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Should you close all credit cards since that FICO score is not needed to buy a house?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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When should you close unused credit cards and will this hurt or help your credit score?
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.
If you close out some of your credit card accounts and continue to pay them off will that increase 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.
What is a trustworthy company that provides secure 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.
Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
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.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
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.
When should you close unused credit cards and will this hurt or help your credit score?
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.
If you close out some of your credit card accounts and continue to pay them off will that increase 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.
What is a trustworthy company that provides secure 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.
Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
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.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
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.
How do you close credit cards without affecting your credit scores?
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.
You just finished paying off your credit card should you close the account?
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!
Should you close paid off cards or keep them open?
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.
If a person has high available credit on cards they will not use again should they close those accounts?
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.
Are bank cards affected by being next to another bank card?
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.
What is the interest charged by Chase credit cards?
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).
Will it help your credit score if you lower your available credit limit?
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
