 Should I file for bankruptcy? |
| I'm 27 and want to buy a house but I can't bc I'm about 10,000.00 in debt to about 15 credit agencies for random stuff and medical bills. I really can't pay them off. I just ... |
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| I live in the United Kingdom and was trying to buy a mobile phone online from dialaphone. They sent me an email saying that they refuse to sell the phone package to me because i have a poor credit ... |
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 I have never had credit..? |
How can I build up credit? I've never had a credit card, closest thing to it is my debit card. Help please.
Additional Details
I thought it would be a good idea to build up credit ... |
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 Closing a credit card....??????? |
Hey guys,
I was wondering if closing my credit card will hurt my score. It was my first card, I've had it for a year. It has a horrible interest rate, a low credit limit (200), annual fee,... |
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 If I have a credit card open with zero balance is there harm to my credit keeping it open? I will never use it |
| I have a victoria secrets credit card. I have paid it in full and have no credit available anymore. I like to keep it open because I receive benefits each month & coupons. Does it harm my credit ... |
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| With an outstanding of 25K the customer service agent told me to pay some money per month. Over last 5 months I ve paid alreday 10K and instead of being (35-10K=25K) my Balance is coming upto 55K!! H... |
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 Does this seem like a scam or not. this guy is offering me a loan at 2% interest rate.? |
| Thanks for your loan inquiry and yes, i am a private money lender an approve and license by the Government, i can help you and i give out loans at an interest rate of 2% i really want to help you ... |
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 I think someone used my credit card...please help? |
| I was at the club, and was ordering drinks for my friend...I started 2 tabs through out the night, and I have 2 receipts...One is 10 bucks and the other is 15. I closed the 10 dollar one out at 15 ... |
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naecresearch | Will closing unused accounts hurt or help my credit? |
I have a decent line of credit and a mediocre credit score. I have a "good cushion" of credit avaible. One of the "negative" factors on my credit is cards with low available balances. Many are store cards under $1000. Those accounts are all in good standing and have been there for years, probably longer than some of my higher limit cards. Will closing a couple hurt or help my score? |
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woman38
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You will need to request that your file state that the account was closed by your choice. The CC companies usually don't report it that way without requesting it that way. Otherwise, it looks as if the store chose to close your account for unknown reasons - it could stand out as a red flag towards your credit. |
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hirebookkeeper
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Close out that cards you dont need or will probably never use. All the open credit is considered in the sum total of credit. I say it helps, not hurts your credit rating. |
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tim6298
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it will hurt, your portion of aviable credit will decrease which will lower your score |
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Belen
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Closing the credit cards you don't need will be good for your credit record. |
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rockjock_2000
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If you have more than a couple of unused accounts with no balance, close a few of them. I think the general rule is to have no more than a few lines of credit open (2-3, places you actually shop regularly) along with 1 or 2 major credit cards. If the accounts haven't been used in years, then close them. The accounts will still show on your credit report, but as closed accounts instead of active accounts. Your history with these cards will still show as well, so it won't hurt your score, in fact, not having as many revolving accounts may actually raise your credit score. |
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runningsoul
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help |
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Think&Blink
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i think closing an credit card will hurt ur credit ratings. saw this in the suze orman show. just destroy the card and never use it. |
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god knows and sees else Yahoo
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dont close history
it will hurt just take the cards and bury them in a drwaer and dont use them |
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dream492003
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No |
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Ian F
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I'm no expert, but here is what I think:
1. The fewer accounts you have, the less chance that one will be stolen and someone run up a bill in your name.
2. Credit score is only affected if your accounts are in use. having a zero balance and keeping that way does not increase your credit rating. Having a credit card and paying off your balances each month does help because it shows you can and do pay your debts.
3. The amount of credit offered to you can sometimes be affected by the number of 'cards' you have. For example, if I have 10 cards with a $5000 limit on each, I could easily run up a $50,000 bill. If you only earn $35K, then you have more credit open to you than you can afford to pay back. If you have only one card with a $5k limit, you might have a better chance of getting a car loan because your means can easily cover another $30K. |
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garends1
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No it wont help first it will reduce the amount of overall credit available to you. It will increase your overall debt to credit ratio. You will be closing long established credit lines that you have used responsibly. Creditors really like a long credit history. |
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Annie D
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Closing accounts which aren't used is a good move. The person was right who wrote that you should request that they put in the file that the account was closed at your request.
The reason it's bad for credit to have a lot of open cards is your creditors will fear that you might use all of them and max them all out. Once you've maxed out all of your cards, you're less likely to be able to keep up your payments. It's worrying to creditors if you have too much credit available in relation to how much income you have.
A person who only has 3 or 4 cards is less likely to get into trouble, therefore the creditor is more likely to be paid. The question, "Will we be paid?" is the bottom line for any creditor. Anything that makes it look like you won't be able to pay is bad for your credit. |
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Cha-cha-cha-Changes™
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Closing credit accounts will help your credit score. Creditors do not want to see somebody with a zillion credit cards -- it's a bigger risk for them and they will charge you a higher interest rate. |
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beauregard2640
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Closing the account will hurt. Leave them open. A long credit history is good for you. |
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Jeff T
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never close an account that is in a good standing. One of the things that weighs on your credit scores is length of time with an account. If you never use the account, the credit company may close the account. So periodically buy something very inexpensive and pay it off when you get the bill. Then the next month, use one of the other accounts and then pay it off. |
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Resume Guru
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Leave them open. I would suggest NEVER using the store cards. The interest rates on them are terrible. If you have open credit, leave it open but don't use it. Cash is king. If you don't have the cash, you don't need it. Using credit denotes that you are living beyond your means. Credit history is better than no history and by closing the accounts, you close that history. |
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do it movin'
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it will most likely lower your credit score since your debt to credit available will change.. your "cushion" will be lower since you're getting rid of cards..
(it might help you in the long run though since you won't have the urge to use those cards that you cancelled) |
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Danny
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you should apply for another credit card with a high credit limit, then pay off all your others with that new card. then close your accounts and walk away from the new card. that way you only have 1 strike on your credit report instead of several. |
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cody
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nope you can open and close as many as you want...
late payments/missed payments are what really hurt your score |
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