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As a cardholder, you are entitled to close your account for any reason at any time, however, if there is a balance outstanding, you are still responsible for paying that balance.
I never recommend that someone cancels a credit card unless they are absolutely out of control when using that card. Closing a credit card, especially if you have made on-time payments throughout the life of that card, will negatively impact your credit record (one less credit card, lower total line available, higher line utilization, etc.).
What else can I help you with?
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Will a judgment be removed from a credit report if it is paid?
No. It will show that you had a judgment on your credit report for up to seven years, but it will show a zero balance.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
Its been 19 years and something is still on credit report?
If it has been 19 years and something is still showing on a credit report, you can request to have it removed. Contact the three credit reporting bureaus and ask all of them to remove it for you.
Does cancelling a credit card affect your credit score?
Yes, canceling a credit card always reduces your credit score. It never improves your credit score if you cancel a credit card account. If you have had the card for more than 2 years, or if you have a substantial amount of available credit at the time that you close the account, then the reduction in your credit score is even greater. However, if it makes sense to you to close the card, and you do not plan large purchases in the near future, your credit will recover without your feeling the difference.
How can you find an old credit card balance over ten years old?
How can I find an old credit card balance from providian
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
What will two car repossessions in three years do to your credit?
it will spoil your credit but will be cleared after seven years
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
How do you repair your credit after a foreclosure?
You will get a big hit you your credit score but you can start rebuilding it over time. Just make sure you pay your bills on time, don't close credit cards and use your credit wisely (i.e. maintain a balance of below 30% on each credit card). If you do that within 2 years you can purchase a new home.
Will a judgment be removed from a credit report if it is paid?
No. It will show that you had a judgment on your credit report for up to seven years, but it will show a zero balance.
How long does it take to earn a master's degree in visual art?
A masters can take two to three years to complete depending on the credit load carried per semester.A masters can take two to three years to complete depending on the credit load carried per semester.A masters can take two to three years to complete depending on the credit load carried per semester.A masters can take two to three years to complete depending on the credit load carried per semester.A masters can take two to three years to complete depending on the credit load carried per semester.A masters can take two to three years to complete depending on the credit load carried per semester.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
I'm a student 21 years old. Not sure of my credit score. I have one card with a 1000 limit and no balance and one with a 1250 limit and 600 balance. Would getting a third card hurt my credit?
depends on what type of credit card you are thinking of getting
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
I'am resbonsable for 2000 balance on a credit card after ten years?
Yes, debt does not disappear after a certain time-limit.
How can you purchase a car if you have a car that was hidden from repossession for eight years for what it is worth in PA?
If this car has never been repossessed after eight years, it has still been charged off as a bad debt and will remain on your credit report. Lenders can follow you for the deficency balance as long as they wish to refile it. If it had been repo'd, usually after seven years it is dropped from your credit report if there was no unpaid balance. You will have a hard time getting another vehicle financed in your name. Get a copy of your credit report from the three majors, and see how it looks. You would have been wiser to surrender the vehicle and take your knocks early rather than hiding it.
