 Why do people give such crappy advice? |
Some people who answer questions on here give the WORST advice. Seriously, you'd think they were just making it up on the spot.
ESPECIALLY when it comes to answering credit questions.
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 If you found out that a credit card issuer made a huge mistake that worked to your advantage would you? |
| take the money and run or let them know? Does the company have any recourse to reclaim their money if they find the mistake? Think about how much money you're giving the card companies before ... |
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 How to Kill A CREDIT CARD? SAFELY? |
| Killing a credit card is big process because banks are there to save them. Still so many people are having problems because of credit cards & so called charges which banks will take from your ... |
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 Can i cancel a direct debit for a debt if i believe ive paid it off but they still keep taking the money? |
| I have been paying HFO services £5 per week for the last 2 years,if not more, for a Barclaycard debt of £420.surely its paid off by now!!!!!Do i have the right to cancel my direct debit and how do ... |
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 Why am I not approved for a credit card? |
| I am currently a 21 year old college student. I applied for a credit card twice, but got rejected. It stated I had insufficient credit history and housing. What exactly does that mean? Anyone have ... |
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 Why are credit cards bad? |
'm doing homework on Credit cards and I need help figuring out why they are bad and why people shouldn't get it.
I need only bad reasons, so no answers with why you should get one. T... |
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 Do verbal contracts stand up in court? |
| i have agreed to something over the phone which they said was recorded and i cancelled about two weeks later,they kind of tricked me saying i had spoken to them before and i got a bit flustered ... |
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 Is 500 a good credit score? |
| yes, that is my credit score.... |
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 Bought something online with debit card never got iteam.? |
| I recently bought a iteam online with a debit card, and they say they send me the iteam, but i never received it. So what should i do?... |
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 Do the numbers in your social security number indicate your race? |
| No kidding my friend works for the credit bureau and that's what she told me.... |
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 Can some one please help me with collection agencys?? |
| I have no credit,but I've got about 6 collection agencys on my credit reports for medical bills,and I'm not sure how to clear it up?The doctor's I had do not except payments,so after ... |
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 I paid off my credit card balance & closed the account - but I again have a balance? |
I paid off my $2,000+ balance on a high interest credit card recently. After a few days, I confirmed that my balance was $0, then I closed the account.
The next month, I received a ... |
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 Should I close an unused credit card account? |
| I have a credit card that I misplaced awhile ago and haven't used it since. I got another card from the same issuer with different benefits, but its something that I'm using to replace the ... |
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 What is the purpose of signing the back of the credit card? |
When you activate the card the sticker says to also sign the back of the card. I never sign my cards, and the cashier people never mind. What is the purpose of signing the back anyways?
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GhostWriter | Why is it bad to get rid of your credit cards? |
I wanted to cancel all my credit cards, just completely get rid of them but my family is telling me to never do that. Why? What does it ruin your credit or whatever?
Additional Details
I wanted to get rid of them because the APR is ridiculous because they are student credit cards. I hate them! |
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BigMac
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try to pay them off but keep them open, it helps your credit score in the long run if you keep them open
the credit score is what creditors use to see if you are credit-worthy, and if they see that you are closing a bunch of credit lines, it makes you look undesirable.
also part of the formula they use to determine your credit score is your "amount you are borrowing to the amount you are able to borrow" ratio
the more credit you have available to you the better that ratio looks to them
so in conclusion, keep the cards open, pay them off, put them in a drawer, dont use them!!
(edit: you actually should use them once a year, even if it is for something as little as a dollar. another aspect of the credit score is whether you are using the credit you have. Just go to the gas station and buy a pack of gum, then when your bill comes in pay it off.) |
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abby
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Having NO credit is almost worse than having bad credit. When the time comes that you want to buy a new car, house etc., if you have good credit, you will get good rates on loans and stuff. It's soooo worth having. I have a friend that felt the same way as you and avoided cards until he was in his 30's. Took him 2 yrs to establish credit and during that time he couldn't get a decent loan on anything. .. Just don't charge much on them and pay the balance off. |
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♥ang♥
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The longer you have a credit card open, the better it looks on your credit. report. If you leave the cards open but just don't charge them it will help you because you will have a high limit and zero balance. |
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beach buddy
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When ever you open or close credit cards, they hurt your credit. and it's hard to recover it! |
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Greg P
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It wouldn't ruin your credit, but it would not provide any possibility of establishing it.
