Credit Score will hardly be touched by closing them
Posted By: your peace of mind means more on 2008-06-04
In Reply to: thanks for info sm - sm
xx
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Closing an account affects your score because
if you carry balances on other cards, by closing an account you instantly increase the percentage of available credit that you are using. An assessement of the percentage of use is a significant element in your credit score.
If you have other cards with high limits and low or no balances, closing an account will have only a small, probably temporary, effect, unless you are closing the account with the longest history. As another poster mentioned, length of credit history is another significant element of your credit score.
If you have high balances on other cards, leaving open an unused account will make those balances a lower percentage of your available credit, which can boost your credit score. However, in that case, paying down the balances will have a much larger positive effect on your score.
Why does closing a credit card account negatively affect your credit report
Especially when I never use it anyway, and really never wanted it?
With all the bank rearranging going on in the past few months, one of my accounts was tranferred to Bank of America. I was sent new cards and a new agreement, new interest rate etc...
So I called them up and cancelled but before they did, I had to listen to a spiel about how this would negatively affect my credit report.
Huh?? Why is that?
good info but what does it do to your credit score?
I basically did what you are doing but on my own. I owe a lot. My credit card companies wouldn't work with me as far as lowering my previous rates so I investigated and found a site that lists all the current 'deals' with other cards and did balance transfers. Let me tell you for one I got 0% for a while and then 3.9 for the life of the balance! I still can't believe it. Another was 0% for like 18 months and then 8.9 for the life of the balance. So I'm proof it can be done! You do need near perfect credit though to get these really good deals but it's worth the little bit of work involved for those who do pay on time and are just tired of paying those high interest rates :)
The more available credit, the better the FICO score is what Suze says.
dd
Cancel them now...rather be free of temptation. Credit score
xx
Okay you have touched a nerve with me
I have a HUGE issue with the way disability/welfare is set up. I have written several letters to my representatives. I happen to live in Indiana and I have learned a few things.
Once a person in Indiana is eligible for disability, they will NEVER review that person's case...... unless someone has reported them and even then, that is not a guarantee. They do not check to see if they are making followup appointments or any such thing.
It is very hard to disprove mental disability. I personally know someone who went in and said they were "hearing voices" and started to receive disability benefits within a few months. My father had COPD, cancer, and other health conditions that kept him from working; keep in mind that he worked 35+ years in the same place, not like he didn't have a good work ethic. He applied and was turned down twice. It took the help of an attorney and after two and a half years, he was finally approved.
I was also told that the turnaround for the ones who decide who receives and doesn't is unreal. It was conveyed to me that there is not a panel of people who do the decision making... it is one person who makes the decision. This person may be very new and not sure what to do. One person may be quick to deny and one may be quick to allow benefits.
When I made the suggestion that EVERYONE who is on disability be required to routinely take a drug test, I was informed that the federal law has allowed each state to make that decision. Indiana has yet to do that. My thinking is, sure it is costly to do a drug test but you figure the cost of that would be a whole lot less than the cost of helping those who are not helping themselves. Let's see if the ones who should be taking certain prescription drugs are indeed taking them and let's see who is involved with illegal drugs and IMMEDIATELY drop them.
I am sure there are a whole lot out there who are on disability or welfare, collecting $$$, receiving food stamps, lliving in government subsidized housing, free healthcare, prescriptions, etc.
I was told by one representative that everyone who has concerns NEEDS TO WRITE TO THEIR REPRESENTATIVES and voice their concerns, lobby, etc. I was also told that those emails that have people add their names too, etc. don't carry much weight. They want to hear personal experiences, concerns, etc.
I URGE EVERYONE OF YOU TO WRITE TO YOUR REPS.... and voice any concerns you have.... talk to your friends, family, etc....
I apologize for any typos in this... I am short on time... as I HAVE TO WORK. ;)
Now I am tearing up. Kids are often touched by
affects them. I know - my daughter has gone through it several times in high school-"Wow Mom, I met her once or twice and she was really nice" about the poor girl who was reported missing and then several days later - yes days - found in the laundry room of her appartment building.
