 Why do people believe Credit Cards are necessary? |
| Why should we all live in debt and pay high interest? Why can we not act our wage and spend less that what we earn? Will we change and what will the consequenses of our debt-riddle life styles be? ... |
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 Having bad credit....Is it really a big deal? |
Will that be the end of your life?.......I mean I know not literally, but how bad is it? How hard will things get?......Is it really like the end of your life?
How many of you have bad ... |
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 Just answer the truth, don't preach Is it possible to use my son's SSN to get credit approval? |
| I mean 'bout 3 years ago I was screwed up with my credit trying to help a relative (2 long story) the thing is I'm still working on it but seems its gonna take a while I've try to save ... |
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 I'm 20, how do I build credit? I pay for a car but that's not really helping all that much. Any ideas? |
| I heard you can get gas cards or something like that to improve your credit. I'm young so I'm not trying to buy a house or anything, I'm just worried about 1 day having bad credit so I... |
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 Credit card for someone with bad credit? |
| i have applied almost everywhere. when i was younger my mother used my name over some credit cards and screwed it all up. Anyone got a good card for someone with bad credit?... |
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 I'm buying a home in 6 months and need to clean up my credit. What's the best way to pay off my debt? |
| My debt is low, only about 3k, but it is spread out over 9 cards. Is it better to pay off the low balances first then work on the highes balance or the other way around?... |
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 Getting a credit card? |
| i just turned 18 and i have been trying to get a credit card, i have no credit history so no one will give me one. Has anyone applied for a credit card with no history and been approved for it. If so ... |
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 Is Paypal really secure? |
| I only ever use my debit card on Paypal,but in last week there have been several unauthorised withdrawals from my bank account by a mobile phone company and I do not have a mobile phone,has anyone ... |
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| If you have a outstanding debt which is 8yrs old and not payed it for 6.5 years do you still have to pay it? |
as i have now got a letter from them wanting the money in full
Additional Details
before you start slagging me off as some of you are doing, the debt was not my fault, it was through a ... |
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 First time credit card? |
I just recently got a credit card and I'm wondering if having the 24% apr that I do have is because this is my first credit card (I'm a student with no credit).
Anyway, I know this is ... |
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 My credit is ruined? |
My credit score is roughly 435. I have so many outstanding accounts. Not much debt around 7500 including student loans.. Would declaring bankruptcy help me?? I am so screwed lol.
Additional D... |
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 Is there anyone out there who will pay off my credit card debt for me? |
| its only about 15000, mostly from college. I cant seem to make any ground up on the balance. Just wondering if someone had an extra $15000 they would like to donate.... |
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shoesbags2003 | Is it better to keep a credit card account open or close it after its paid off? |
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Studly
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Assuming that your credit card is paid off and you are not paying any fees......
....and if you have the dicipline not to use it unless you absolutely have to....
then keep it open. Here s why.
It reflects poorly on your credit score. Part of the calculations relate to how much debt to credit rating is. Take these examples.
Customer "A" has 5 credit cards with a combined credit limit of $16,000. Lets say 3 are paid off and 2 have a balance of $3,000. His debt to credit ratio is 18%. Nice!
Now Customer "A" cancels out 3 of his cards. His new credit limit is now $7,000 ($2000 on one card, $5000 on the other). His new debt to credit ratio is now 42%. Looks a lot worse on to the Credit agencies, so your credit rating drops, even though you are in the exact financial situation after the cards were canceled.
The danger of keeping the cards is the temptation of using them again. Many hundreds of people have done just that over the past few years, ending up in bankruptcy court. The temptation of easy credit cards, fueled by those damn bank offers, is hard to turn down.
So look at your own situation and follow the advice above.
Good luck
Life Experiences 101 |
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baker
 |
opened, not only is the account paid in full. it also shows you have self control to keep it that way. |
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MissKathleen
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If you keep the account open after it's paid off, this will improve your credit score because that is additional credit availability. You don't have to use it.
If you close the account, it's just a dead account. |
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jss1701
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Depends on the purpose of the account. If you don not plan to use it, or to keep it as an emergency resource, then close it. All open credit accounts are on your credit report, and having extra accounts that you don't use could result in being denied credit for something you really want or need, because you have too much credit already extended to you. |
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heygirl123
 |
keep it open |
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tryinthis2
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you should always use your card periodically if you keep it open which is good because your fico score is based also upon how much of your open credit you have used...if you have 10k available on 2 cards with 5k bal on one....you close one....then you have 5k avail with 5k balance. looks worse. you should use your card though periodically and pay it off. it will improve your fico score. |
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hop0409
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I think you should keep it open. then it shows up on your credit report as an open account, paid up to date. If you close it, it only shows as a closed account, and doesn't add to your FICO. |
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Blondeheiress
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If you close it, it lowers your FICO score. |
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Honesty_75
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You should keep it open after it's paid. I was used to cancelling mine right after the last payment hit, until I read an article by Susie Orman. She said don't close them right away, because it reflects badly on your credit. So, keep it open for a while to show that you have credit, but do not owe everyone you have credit with. |
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Nagitarâ„¢
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keep it open and if you are able, charge about 25 to 50 dollars a month and pay it in full each month. this keeps your good credit intact and you won't go overboard on your spending. |
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yes i'm a man
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probabally keep it for an emergancy... although, be careful, if you lose it then you may wish u got rid of it. |
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Unl0veable
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close it nopt to get frauded |
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