 Paper or plastic? (nothing to do with bags).? |
| Which one do you use more of, you cash or your credit card. Which one is more safe? Which one is more easy to use? I use my debit card everywhere I go, but should I start using my cash now. What do ... |
|
 I need a loan!!!? |
| i need a personal loan for atleast $2500.00 and i was wondering if or where i can get the loan without a co-signer and no credit!i have been working for about 1 and a half and only get paid $6.50 and ... |
|
 Credit card question? |
| Hi there. I'm 18 and fresh out of high school with my first college semester starting this september. I'm interested in getting a credit card, but is it possible to get one without ... |
|
 Will a credit card payment that was 3 days late effect my credit score? |
| My boyfriend is freaking about because his credit card payment was 3 days late (and the one time it was late before, his credit went down 100 points! We just recently checked his report). Will this ... |
|
 Why do people type so much to ansure one question? |
| i see some people who type a hole book in 1 ansure but what is the use it takes so much time and ... |
|
 How do you get a car with bad credit? |
| I am trying to purchase a car my credit is pretty low...I tried and I couldn't even get a $20,000 car, the bank was only willing to give me $8,000. The reason is I have a charge off on my credit ... |
|
 How can i build credit fast? |
| I opened a bank account on th 26th of november on my birthday and i now got a debit card and credit card on the way. I wanna get good credit fast to drop a $500 deposit at AT&T. How long would ... |
|
 Will asking for a credit report lower my credit score? |
and what is a good score?
Additional Details
how much more will it go down?... |
|
 Question about debt collector in concern with my wife? |
| I recived a call from a bill collector "very nasty" claiming he works at a law office and here to collect a debt for a Discover card. I told him i dont know anything about this, he ... |
|
 How can I pay off all of this debt? |
Just a run down on our financial scenario: (balances)
Card 1: $507.53
Card 2: $4,575
Card 3: 9,331.17
Card 4: 5,388.50
Card 5: 621.63
Card 6: 2,490.65
This ... |
|
 Paying off credit cards? |
| Is it better for my credit rating to close my credit card accounts which have been paid off in full or to leave them open?... |
|
 Are you responsible for credit cards you recieved as a minor? |
| I need some major help!!! When I was 16 I visited to my local city college campus for lunch. While their a women approached me and ask me if I wanted a free tshirt. I said sure and she said all I ... |
|
 I need a loan of around 105000000 U.S.Dollars to invest in india at minimun intrest rate with conform returns. |
| The loan either through bank or any privete lander will be provided adquete & satisfactory assurance of repayments & returns/annum.It would be a golden chance to have returns with total peace ... |
|
 Credit Card Debt bad? |
Well, i have a few credit cards... total debt adds up to about 2500 dollars... not bad compared to others out there...
my question is, is this bad for my credit? even though i pay my minimum ... |
|
|  |
emce | Should I pay my credit card balances and leave them open or close my accounts? |
I have three credit cards (only about $1,500 total) and I am paying them off when I get my income tax returns. Is it better for my credit to keep the accounts open with a zero balance or to close the accounts? I plan on applying for one visa or amex (the ones ai have are crappy Capital One and 2 store cards) I am afraid that keeping the accounts open will show a potential of getting into debt. I am also looking to buy a house this year so that is the main concearn. |
 |
 
Lego Indy
 |
It may seem like it would be better to close those accounts, but it's better to keep them open. This is from the 8/05 issue of Consumer Reports:
4. Think twice before canceling cards. The more companies you owe money to, the worse it looks for you. But if you close accounts to boost your score, you’ll end up making things worse. That’s because you gain points if you’re tapping only a small percentage of the total credit available on all your credit cards. Eliminating accounts can reduce that ratio. Also, if you bail out of older credit cards, you will reduce the average account age, which makes up a good portion of your credit score.
