Posted: Thu Sep 25, 2008 11:07 pm Post subject: open credit card accts
I had over 13 credit cards, some I had closed cause I read it can bring down my score if I leave them open, 1 of them Is $44k limit, in which I left open cause it's with a very reputable bank, 2 others are $10k each I also left them open for the same reason, I left 2 others open that have a $5k limit, and I closed the rest.
One of the $5k limit has a $4600 balance, yet My score hasn't been affected, I closed 6 card accts 3wks ago, how does it take to get results?
Ann
In order to improve your credit score, you will have to manage the rest of your credit cards responsibly. Do not open accounts which you do not need. This can be extremely risky. The most important thing is that you should not close an account to remove it from the records. Even after closing the cards, they may remain on the records for an indefinite period of time.
Posted: Wed Oct 01, 2008 10:29 am Post subject: credit help
I recently attended a phone conference.
There really is no quick fix, but there are things you can do to help.
most credit cards should have less than a 70% balance.
If you have a collection that is years and years old, don't pay it off before buying a home to boost your credit score. Do it at closing if the lender requires it. Paying off a collection that is years old brings the debt current and has a negative effect on your score rather than a positive.
You should keep track of your credit as well to make sure no one has fraudulently used your social. Under the Fair and Accurate Credit Transactions Act , you can obtain one annual free copy of your credit report. For more information visit www.annualcreditreport.com or call 877-322-8228. You might have to pay a fee for your credit score though.
There are three bureaus, Exifax, Experian, Transunion. Most lenders pull a Tri- credit report and use the middle of the scores.
Remember, closing a credit card doesn't make the debt or the credit history go away. Always pay on time and use credit responsibly and you shouldn't have any problems. _________________ Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605
little_miss_teach Guest
Posted: Sun Apr 26, 2009 11:33 am Post subject: credit cards
Recently I have closed 7 credit cards after paying them off. I Have two credit cards with a loser apr so I put some of my other balances on that. I still have 7 credit cards. I always pay on time . Some I have had for years. Can I keep the ones I have now? Should I have the credit lines reduced or just get them down to a zero balance?
As you pay your credit cards regularly, you will be able to keep your credit cards. In my opinion, you can reduce your credit lines and keep the cards. _________________ Procrastination is the enemy of your financial sucess
curious Guest
Posted: Sun May 17, 2009 11:58 pm Post subject: credit card
There's no quickest way to increase your score. But there's ways to improve it. You just need to be patient and very wise. What you need to do is try to paid all your balances. It will save you more money than you expect. If you can't pay all at least pay a little more than the minimum. It will help you paid off everything earlier. Don't open a new account or purchase something unless you paid first your remaining balance. Try to avoid late payments. It does affect a lot on your score. As long as you show that your responsible in your credit cards and you know how to handle your debts your on the right track... good luck
jerry
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