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I make $1600 a month. Could I afford a decent apartment on my own?
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 Selling a House? |
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e | I want to buy a house,and i am paying off debt.Should i close credit accounts or leave them open? |
Specifically i am talking about credit card accounts. I opened up accounts to bulid credit,and now i am paying them down. Im looking at about a 1 year timeframe.
Should i leave the accounts open with a small balance, or shut them down and just have a couple cards?
What can i do to maximize my credit score when its time to buy? Thank you for your time! |
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Legend
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You're on the right track paying off your debts. They're going to look at your income, debts, etc. - you know all that. Closing your credit card accounts shouldn't hurt you, but you should keep the card you have had the longest, open. Closing your accounts can hurt you, however, if you have debt on any of them because your debt to credit ratio changes. Pay off all of your cards and keep them clear. That is the best you can do. Another way to maximize your score is to challenge any adverse accounts that show up and have them removed. There are other strategies, but #1 is always clearing out that debt. |
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Desmond David Hume
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Absolutely DO NOT close your credit card accounts. The best thing to do is to pay them down to a zero balance and leave them alone. If you are a first time home buyer banks want to see that you have at least 2-3 OPEN/ACTIVE trade lines (credit cards, car loans, installment loans etc.) from anywhere to 12-24 months old. When a bank factors in your Debt to Income Ratio (DTI) it is on what you OWE not what the available limit is. In regards to maximizing your credit score you are on the right track. Keeping a low balance on credit cards and making timely payments on all of your debts is the best thing to do. The only other thing you can do to increase your score would to pay more than the minimum payment on any credit card, car loan or installment loan. |
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Marysue
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http://www.kiplinger.com/columns/ask/archive/2007/q1007.htm |
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queenvwr
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Thank you Desmond and Spice!!!! Please people, when giving advice, make sure you know for a fact what you are talking about!!!
Do those of telling her to close accounts and cut up cards work for the credit agencies? How about...do you underwrite the files to see if this borrower qualifies? Do you know how many open and active trades are required? What the high balances and available credit needs to be???
You need to keep open at least 3 trades, preferably 5. Keep the balances very low, and pay them monthly. Closing them could not only effect your credit, it may make you unable to get a home loan. Why take any chances |
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Colin S
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Hey, It is imperative that you don't close your credit card accounts once you have paid them up. This might seem foolish at the outset especially if these cards carry monthly/yearly maintenance fees and these can be burdensome if you are not using the card at all. However keeping them open AFTER you have paid them up affects your
BALANCE TO CREDIT LIMIT RATIO
DEBT TO CREDIT LIMIT RATIO
Almost one in that same but not the same by credit definitions. You can access a cool step by step guide on how to improve your credit score at: http://creditaccountcard.info/2007/11/11/close-my-credit-account/
They also have some cool video that help you when making your credit decisions. |
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man_marathon
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close credit and don't reopen |
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W. H
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Paydown to zero and leave open. You need age on your accounts but u want to keep credit used low. |
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sspice5757
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Never Never Never CLOSE CREDIT accounts! Doing so will ONLY hurt your credit!!!!! Pay off your debt and if you do not want the cards anymore, destroy them and throw away, but never call and cancel you account. Doing so will make your credit score do DOWN! It is good to have open credit that is paid off - your debt to income ratio will look much better to banks. For example if your total credit limit on ALL cards totals $5,000 and on all of your cards you are -$2,500 (that is how much you owe) that means that you are basically 50% in debt - this is bad, banks do not like this. Idealy banks are looking for you to be around 20-30% in debt or less. You need to make sure that you don't get 'rid' of all your credit cards - keep some of them active, use them every once in a while and pay off quickly this is good because it will raise your credit limit! DON'T CANCEL YOUR CARDS! |
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Cheryl G
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Pay the cards off, cut them up and throw them away. DON'T close the accounts, though. It can affect your credit score in a negative way.
Leave yourself only 1 credit card. Select the one with the lowest interest rate. Then, manage it carefully. Don't buy more than you can pay off each month.
Good for you for getting your credit in line! |
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David H
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Pay off the balances in full before attempting to buy a home first off. Then close all the accounts, as the accounts being open is a chance to for to draw debt onto your credit score, and by closing them your score will increase. Also ensure when buying a home that you have a significant down payment to avoid PMI (Mortgage Insurance), can pay your taxes (state, school, zoning), put furniture in your home, and also ensure that if you lose your job you can sustain your normal bills for 1-2 months. Also when looking a home, go for one that heats with natural gas otherwise you better budget huge as oil hit $102 today the highest in history. |
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Suzy
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Pay off and close all accounts except one or two. If you leave them open--even with a zero balance, lenders view this as potential debt and it will affect your debt to earnings ratio. |
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