Should I close all old credit card accounts that have 0 balances?

How do you raise credit score?

Pay your bills on time, keep the balances on your credit cards low, establish a long length of history (don't close old accounts).

Will leaving zero balances on open credit card accounts help your credit score or should they be closed to help your score?

Yes!! As long as they are at zero, you do not need to close them to help your score. Just don't open any new ones!!!

What ruins credit?

Not paying your bills on time. Having high balances that are close or over your line of credit. Having any derogatory (negative) information ie.) car repossession, bankruptcy, written off accounts, unpaid collections, etc.

What is the journal entry to close expense accounts includes?

The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.

My credit monitor says proportion of balance-credit limits on revolving charge accounts are to high was this because I closed a line of credit affecting my FICO?

Yes you should never close a card. 35% of your credit score is determined by the number of derogatory items. 30% of your score is your credit to debt ratio. Credit to Debt ratio is the difference between your balances and your limits on your cards. The further the balance from the limit the better the score. Paying in a timely matter is not the only detail the bureaus look at. You should always try to keep the balances 70% away from the limits if not at zero. 15% of it is credit history. 10% of it is pursuit of new credit; recent inquiries, on-time payments, etc. 10% of it is how many accounts are in use (mix ratio).

To build a good credit rating?

1. Pay your bills on time 2. Keep your balances at 20% or less of your credit limits. 3. Carry a mix of different types of credit (revolving and installment). 4. Do not close old accounts, even if you do not use them, keep the accounts open. 5. Do not apply for credit too much. (No more that 1 inquiry every 6 months.)

If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?

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.

If you close open accounts will your credit score go up?

NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.

Is it bad to close credit cards?

Closing credit cards can have both positive and negative effects on your credit score. It can potentially lower your credit utilization ratio and reduce the number of accounts on your credit report, which may have a negative impact on your credit score. However, if you have a good payment history and low balances on your remaining cards, the impact may be minimal. It's important to consider your individual financial situation before deciding to close a credit card.

What Is Your FICO Credit Score?

Credit scores are extremely important. This number is what people will look it before determining if you will get a house, buy a car, and land a job. Many people know the basics of FICO credit scores, but not everyone knows how the number is computed. Before you apply for new credit, it is a good idea to pull your credit report. By knowing how your credit score is computed, you can learn what steps to take to improve it. Here is how the FICO credit score is computed. Payment History - 35% This is the biggest component of your credit score. This looks at how you have made payments on your credit accounts over time. Late payments hurt your score. The more severe a delinquency, the worse your score will be. Once you bring your accounts current, your FICO credit score will start to improve. As negative items age, they lose their edge. If you have charged off accounts or collections accounts, they will count in this area as well. Amounts Owed - 30% There are two big considerations for this component. One is the amount you owe on installment loans in relation to how much you originally borrowed. The second part is the utilization of your credit cards. This means the balances you carry in relation to your credit limits. High credit utilization will lead to lower scores. You want to keep your credit card balances as close to zero as possible. Age of Credit History - 15% This scoring component looks at how old your accounts are as well as recent you have had activity on them. FICO credit scores usually look at the average age of your credit accounts. This is why it is never a good idea to close an account that is in good standing. The older the average age of accounts, the better your FICO credit score will be. Types of Credit - 10% In order to optimize your FICO credit score, you should have a variety of accounts. If you have all loans and no credit cards, your FICO score will be lower. You should have a good mix of installment accounts, revolving accounts, and retail accounts. New Credit - 10% The last part of your FICO credit score looks at how many new credit accounts you have opened. The presence of a lot of new accounts will hurt your credit score. This is why you want spread new accounts out. Also, your credit inquiries will count here. Any credit inquiry you initiate will affect your credit score for up to two years.

When should you close unused credit cards and will this hurt or help your credit score?

Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.

If you close a checking account wll it hurt your credit score?

Checking accounts are not normally reflected on a credit report.