The older the revolving credit lines on your report, the better your score. |
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GUS
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It really depends on how deep your credit file is. If you have 25 accounts all paid perfect with many old tradelines (more than 10 years old) then closing the account would have little if any effect on your score.
On the other hand, if you have a thin file with only a couple of references then closing an account could significantly affect your score. I have 3 credit card accounts and keep them open even though I only use one of them and pay it off every month. I need them in order to keep my score up.
Good Luck. |
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SpeakTruthToPower
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I found out the hard way; not to cancel the card; but to tear it up and shred it, but don't cancel it. The reason being, you are no longer being reported as having paid up to date and on time on that card; it is reported as cancelled. This, for some reason, is a negative in credit reporting terms. |
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phunkprincess
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I know you can get bad credit rating on the simplest things like a phone bill or electricity bill, because I had to make sure I had all of mine payed out before I could purchase my house! But I dont know bout credit cards I'm sure it would work the same though, if you make payments on time them you should be fine! |
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Katherine N
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No your credit score will not go down at all. The only way you can keep on having a good credit is if you keep on paying off your bills on time. |
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Buzzy
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pay your bills ON TIME
Having two or three credit cards are good as long as you pay on time. It just shows you have higher credit limits when they are added together! |
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FreakyGeeky
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Yes, your credit WILL GO DOWN. The amount of time that you have had credit as well as the amount of credit available to you are two (of many) criteria for score generation. If you cancel it, you no longer have that credit and you no longer have a long standing history. |
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Bill
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They better not. Illegal. If so, send a demand letter to remove any negative, mentioning that you will complain to the FTC (Federal Trade Commission); which is easy to find online. |
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teresathegreat
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The number of credit cards you have isn't as important as your bill-paying habits: if you always pay your full balance on time and don't owe any debt, then your credit score will be pretty high.
www.myfico.com for more info on how credit scores work. |
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Chuck A
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It depends what kind of Credit Card it is. If it is a store card like Target or Best Buy then no, all these cards do is hurt your credit. If it is a major credit card then potentially yes, because your ratio of available credit to used credit will decrease. |
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tim2honorgod
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It could. Your score is based on a number of factors, but starts with income/debt/credit available/credit used ratio. |
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michael
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it may, but it may also give you a boost since banks have a max they think you can pay and other credit is subtracted from the overall... it depends on what OTHER credit you have... also job history, stability and SALARY.
cheers! |
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