Paying down your credit cards won't lower your scores-- but paying off and closing the credit cards will lower the scores. You want to show that your cards are not maxed out and you have plenty of room between the credit limit and the balance .
All loans and credit cards have an affect on your credit score. Failure to use your credit cards responsibly will reduce your credit score and increase your interest costs.
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.
Closing the account will remove the temptation to spend up the cards again but, closing the account can actually lower your credit score. You ought to take that question and your private credit information to a credit counselor for a better answer. By the way, CONGRATULATIONS on paying off the cards!
Debit cards do not report to the credit bureaus and therefore closing a debit card will have no impact on your credit score.
Credit Cards greatly impact a credit score. In fact, 30% of your credit score is determined by how well you use credit cards. (Utilization Rate). You want to keep your Utilization rate at 20% or less of the credit limit.
Your best bet would be to close those older credit cards. While it may take some time, your credit score can be improved. However, opening a new credit card, even if it doesn't affect your credit score may not be the best way to go. I am unsure if there is a credit card that wouldn't affect your credit score.
== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==
Yes, go to the complete credit card list website and educate yourself with the many types of cards that are out there.
In Some Cases Yes It Can Lower Your Score.
Mine never have been. I've needed to list all of my credit cards and balances when applying for the mortgage, but these aren't usually in the closing documents.
it can be possible because it depends on your credit.
several ways that can negatively affect you. If it is your oldest card and you erase history and also depending on your balances on the remaining cards you keep open. you want to keep the balances on each card and on average at 50% or less--closing an acct takes away from the total amount available so whatever the limit on that card was is now taken from the total amount available the % of what you were using now will go up because there is less available.
When you use secured credit cards, you will be able to block it when it is stolen or lost. If you could not do this, it will affect you greatly, and your money will be gone.
NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.
This website contains descriptions of various credit cards :http://www.creditcardfinder.com.au/ By checking all the credit cards, you get the chance to compare them yourself and see which ones would be best for you.
I've read that closing accounts after they've been paid off can actually hurt your credit score. Among the factors considered in calculating your credit score is the length of the credit history you have, so a history of accounts that have been paid on time is better than a recent history of fewer accounts.
If only it did. A credit card analyzer is a tool that suggests credit cards based on your financial situation and credit history (which you need to provide yourself).
Amazon done not delete credit card information after closing the site. Amazon keeps your credit card information so that if you want to buy something else it will be easier.
High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.
To apply for credit cards, one must fill in an application form either in person or online. The organisation will ask questions based on income, outgoings and will determine the credit score of the applicant from which it will offer or decline the application. Credit scoring can affect the interest rates and amount of credit offered, and too many applications together will also affect one's credit score.
The best thing to do is to get yourself educated and manage your credit yourself. Paying off the highest interest cards first is a logical place to start.