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Comment on How many credit cards should you have to rebuild credit? by Tweets that mention How many credit cards should you have to rebuild credit? | credit merge info -- Topsy.com

Sat, 10 Apr 2010 22:19:40 +0000

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Comment on What happens to credit score if you close a store credit card? by bdancer222

bdancer222 — Sat, 10 Apr 2010 21:58:20 +0000

If you aren’t carrying balances on other credit cards, it won’t make much difference, unless it is your oldest account.

If you want to keep accounts open, be sure to use them every 4 months or so to keep them from being closed due to inactivity.

I recommend that you only keep store cards if you have some special purpose and actually use the account. If you do opt to close a credit card, do it via letter and request written verification that the account is closed and 0 balance. Keep your request and the verification in your “forever” financial file — just in case.

Comment on What happens to credit score if you close a store credit card? by Belton

Belton — Sat, 10 Apr 2010 21:00:30 +0000

A bad credit rating is obviously a big worry – if you are unsure of what rating you have then you should get it checked out – I tried at http://www.expertzworld.com/credit-guide.php – it gave an accurate picture of my credit worthiness!

Comment on What happens to credit score if you close a store credit card? by Jim

Jim — Sat, 10 Apr 2010 20:55:53 +0000

Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments. – freecreditreport.sinfree.net

Comment on What happens to credit score if you close a store credit card? by Herbal Medication

Herbal Medication — Sat, 10 Apr 2010 20:06:25 +0000

i have similar experience, read it at http://1creditcardmerchantaccount.biz

Comment on What happens to credit score if you close a store credit card? by J B

J B — Sat, 10 Apr 2010 20:04:23 +0000

Part of your FICO score is based on length of credit history. Unless you have an annual fee, keep your oldest cards. Read about closing cards here:
http://myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/std_adp.php?p_faqid=169&p_sid=tds3ijwj&p_lva=3

Also, part of your FICO score is based on your debt-to-credit ratio. So, if all your available credit equals $9,000 and you owe $3,000. Your debt is 33% of your available credit. If you close an account with $3,000 available credit, your debit is now 50% of your available credit. Read about that here:
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

While you are on http://www.myfico.com, click on Credit Education and read all the great stuff on that page.

Comment on What happens to credit score if you close a store credit card? by dcadranco

dcadranco — Sat, 10 Apr 2010 19:38:31 +0000

Private Label credit reports do not reflect as well on your credit report as major credit cards do and they typically carry much higher interest rates.

Closing an account will have a negative impact in the short term. The best way to build your credit score is to make payments on time, have no more than two credit cards period, and try to keep your balance to no more than 30% of your Credit Limit (50% max)

Comment on What happens to credit score if you close a store credit card? by sophia g

sophia g — Sat, 10 Apr 2010 19:30:48 +0000

score drops a little not much

Comment on What happens to credit score if you close a store credit card? by CelestialDream

CelestialDream — Sat, 10 Apr 2010 18:37:57 +0000

If the card does not have an annual fee, never close a card, regardless of type.

By closing an open account in “Good standing” (& I am assuming they are), you are only lowering your utilization ratio. Pay them off & stick them in a sock drawer. They will only continue to age the account, helping your FICO score via “average age of accounts”.

If you do nothing else, check your credit report (you can get it for free from all three bureaus at annualcreditreport.com).

If you are insistent on closing these store cards, you can at least make sure to keep your OLDEST store card open. Never close this card, use it at Macy’s or where ever it may be every 6 months & keep it alive.

Unless they have an annual fee, put it in the sock drawer & let time work. If the creditor closes them for inactivity, they will stay on your report for 10 years as a positive account. If they stay open until your 90 years old, they still only help your score.

There is never a good reason to close a positive trade-line.

Aly

Comment on What happens to credit score if you close a store credit card? by The Credit Repair Guy

The Credit Repair Guy — Sat, 10 Apr 2010 18:22:26 +0000

If you are not in default, DO NOT Close the accounts. The older the account ” In Good Standing” the better your score. Simply shred the card so you will not use it, but your score will go down if you close out accounts you have had for awhile.
Mike