 I have a debt collector calling my parents house asking for me... Anything I can do? |
My poor mother now knows i'm in serious debt and I feel terrible. Heheheh but it is kind of funny for some reason. Thanks for any answers.
Additional Details
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Hello all,
Here's the situation:
Several credit cards are late and now in collections.
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Currently credit report has ... |
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Charlotte B | Received a windfall of cash and paid off all extra credit cards and am working with only 1 card. Now. . .? |
do I close my other cards accounts or do I leave them open in case of emergencies?
(Also, just found out that one of my cards that I paid off just gave me a positive bump in credit. A REALLY BIG BUMP. What should I do?) |
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MS.B
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I say DO NOT, DO NOT, DO NOT close them. It will only hurt your score. Just try to not go crazy with the other cards and continue to use the one for emergencies or whatever you need. Congratulations on getting out of debt, I am currently where you were right now. Wishing I did things differently. Everyday I'm praying for my breakthrough. Overall, just continue to use the one and leave the others. The only other thing is that if you have a card with no activity for too long, sometimes they will cancel you. So every now and then charge something small and pay the entire balance with the invoice comes. |
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mich
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Do not close your unused credit cards, closing them will actually damage your credit rating. Just cut them up so you don't use them. Paying off your credit cards will give you a bump in your credit score-that's great. The best thing you can do now for your credit is to not get into trouble again. Figure out a budget, and try to stick to it, be sure to include a savings plan!
Congratulations. |
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Quarter Midget Mom
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Actually, having less credit available can be harmful to your credit report, so if you can trust yourself NOT to run them up again, leave 1 or 2 open. (You can even cut them up & not close them.) |
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tastoller
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Realistically the question would be do you need so many credit cards, or do you wish to be free of the bondage of credit cards. If you think a high credit score is the thing in Life, keep them and continue to worship at the altar of the FICO Score. I you truly want to be free in life, and be free of debt. Chop them up, close them out, and pay cash.
As for emergencies...a good cash emergency fund works wonders. $1000 to start with, then when you are debt free, go for 3-6 months of expences as your emergency fund |
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dustystar
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dont close any of them, keep em open and use only in extreme emergencies. this will help your credit the most. |
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Ralfcoder
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I would keep just 1-2 cards, and close the rest. If a card has an annual fee, and you're not using it, why keep it? Ideally, you only keep the card(s) with no annual fee, a low interest rate, and a high credit limit.
Don't feel that you have to be loyal to the one that gave your credit rating a bump. It's more likely that it occurred because you paid off several of them at once, rather than just this one card. It just happened about the time that you paid this one off. The credit card companies are there to make money off of you. They don't have you as a customer because they like you, or want you to get a promotion, or because they like your chocolate chip cookies. You're just a source of income to them. You don't need to feel any loyalty towards them. |
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Jason C
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Leave them open and rarely use them
The reason is this, on your credit, capacity is king. Meaning that it will show all these LOW balances on your credit, and that is good. |
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chris m
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Leave them open but dont use them....one of the measure of your credit is actually howmuch you have available compared to how much you are using. |
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lordkarl_1
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closing your accounts will not help your credit. leave them open, but stash them away, or cut them up. |
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sparkles
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Spend the eight dollars to your FICO score. Ask yourself are planning to buy a car or refi a house or get a new house. If the answer is no to all the above just leave another credit card open. 730 or above is a good FICO score. |
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Seehaze J
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Leave them open. they will help increase your credit score. A good credit score will help you get better interest rates when you need a loan. Don't go running up the debt again or that big bump will go back down in a hurry. |
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alydia911
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ya do not listen to that guy that said if u keep them open you will be in debt. i have heard to not close them because it will show against your credit score. so just keep them open and not use them. of you can have one card for bills and the other for gas. or something like that |
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♥Twinkle♥Toes
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***Well of course they gave you a big bump because they want you to start charging again. You should cancel all the cards before you're in debt again. You'll only be tempted to use them if you leave them open. |
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marie b
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you need to close the other ones u are goin to be in debt if you keep them open |
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