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Will it reflect negatively on your credit report if you close an account with debt still on it?
Wiki User
∙ 19y ago
You can never close an account on anything if you owe money. If you owe money on a credit card or a loan, you just can't close the account. Until that debt is paid it is open. All debts should be paid or it will give you a bad credit report. Remember, you are loaning money (even from credit cards) so it is your responsibility to pay this money back. "Closed by consumer" is not necessarily a negative notation and it can be done on revolving accounts when there is a balance remaining. However, categories which are considered to provide a consumer's credit score are length of time accounts have been open, and total amount of credit available. These two categories would be affected by closing your accounts and MIGHT cause a deduction in your score.
Wiki User
∙ 19y ago
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If you apply for a mortgage and are turned down will that reflect negatively on your credit report?
No, but the inquiry, if too many are done, can have a negative effect.NewCorrect, but remember that only credit inquiries within the last 90 day period will negatively impact your FICO score rating.
If you are an authorized user on someone else's major credit card and the account isn't paid does it affect your credit as well?
It negatively affects both the primary and the authorized user credit score and report.
If you add second person to credit card will it show up on their credit report?
Yes, it does show up on that persons credit report. If you are late on payments, it will negatively impact his/her credit report.
Is is better to close a credit card account or to leave it open once it is paid in full?
Closing an account will temporarily reflect negatively on the person's credit report. However, leaving an account open may result in being charged user fees,etc. Some ccc's waive fees if the card is used within a specified time. it might be a better choice to charge small purchases and pay the balance at the end of the month. The decision really depends on the terms of the account and the status of the account holder's credit history.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
If you apply for a mortgage and are turned down will that reflect negatively on your credit report?
No, but the inquiry, if too many are done, can have a negative effect.NewCorrect, but remember that only credit inquiries within the last 90 day period will negatively impact your FICO score rating.
Is over limit a bad deal for card holders and is this effecting your credit record?
A very "bad deal" the card holder will be charged with fees pertaining to the exceeded credit limit, and it can reflect negatively on a credit report.
If you are an authorized user on someone else's major credit card and the account isn't paid does it affect your credit as well?
It negatively affects both the primary and the authorized user credit score and report.
If you accept a settlement offered for less than the total balance of your defaulted student loan will it reflect negatively on your credit report?
YES BUT CAN IMPROVE YOUR DEBT TO INCOME RATIO
If you add second person to credit card will it show up on their credit report?
Yes, it does show up on that persons credit report. If you are late on payments, it will negatively impact his/her credit report.
Can you check your credit report or credit scores without negatively impacting your score?
Yes.
Is is better to close a credit card account or to leave it open once it is paid in full?
Closing an account will temporarily reflect negatively on the person's credit report. However, leaving an account open may result in being charged user fees,etc. Some ccc's waive fees if the card is used within a specified time. it might be a better choice to charge small purchases and pay the balance at the end of the month. The decision really depends on the terms of the account and the status of the account holder's credit history.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
IIf you obtain a loan with a cosigner after a discharged bankruptcy will the loan show up negatively on the cosigners credit if your payments are on time?
As long as the debtor makes payments on time, this would not reflect negatively on your co-signers credit. Co-signing will show on their credit report as debt as a co-signer guarantees repayment of the loan if the debtor defaults.
How long does it take to reflect on your credit report when you pay off an account?
Probably next month, when your next payment would have been due. -Jesse
What can happen if you don't pay your credit cards in North Carolina?
The creditor can sue the account holder(s) to recover the debt. The defaulted account will be entered on the consumer's credit report and negatively affect the person's credit score. That type of negative entry will remain on the CR for 7 years.
What happens to charged off credit cards?
They are sold to collection agencies and negatively impact your credit report.
