 Is it true that if you pay off collection accounts on your credit report, that it will hurt your score? |
i got a few collection accounts on my credit report that i havent paid.
they are 2 - 3 years old. would it hurt my score if i paid them off? or should i just wait til the 7 years are up.... |
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 What would be the best credit card to reestablish my credit? |
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 Can Sears deny me employment because of my credit after they hired me? |
| I recently got hired by Sears as a cashier....on the condition that I pass the drug test and the background check. I'm not worried about either of those things, I don't do drugs nor have a ... |
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 Can unpaid hospital bills ruin your credit? |
| I have no insurance and recently broke my leg, I am not working and the bills are piling up, the hospital bills are over$ 10.000, and I won't be able to pay that for awhile, and now they are ... |
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 I have been working on my credit score for the past few months trying to get the magic score of 630? |
| I paid everything that can be paid and I am so close to the goal but I don’t know what I can do next. I know time heals all wounds with credit scores but I hoping to get into a house this summer. <... |
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 What if false claim is made by collection agency against you to the credit bureau? |
| Hi. About 8 to 9 years back i used to live in an apartment complex. When i moved out of the apartment in 2001, i was told to make some payment about carpet damage to the management. The payment was ... |
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 Should I file for bankruptcy? |
| I'm 29, and my debt is under but probably close to 10K, much of it sent to collection. This debt includes student loans, credit cards, and my bank account balance, which was in the negative and ... |
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| How do i establish good credit? im 18 and dont have a credit card, bank account, car.....how do i start? |
I do have a job.....and im on my own now...in a few months i want to buy a car but dont know how i would do that without ANY credit.........???
Additional Details
so if not a credit ... |
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 How soon are defaults removed from your credit file/history? |
| How many years are defaults held against you for and when if ever are they removed from your credit history all together? T... |
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 Why do some people have multiple credit cards? |
Also,
Does having multiple credit card affect your credit score?
Is it better to stick with one credit card?... |
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 What is the best solution to repair your credit score? |
| I have a low credit score. do i need to hire someone to reapair it, and who? wanting to try and buy a house in less than a year and i want to have a decent credit score.... |
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 What does it means when your husband lend his credit card to his female senior engineer? |
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 My boyfriend has bad credit, will his credit go up if I put him on a card with me? (It didnt ask for his SS#)? |
| His credit score is in the 500's. He called the company's to clear the late payments, will that help? and how long till we see numbers go up. We really want to get a house, my credit is 742,... |
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| I have capital One. I haven't paid it back for a while which is ruining my credit. My question is can my husband pay from his Washington Mutual credit card to pay my credit card debt?... |
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 How do you get a 125% Mortgage if in the past you have had poor credit? |
| i am looking to buy a house the house is £172000 and i need £18000 any idear.... |
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TODD S | Once and for all, if I cancel a credit card I'm not using, how does it affect my credit report?.? |
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Prime Real
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It shows up on your credit report as Paid in Full and Closed
BUT,I believe the question you are asking, is how does it affect your credit score?
This all depends on all your other debt, but as a general rule, DO NOT CLOSE THE CARD. Closing the card will
1)increase your debt-to-available credit ratio and your credit utilization rate, both will lower your credit score (30%)
2)Erase length of credit history of that card. Having a credit card (in good standing) for long periods of time increases your credit score. (15% of score)
If you are trying to raise your credit score, I recommend Identity Guard (see below). Not only do they monitor your report on a regular basis, but they have credit scenerio tools that allow you to imitate situatins, and see how it would affect your credit score, based on your real credit history. |
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gomanyes562
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People don't seem to know what they're talking about here. It will hurt your credit score, because it REDUCES your overall credit amount available. The percentage of your overall credit available that you are using will increase. |
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zioncanyon
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once and for all it actually works against you because now you have less available credit to your name. the percentage of debt to available credit is worth 1/3 of your score...and if you cancel a card in good standing, you will lose that amount on your available credit, thus reaising your debt ratio |
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supercreditguru
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Speaking as a nationally known credit score expert (book, radio shows, newspaper columns):
Cancelling older cards can devastate credit scores.
When doing a radio show in Chicago, the host told me he had paid off his cards and his scores dropped 160 points. I pointed out that that was impossible and asked him what else he did. He replied, Why I cancelled the cards, of course". DON'T do it!
Use all your cards every five months for best scores generally, but NOT within 60 days of a major purchase like auto or home. |
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Jas
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It depends - do you have any other credit card debt? If you don't have any other revolving debt and you have another credit card open already - then it won't affect it. However, if you do have other revolving debt and you cancel this one, it can bring your score down. You should never have any one credit card over 50% of what is available on it to keep a high credit score. Just as well if you happen to have one that is say 70% charged up and you cancel this one it will change your credit/debt ratios which will drop your score. |
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jpgregory2001
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If you have no balance on it, it should not affect you at all. |
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Alterfemego
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it doesn't really, but if you order a new one to replace it - it does. |
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AmY c
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It hleps it because if you closed it , it shows you dont want any revolving or open credit, if the company closes it, it could have been for negative reasons. if you leave it open, then it shows that you can always start charging more. its an open line of credit |
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?
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If you were using the card and had a good payment history then cancelling the card will not affect your credit history at all. |
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