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If you pay off all of your credit accounts and close most charge cards but leave the major cards open will it hurt your credit score?
Wiki User
∙ 8y ago
No it won't. Your credit is only hurt if you dont make payments on time and if you keep applying for things that requires credit inquiries on regular basis. If you close all your cards and just leave the major ones open it won't have any effect on your credit score. The longer you go without applying for anything the higher your credit score goe
Credit cards are just like a loan-you have to pay what you owe.
Keep track of how much you spend. Remember that incidental and impulse purchases add up fast.
Save your receipts. Compare them with your monthly bill. Promptly report problems to the company that issued the card.
Never lend your card to anyone.
Owing more than you can repay can damage your credit rating. That can make it hard to finance a car, rent an apartment, get insurance-even get a job.
Pay your bill on time, and in full when possible. If you don't, you'll have to pay finance charges on the unpaid balance-and it takes forever to get caught up if you just pay the minimum. http://www.credit-cards-rates.co.cc
Wiki User
∙ 8y ago
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When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
How do you raise credit score?
Pay your bills on time, keep the balances on your credit cards low, establish a long length of history (don't close old accounts).
If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
If you have three credit cards would it hurt your credit score to close two out of the three cards?
It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.
How do you close a credit card after ones death I want to pay off the cards and close the accounts. What steps do I take?
Call the company, it is likely that they'll ask for a copy of the death certificate to close the accounts.
When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
How do you raise credit score?
Pay your bills on time, keep the balances on your credit cards low, establish a long length of history (don't close old accounts).
If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
If you have three credit cards would it hurt your credit score to close two out of the three cards?
It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.
When should you close credit accounts?
Credit Cards and Your Credit Scoretrust me when i say, don't close your credit card accounts as soon as you pay them in full. definitely cut the cards in half and store in a safe place. do not contact the creditor to inform them that you are paying the account in full and closing it. by closing your accounts soon after paying them off, you end up "decreasing" your credit score with the three main Credit Bureaus (Equifax, TransUnion, Experian). i know this all too well because i just had this happen to me. in my opinion, it's not fair, but it's the way it is. i was informed by my local Credit Bureau (for future reference) not to cancel/close credit card accounts when I've paid them in full and no longer want to use them. i was told to let the accounts remain active/open until the credit card company contacts me to cancel them due to non-usage (this can occur within one or more years from the date of your final payment). by doing this, your credit scores will not be affected and that's a good thing to have happen these days.
How is it possible to fix a bad credit score?
There are several things you can do to fix a bad credit score. Some of these follow; delete collection accounts, delete past due accounts, delete chargeoff and liens, delete late payments (contact creditors and request an adjustment so that the late payment gets removed from your account) and last but not least, do not close your credit cards. E.g. if you have two cards where one has a credit of 15,000 and the second has a credit of 5000 and your debt is 10,000 then your debt is 50% of the total. If you close the 5000 one, your debt is 66% and it looks worse.
Should you close paid off cards or keep them open?
If you're not going to use them again, close them out! Even if your balance is paid up, active CC accounts appear in your credit report, and could be counted against you if you need to take out a loan or line of credit again.
If you close open accounts will your credit score go up?
NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.
If a person has high available credit on cards they will not use again should they close those accounts?
It would probably be in your best interest to close the account(s). You will be protecting yourself from identiy theft/credit card fraud. And depending on your credit terms, annual or semi-annual fees, that can be assessed whether the account is used or not.
Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.
