No. Yes and no. Closing an inactive credit card can have two negative effects: (1) Closing an older credit card may lower the average age of your credit accounts, and closing your oldest credit card account (since a credit card is often the first credit account people obtain) may lower the total age of your credit history. (2) Closing a credit line may reduce your total available debt which increases your overall utilization; for example, if you have a $1,000 balance on three credit cards, with a total limit of $20,000 ($5,000 on one card, $15,000 on the other), your overall credit utilization is ($1,000 credit used)/($20,000 credit available = 5%, which is an excellent level of utilization (most guides I have consulted recommend a utilization of less than 25% of your total available debt. If you close the card with the $15,000 limit, your utilization becomes ($1,000 credit used)/($5,000 credit available = 20%, a much higher utilization, and that will negatively impact your FICO score. However, the effects are usually temporary. As your other revolving accounts age the first effect will lessen, and if your other credit lines increase the second effect will be lessened as well.
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If the judgment has been paid, the credit bureaus (such as Equifax, Experian and TransUnion) should reflect this in their credit reports. However, until the legislatively mandated time limits have expired, it will likely not be removed from the report.
A tax lien is considered a significant derogatory item on a consumer's credit report. Being a legal action, it is reported in the "public records" portion of your credit report. Consumers with any public records showing, even when paid and with their proper dispositions showing, get larger deductions to their credit scores for any other actions. All legal items need to have their disposition. For tax liens, the disposition is called a release of lien. This needs to be obtained by the consumer, recorded (preferably at the same courthouse) and forwarded to the credit bureaus. Unpaid tax liens have no limitations for how long they can appear on a credit report. Paid tax liens will show for 7 years from the date of payment. That paid date would be established by the release.
If you have paid off all your debts, and your credit report is not reflecting this then it is up to you to make sure that this is updated.
Depending on how soon the reporting collectipn agency notifies the credit bureau, and then I think the bureaus update the first of the month
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.
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.
YES BUT CAN IMPROVE YOUR DEBT TO INCOME RATIO
Yes, it does show up on that persons credit report. If you are late on payments, it will negatively impact his/her credit report.
Yes.
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.
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.
They are sold to collection agencies and negatively impact your credit report.
Yes, it will report equally.
Bad credit or any negative report will remain in your credit report for seven years. Therefore, if it happens that there is a wrong information that will affect your report negatively, be sure to dispute it immediately. You can also do your own credit card repair in order to eliminate any bad credit that will be reflected in your credit report.
A free online credit report is indeed free. However, many people do not realize that getting a credit report can actually negatively affect your credit score. This is something to keep in mind before requesting it.
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