Here is a pamphlet that might be useful in understanding how credit works:
http://www.myfico.com/Downloads/Files/myFICO_CFA%20pamphlet.pdf
Thirty percent of your score is based on what you owe and the percentage of your credit that you're tapping into. Another fifteen percent is based on how old your accounts are. Pay those cards off, cut the cards up, but keep those accounts open. |
|
Jamie T
|
I'd close the department stores. Their interest rates are too high anyway. It's good to keep one or two cards open, have a low balance or pay off completely every month. How else are you going to maintain credit if you don't have credit? |
|
scorin1
|
you are right, keeping the accounts open does show a potential of future debt. it would be best to pay them off, close the accounts, and keep the one with lowest interest rate for an emergency. |
|
john b
|
Leave your cards open, that is the only way to establish credit. You can pay off 50% of your balance, but leave them open. |
|
$m¤¤v¥ £¤¢¤
 |
Pay them off and leave them open, even if they're crappy. Reason being that it actually hurts your credit when you close accounts, it reduces the number of trade lines (open accounts). Remember this, you want to have as much credit history as possible, especially if you've been paying on time. Closing the accounts would reduce that. |
|
Uninvisible
 |
Well, the advice so far is sound. However, you are not going to like what I have to say. When ever you mess with your credit the score fluctuates. Whether you pay off cards, check your credit score of buy a house or car, you score will dip. Any major activity in you credit record with cause your score to dip, thus making any interests rates you might get rise. So, if you are looking to buy a house any activity, good or bad, will have an impact. |
|
mediahoney
 |
I would pay off all of your credit cards, cancel the store cards, and shop around for a lower interest bank card. If you have too many credit cards in your name it may be difficult for you to secure a loan. The bank may feel that you have too much available credit. |
|
Michelle
|
Honestly, I don't think you should close them. Actually, if you think about it, paying them off and keeping them open, looks good on your credit. |
|
Toxic
|
If I were you I would close them Just in case! |
|
simplyme
|
close the two store accounts and keep the capital one card open until you receive your new visa. once you get your new visa close the capital one card and keep the visa open. this will help your credit score and eventually help with a future mortgage interest rate. good luck. |
|
beebee32002
 |
u shouldnt keep them open, because it is not gonna be helpful for your credits. it is not necessary to have too many credit card accounts. |
|
jean
|
don't close the account, when you close an account, your credit score will go down. you can cut the card and leave the account alone.
having fewer credit cards means you can borrow less and don't apply for too many credit cards within a short period, have them at least a year apart. when you apply too many too often, they think you don't have money. |
|
SPIFIMAN1
|
Close the department stores but keep the Capital One open. A large part of your score is based on how long you have been in the credit bureau, 15% to be exact. And how you have paid your accounts, another 35%.
If you do charge anything on your Cap-1 card just pay it off when you get the bill. Thus avoiding any interest. |
|
artist1320
|
I'd close any accounts you are not actively using. It hurts your score to have a bunch of accounts that are never used. Also, the more credit inquirys you have to your name hurts also.
I have 1 card I use everyday, 1 for emergencies which I never use, and 1 store card which I use maybe twice a year. I got a house and a car just fine. |
|
2eighty8
 |
Here's what you do: find whichever card has the lowest interest rate and dump the other two cards' debt onto it. Close the other two and start paying it off as much as possible. If you're trying to save up for a house, you need the least amount of debt and interest accumulated, and it will help with your credit rating. |
|
Nikole L
 |
The longer you have credit accounts open, the better. If you open and close accounts frequently, that actually looks worse on a credit report as opposed to owning cards w/no activity. I would leave the capital one open (just cut the card and maintain zero balance) and if you are really that tempted, just close the store cards. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
16 | 11 minutes(s) ago
| | | |
16 | 49 minutes(s) ago
| | | |
16 | 1 hour(s) ago
| | | |
16 | 5 hour(s) ago
| | | |
16 | 8 hour(s) ago
| | | |
16 | 1 day(s) ago
| | | |
16 | 6 day(s) ago
| | | |
14 | 1 week(s) ago
| | | |
16 | 3 week(s) ago
| | | |
6 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
