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Additional Details
i won't just pay it because of the principal that i do not owe it but can not get them to remove it from my file after months of arguing about it time and again.... |
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Its hard to get a loan with no credit vs. bad credit
Additional Details
banks dont have to repor t credit so its not instant credit if you take out a loan and re-pay it even if its on ... |
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Mariya R | Too many credit cards? |
I have many credit cards: two are from major financial institutions (chase and citi),others are from different stores (express,banana republic, vs)I have about 15 credit cards, is that bad? Should I close those that do not have owed balance?
Additional Details
I have balance only on two of them,which I pay every month.
When you have credit card from the store, they send you coupons and notifications of inside sales.
What is the difference between closing credit card and closing account?and how do I do that? |
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ken_voss12345
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you got some replies but here's some great reading, might take you a while though:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you! |
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mande
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That depends on how well you deal with temptation.
15 is a lot.....but if you're current on paying them and if some of them have a zero balance....then it's not too bad, I suppose.
I say pick your top 5 then chuck the rest. I put mine in a jar and froze them.....because I was ruined by the temptation. So if I wanted to use one, I had to wait until it defrosted on its own...which takes a llooonnnggg time...and by then, the urges passed.
Society today is in a major credit slump and it's a lot in part due to credit cards. Just be careful....
Good luck. |
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jjbone_99
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In my opinion that is a lot of cards...
I watch the Suze Orman show on CNBC, and the question about closing account comes up a lot. Her answer usually is "No" do not close the accounts. Your FICO score (the number that lenders use to determine your credit worthy-ness) is based on length of time that the account(s) have been open (the longer the better); and it is also based on your credit balance to credit limit ratio, the lower ratio the better.
So, if you've got 2 cards, both with $2000 credit limits. One card has a $1990 balance, and the other has none. Your ratio is around 50%. However, if you close the card with no balance, your total credit limit lowers. Now, you've got a ratio of almost 100%.
According to her show, the cards with no balance are actually helping your score.
If your afraid that you're going to start charging on those cards, cut them up and throw them away. If you don't physically have the cards, you can't use them.
Once you get the balances down on your other cards, then you can start closing the accounts.
As you probably already know, store cards are bad. They advertise getting extra discounts when you open the card. This is great, if you are actually going to pay the balance off immediatly. But if you don't, they'll have that money back in a couple of months with the high interest they charge. |
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LuciaLaLa
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Definitely ditch some cards. Why do you need ones for specific stores? Do you get something out of the deal, like a percentage in store credit? Instead, get one card that gives you something useful, like a card from a gas company that gives you credit for gas every time you buy something, or a Discover card that gives you actual cash back. If you hold onto balances month to month, keep the card with the lowest percentage rate for your balances. Call the companies and tell them you are cutting down on cards and find out if they will give you a lower rate. Sometimes you can play one against the other and get them competing for your business. |
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avidfilopino
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Maybe you should limit yourself to 5 credit cards or beware of lifelong debts. . . |
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Michael S
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yup, your gonna be sorry! |
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2fine4u
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about fourteen too many. I learned the hard way/ It took me about five years to get out of debt. Now I only have one. For emergencies only. |
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Millie
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oh gees.... yes, that's too many.... Close the cards that don't have a balance.
Pay down the others. If you can, pay extra on them. Get rid of the ones with the higher finance charges when you don't have a balance.
Keep a few (3 to 5) and resist the temptation to buy things you don't really need. |
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lucy02
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Yes, that's too many . Only keep what you absolutely need. |
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Kyra
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It's not good for your credit to have lots of credit cards open at once. Just make sure you close the accounts, not just close the credit card. |
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