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Will closing a credit card account after paying off the balance negatively affect your credit score and would it make a difference to try to reopen the account?
Wiki User
∙ 18y ago
if you are habitually late on your monthly payments, your credit is being "ruined" as they say. it's the ability to make your obligation on time every month. closing the account really prevents you from using it and falling into this trap again. there is the issue of your revolving credit accounts total line of credit and the percentage of use between them. Usually you want to stay around 30-40% of total available credit line between all revolving accounts, meaning if all credit cards you have access to have combined spending total of $2000.00 then you want to have about 600-800 in use. fiqure in your original question based on these facts.
Wiki User
∙ 18y ago
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Does closing a cedit card by the consumer affect their credit negatively?
Closing an account will affect your credit score and decrease your score.
What is the balance of p woodsley capital account as reported on the post closing trial balance?
A. 6,766.54
Can a company who closes your account try to collect interest three years after closing the account?
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
Can a bank stop you from closing an account?
If the account is in debt you cannot close the account without settling (paying off) the balance. Otherwise it is your right to decide on whether you want to keep the account or close it.
Does transferring balances effect your credit score or is it reported?
== == Yes, when you transfer a balance you are required to close that account. Closing an account decreases your score up to 20 points. You then increase the balance of a new account. Opening a new account decreases your score up 20 points. If you have a balance on an account that is already open and your transfer more money into that account you are increasing your balance; which will decrease your score up to 20 points. So, be careful with this process, and be aware of the affects.
Are sales on a post closing trial balance?
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
What is the statement closing balance?
a closing balance is the amount of money that is in the account when the bank sends out the statement of the cut-off date for that month. for example if you have $75.00 in your account on December 15th, and you have not used the account for a time, and the cut-off date is Dec.15, that $75.00 is the closing balance.
Which account balance will change between the adjusted trial balance and the post closing trial balance?
The adjusted trial balance includes depreciation and other adjustments. This is the account balance that changes between the adjusted trial balance and the post closing trial balance.
Which account will appear on an after-closing trial balance?
sales
Does closing a cedit card by the consumer affect their credit negatively?
Closing an account will affect your credit score and decrease your score.
What is the balance of p woodsley capital account as reported on the post closing trial balance?
A. 6,766.54
What accounts will show a balance after the closing process is complete?
Statement of Account
What account does not appear on a post closing trial balance?
sales returns
What is the difference tween trial balance before closing and the trial balance after closing?
before we find gross profit ,after we got net profit
What is the Purpose of Post-Closing Trial Balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
What is the Purpose of the post-closing trial balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Purpose of the post- closing trial balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
