I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
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.
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.
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.
There are many trustworthy companies that provide credit cards. Some companies that provides secure credit cards are American Express, Chase, Capital One, and Bank Of America. You should find a close company near you and ask more information about it.
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.
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!
If you are responsible don't close your credit cards off, but make a purchase every month to keep it active. You could buy something for $10 - $30 dollars and put it on your credit card and pay that $10-$30 off the next day. If you don't trust yourself with credit cards then just close your account. You must get plenty of ads in the mail from credit card companies offering you different interest rates so there will be no problem reactivating any credit card.
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.
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.
The magnetic strips on the back of bank cards and credit cards can be affected by strong magnetic fields or being close to weak magnetic fields. When you keep credits cards in a wallet with magnetic strip touching or being very close together, it is possible for the magnetic strips to affect each making them unreadable. Even so, the credit cards can still be used by manually keying in the credit card number.
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
Like almost all credit card companies, Chase offers a number of different credit cards. The interest charged by Chase ranges from only a few percent to close to a standard rate (20% at most credit card companies).
ABSOLUTELY NOT!! This is VERY important! No one has yet been able to determine exactly what the 'credit scrore equation' is. But it is known that the most important aspect relating to how credit cards affect your credit score is actually, read carefully, "The ratio of total balance to total credit limit." The way I interpret that, it is extremely foolish to lower your available credit line with a credit card that you intend to keep. *more pointers* You should make ALL payments on time. The longer you've held your credit account, the better it will contribute to your score (ie. Payoff and close your NEWER accounts first!) Department store cards should also be a top priority to payoff and close
Do not drop magnets frequently. Do not keep magnets close to CDs, credit cards computers, television.
Holding your credit or debit cards in an iPhone wallet case should not damage the cards.
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.
Pay your bills on time, keep the balances on your credit cards low, establish a long length of history (don't close old accounts).
Be careful when you close a credit card account. It could drop your credit score considerably. The way to avoid late payments and over limit is to stop using the card and make payments on time. If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner's Credit Bible. You should find valuable information on credit cards and improving your credit.
part of your credit score is based off of the percentage of credit. So if you max out your credit cards it will have a negative impact. If you have 40% of your credit used paying it off will not have such a great impact. But what ever you do after you pay them off, don't close all of them. for example if you have credit lines to 20,000 and 7,000 in debit and you pay off and close most of your cards and now you 5,000 in credit lines and 3,000 in depit you went from to 35% to 60% of your credit lines used. That will drop your credit score through the floor.
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.
Obtain a credit report with your score on it--you will probably have to pay for it. One credit reporting company should do it: try Experion. Your best mortgage rates are going to be if your credit rating is 700 or more. If you pay everything on time, and catch up any old bills and keep things paid over the next two years, you should see improvement. Pay down the highest interest rate credit cards down first. Don't close the accounts, just stop using them (cut up cards) after you have paid up since the old accounts will help your rating. You should have two credit cards in good standing; store cards should be used minimally. In addition, your score reflects how much credit you are using, so do not go out and buy a new car at this time. You want to be using less than half of your available credit. You may want to visit a non profit credit counseling company for help if you are snowed under and follow their advice.
The credit card companies are always keeping a close eye on their customers, whether they pay the monthly installments in a timely manner or if they are trying to overdraw their credit limits.
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.
Credit card companies offer different rates to different people depending on their personal credit score. A good credit rating should get you an interest rate close to 9.99%. Although, depending on the company issuing the card it may be higher or lower than 9.99%. As the Fed's rate moves, so do the rates on the credit cards.