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Closing a 16 year old seasoned credit card account with an excellent payment history will NEVER improve your credit. As a matter of fact, opening a new credit account will also temporarily reduce your score. If you need a lower rate, call your current credit card company and request it. It is a much better solution that can save you money on interest. The following link can show how to request a lower interest rate on your current credit card account.

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โˆ™ 2008-06-12 21:25:56
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Q: Will closing a 16 year old credit card account with an excellent payment history and a 18500.00 credit limit in order to get a card with a much better interest rate affect your credit rating?
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Related questions

You know that bank terms differ from bank to bank But you want to know when is the interest paid on business savings accounts on common banks?

Interest earned on your account is paid to the account on the last business day of the calendar quarter. If the account is closed during a quarter, the interest accrued is paid on the closing date.


How do you prorate interest?

how do I prorate interest in a closing statement


Is closing the revenue account the second closing entry?

no. the first step is closing the revenue account. Then comes expenses and then income summary.


Can a company who closes your account try to collect interest three years after closing the account?

Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.


All of the closing entries will adjust to update that account?

all of the closing entries will adjust to update the retained earnings account.


Can they still charge you all late fees and interest if you cancel your credit card?

If there is an outstanding account balance. Closing/canceling the account will not eliminate any fees or penalties that were in the agreement when the account was opened. There might also be an annual charge even though the account has been deactivated.


What is escrow account?

An escrow account is an account in which the earnest money will be held until closing.


What is closing account?

It means to close you bank account by personal reasons.


How do you enter closing stock in tally?

Closing Stock:-Last years Gross profit*Present year sales account+direct and indirect account+purchase account+opening stock-sales account


Can you go to jail for closing an account in Louisiana when you have a payday loan.?

Not jail, but they will send your debt to collections and could take you to court for the amount plus interest and legal fees.


When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?

You can't close a credit card unless the balance is zero.


How do you close bank account?

Withdraw all money from the account and give an account closing letter to Bank.


Are sales on a post closing trial balance?

No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.


What is the reason for using the Income Summary account?

Income summary is called the closing account, clearing account, nominal account,or temporary account?


What is the statement closing balance?

a closing balance is the amount of money that is in the account when the bank sends out the statement of the cut-off date for that month. for example if you have $75.00 in your account on December 15th, and you have not used the account for a time, and the cut-off date is Dec.15, that $75.00 is the closing balance.


Can bank close your deposit account?

Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.


Is fee charged for closing Smith Barney account?

Smith Barney brokers usually charge a fee when closing an account. The amount of the fee varies from $20 to about $95.


Can you go to jail for closing your bank account on a payday loan company?

Can I be charged with bank fraud or any other criminal offense for closing an account on a payday loan?


Can you withdrawl your money from a CD account early?

Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.


Is the drawing account a permanent account?

Drawing account is not a permanent account rather it is temprary account which is closed to owners equity account at every year closing period.


When are the closing costs due?

Usually your closing costs are put in an escrow account and paid shortly after the close of sale.


What is the posting reference in the income summary account when closing it?

#33


Which account is not closed during the closing process?

nominal accounts


Is it okay to clear an expense account by crediting it?

in the case of closing


Which account will appear on an after-closing trial balance?

sales