It's better to pay off the balance and keep it open. It proves that you are competent enough to keep a credit card and not get into trouble with it. It will also increase your credit score.
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
It means that the account was closed by the company that granted the loan or credit. An example would be Chase closing a customers credit card (with or without a balance) due to inactivity, poor account performance, or due to a decline in the customers financial health.
How can you have "good credit"???????? IF you don't have any "credit". Closed accounts are CLOSED, NOT AVAILABLE, ONCE HAD, IN THE PAST, NOT CURRENT CREDIT, ETC.
Remember if you closed these credit cards, your credit score will take a big hit! Its best to just keep the balance open but don't use the cards anymore.
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
Debit fund balance and credit encumrances because the reserve for encumbrances need not be closed because it is a balance sheet account.
It means that the account was closed by the company that granted the loan or credit. An example would be Chase closing a customers credit card (with or without a balance) due to inactivity, poor account performance, or due to a decline in the customers financial health.
How can you have "good credit"???????? IF you don't have any "credit". Closed accounts are CLOSED, NOT AVAILABLE, ONCE HAD, IN THE PAST, NOT CURRENT CREDIT, ETC.
Remember if you closed these credit cards, your credit score will take a big hit! Its best to just keep the balance open but don't use the cards anymore.
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
Yes if the closing stock is given in trial balance it is shown in Assesst side of Balance Sheet, while if closing stock is given in'Adjustments' then it is shown in credit side of Trading a/c as well Asset side of balance sheet
pay the balance,if any,and cut that bad boy up -> YOU CAN CLOSE IT WITHOUT PAYING THE BALANCE (CONTINUE TO PAY SO AS NOT TO DAMAGE YOUR CREDIT)...BUT IF IT'S A PROBLEM ACCOUNT YOU ARE BETTER TO BE THE ONE CLOSING THAN HAVING THEM CLOSE IT ON YOU.
You can, but you'll still have to pay the balance monthly until it's paid off. Incidentally, if you're closing an account to help your credit, research shows that closing accounts in good standing can often ding your credit.
Common Stock is a Credit. Closing Stock is a Debit.
No. It is closed as a credit owner's capital. Chapter 4 on page 217--Closing the accounts.