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When a credit card company raises your rate and you opt to cancel the card to stay at the lower rate does that negatively affect your credit rating?
Wiki User
∙ 17y ago
It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.
Wiki User
∙ 17y 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.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
Do subsidized loans affect credit?
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
How does personal loans credit inquiries affect your credit score?
All inquiries in excess of 3 in one year negatively affect your credit. The more you do it the lower it will get.
Will a chargeback effect fica score?
If you have a chargeback, that is a credit to your account. This will not affect your credit score negatively or positively.
How do you cancel your credit card?
call the company/ bank
If you default on your pay day loan will that affect your credit?
Yes, if you default on any loan it will affect your credit rating negatively.
Does closing a cedit card by the consumer affect their credit negatively?
Closing an account will affect your credit score and decrease your score.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
Do subsidized loans affect credit?
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
How does personal loans credit inquiries affect your credit score?
All inquiries in excess of 3 in one year negatively affect your credit. The more you do it the lower it will get.
Will a chargeback effect fica score?
If you have a chargeback, that is a credit to your account. This will not affect your credit score negatively or positively.
Does trading in a car affect your credit?
Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.
If the amount Kelsey owes is close to her credit limit it will negatively affect her credit score true or false?
true
Can an auto insurance company cancel your policy after reviewing your credit report?
They usually can't cancel a policy due to credit. The rates can go WAY up though!
Can you charge on a credit card that is in your bankruptcy AFTER actually filing bankruptcy?
"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."
Can a car repo prevent from buying a house?
Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.
