No. Only those companies with with you have an outstanding balance and are not paying will close the accounts. However, seven credit cards is above the average number. You may want to think about closing several accounts and paying down the rest. * Maybe. If the issuer decides that the account holder is becoming a financial risk they do have options available such as lowering the account holder's credit limit, raising interest rates, closing the account, etc.
{| |- | 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. |}
to show how repsonsible you are at paying your bills
Balance credit cards are those that allow the holder to transfer balances (debt) from other credit cards to this one. Since these credit cards usually come with a promotion that includes several months of no interest payments, they can be used to consolidate and pay off other credit card balances. The balances must be paid during the promotional period for this to be of benefit. Managing and paying off debt this way, saves money and improves one's credit score. These are the benefits of balance credit cards.
This could damage your credit score. It will be harder for you to get credit cards or loans in the future.
== == 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, you probably pay your bills on time, have low balances on your cards and have long established credit
You are likely to have your wages garnished. Your credit cards will be cancelled and liens may be placed on property.
Keep the balances paid off to avoid interest charges. They can eat you up.
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
When one transfers a balance between credit cards, it is the same idea as using one credit card to pay the bill on another credit card. One can do this electronically for some cards or use the checks that often come with the credit card statement.
probably not, because your consider high risk to the merchant/lender. you probably have some high balances, slow payments and too many active credit cards or/and new credit cards
To build credit history quickly, take out a new credit card and pay off the balance each month. Also, make sure you do not have any balances on major credit cards or store credit cards.