The longer you have your credit cards (even if you use them just a little bit) the better your FICO score will be, assuming you pay on time.
If the rates are bad, just use them minimally. But do use them. In the long run, you'll be glad that you kept them.
Also, if you do pay on time each month, they should lower your rates. Just give them a call and request that. |
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Flex
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Don't cancel them...it will put a negative mark on your credit. Just cut them up and don't use them anymore. It won't affect your credit at all...it will show that you have all your debt paid off, which is good. I would keep only one with the best APR for emergencies. |
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z162751
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You don't want to open a card and never use it - because that will hurt also. If you have a couple of cc accounts that are old I would pay them off and keep them open. You can also charge something every once in a while and pay it off in a couple months or a few months - you don't HAVE to pay it off as soon as you use it. It's actually best if you have a good PAYMENT HISTORY. You will get hit for closing old accounts because it will make your credit look shorter than it is and you will less active accounts in good standing. Also becareful not to get cards and charge them up too quickly, that's also bad. |
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Elanshaw
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You need to have good credit in the future if you want to by a house or a car etc..
You should keep one credit card..teh one with the lowest amount on it..
Every once in a while use it to be something..and pay it back right away..
It can be something cheap..a bag..a movie ticket..
When you pay it back right away it keeps your credit in good standing. |
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Kathryn P
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I have cancelled credit cards, I don't know if it hurts or helps my credit score, it's pretty pathetic anyway, but I do know they actually now say who closed the card, whether it was requested by the customer or if the credit card company closed it as a charge-off or bad debt.
I have 0 balances on some credit cards that the card company closed because I never used it. It looks bad on my credit because they closed the card, even though I didn't owe any money on it.
It is a catch-22. It seems to me that if you want to be responsible for your finances, that closing a credit card out would help your credit.
I think you might want to contact the credit agencies and ask their advice. They know best what they report, and how it reflects on your credit. |
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Larry G
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Hey it's your Money..your cards..true they might be trying to help you . Throwing out all of your credit cards would not give you bad credit..only if you spend so much that you go into debt or you fail to pay them on time as a constant habit..is the only way you would get bad credit. I keep one major credit card which is all i need..i don't need tons of credit cards be it Visa,MasterCard etc..It's good to keep at least one credit card which you feel is the most beneficial. |
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M G
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A credit card debt paid on time
helps your credit score. Get
rid of all paid cards except
one.
Keep it in case of an
emergency. |
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robert43041
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You really do not need a credit card unless you can actually pay all the balance due at the end of the month (thereby incurring no interest: that's where they make their money, with that interest because people can't pay. And that adds up). Some people have all sorts of cards, all fully loaded and are always looking at bankruptcy. I have only one card which I use for emergency purpose only (when I travel). The rest of the time I pay cash. If I can't pay cash, then I figure I don't really need the item. |
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zeldaslexicon
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Closing accounts will not adversely affect your credit. If you have many open accounts, it's a good idea to close them, as too much available credit will lower your credit score.
High APR cards? Close them! Keep ONE card for emergencies. Close the others. Make all payments on time and soon you will be able to get a card with a more reasonable rate. |
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whysoserious?
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It doesn't ruin your credit, but revolving lines of credit actually HELP you increase your score. Destroy the cards and keep them open. The more money you haven't used on your credit report, the better. |
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v b
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How much are the annual fees?
How much credit limit do they have?
There's no point in having a card that you don't use. If you are paying fees, you could spend the money on something else. And then you have one less card to protect from identity thieves.
Keeping the cards is credit score game. In some scenarios, closing cards hurts your score; in other scenarios, keeping the cards open hurts your score.
I closed all of the accounts I wasn't using (or had found a better deal) and never had a problem. |
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fromhometoo
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You are so right! pay them all off and get rid of them! You want real financial advice? If you do 'rich people' things then you will become a rich person. Do 'poor people' things ....and you know what happens. It does not ruin your credit. Start living a cash only life. Only buy what you can pay for with cash. yep, this includes a house. We live in a culture that tells us that we have to have credit and this is not true at all. You don't need it if you pay cash for everything. We are working our way out of debt and have been following the advice of Dave Ramsey and you are so on the right track with what you want to do. Check his book Total Money Makeover out of the library - or any of his books for that matter. He also has a talk show on the radio. Check out his website to find your local station and then get yourself debt free! |
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jonny wad
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no. only it you dont pay them and they get charged off |
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