Closing the account will remove the temptation to spend up the cards again but, closing the account can actually lower your credit score. You ought to take that question and your private credit information to a credit counselor for a better answer.
By the way, CONGRATULATIONS on paying off the cards!
No, only if the account is a paid closed account. What affects your score is utilization of your credit limit, which should only be about 25 to 35%.
pay the bill before you get arrested
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
I have been paying down this credit card for ten years. The dates in which it went dilinquent are long past the statue of limitations. This whole account doesnt show up on ANY of the three credit agencies on my report. They are not reporting my monthly payments so paying them isn't helping. I only owe $1400..at one time i owed them 15k
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
No, only if the account is a paid closed account. What affects your score is utilization of your credit limit, which should only be about 25 to 35%.
try to get an account recovery using the account recovery section, otherwise if you can't the only way you can avoid the paying, is to cancel you credit card otherwise you are screwed.
My position would be to close the account but honor the payment as ordered and let the account pay out.
i am a student and wanted to open my account should i open a current account or credit account
Children can not be held liable or responsible for contracts of any type and also do not have any ability to get credit or have a credit rating. That is why their CC is in your name and why only you are responsible for paying their CC debt. All that is impacted here is your credit.AnswerIf the "child" is over the age of 18 and is a joint account holder and not simply an authorized user then they are responsible for the debt. Additional InformationIf the parent co-signed for the child's first credit card and now the child is emancipated. That account should be closedand a new account should be opened in the child's name alone. That is the only way to get the parent's name off the account.
They are legally obligated to update your credit report when the account is paid off completely. In the meanwhile, if you have been denied credit because the balance is showing higher than it should be, can you request a copy of your credit report (and it will be free) and can dispute the balance. The offending company will have 30 days to answer your dispute or it will be removed from your record.
You should not avoid paying the minimum due in your credit card account. The credit card company does not care if you lost your job. What you need to do is to speak with a credit consolidation agency in your area. Ask around about their reputation. The credit consolidation company will make a deal with your credit card company.
Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.
pay the bill before you get arrested
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.