It makes me feel good to know the youth of which you speak and my own daughter and her friends, and hopefully a whole lot more kids out there actually have feelings and care about others, not just themselves -which is how its seems to be these days.
never touched Kook Aid in my entire life....
.
What a lovely wonderful woman you are...not the OP but touched by your post.
x
Who do you think will win and what will the score be
I did and his feedback score was around 98-99%.
nm
Elevated ALP score
Has anyone ever been told they have a high ALP score? My was a little elevated to 130 and told that I will need additional blood work and ultrasound of my liver.
I am a little stressed out - any comments will be appreciated - thanks
I only got 5. Pitiful score but fun to do!
thank you!
Stores closing..
The stores did not close for Chanukah...my son had to work 6 out of the 8 nights of Chanukah. I would have loved to have him at own each evening for prayers, but he was there after and we still got to enjoy the Holy Days together. Compromise people, compromise! Life is too short for such frustrations.
closing a pool Help!
I just purchased a home with an above ground pool and have no clue as to how to close it for the season. First of all, the water is a yucky green because I didn't add shock (I think?). Is that what I need to do? 
I said closing the bank...
…NM
Closing letters
How about "Kindest" or "Kindest Regards,"?
How weird, was it closing time? 9:30 pm - sm
or was that morning. Why didn't you ask him why? I certainly would have wanted to know why I was being kicked out. 
Same here - closing on house end of next month
and these ideas are great. I did craft projects for Christmas last year and was a bit overwhelmed because I started to late, so this year I'll need to get started earlier. I love the family tree idea, as well. I may have to borrow that one. Thanks!
we are closing on a house next month and mortgage
need to come up with some cheap ideas too!! I have several baskets that i have collected over the years and plan on going to the Dollar Tree and getting "girlie" stuff and filling them up for around $5-10 each, depending on size. My family knows this year is going to be hard on us, so that helps!
Blech! The worst coffee ever. No wonder they're closing stores, who pays for that garbage?
//
If you are set on closing, do not close the old ones, close a newer account first.
Your credit is based on a mix of things like history, types of accounts, mix of credit (revolving vs installment), usage/utilization of credit available, and payment history. Where closing could hurt your score is the part of the score that averages history of accounts/length of credit. If you decide to close, close out a newer account first.
The best way to protect from ID theft as far as credit is to freeze your credit reports. It's around $10 per agency to freeze them. Each credit reporting agency tries to sell your their own monitoring plan when you get to the how to freeze information, so make
sure you are freezing it.
You can't freeze it over the net they each require a letter by registered mail. It takes about 1 month to freeze it.
Right now you can place a fraud alert on your reports for free. The credit *should* not extend credit or do a credit line increase without calling the phone # on your credit report first. You only need to do it at one credit reporting agency and the other ones will be notfied. The number for equifax fraud alert 1-888-766-0008. It's automated.
If you are concerned about ID theft try one of the monitoring plans. I've tried a few of them and Equifax has the best one. Their Score Watch is great, you set the limits to be notified and any change they send an email literaly the next day. I used it after I discovered ID theft. It might be a waste of money for you. I would place the fraud alerts, then the freeze, and check your reports 2x per year.
I've had ID theft as far as my name/social but what concerns me more than credit ID theft is bank account theft. I don't know how we can fight that. It seems like consumers get the raw end of the deal as far rights when deposit accounts are stolen.
credit
My girlfriend did use the service. It worked great for them. It also put all their payments in one. The only thing is you need to watch what "items" you put under the service because it will keep you from purchasing items for so many years.
credit
I have used Consumer's Credit Counseling Services locally. They were wonderful to me. Put me on a generous budget, put all my bills under one payment (had to cut up all credit cards - which was a blessing and freedom after I got used to it), cut the credit card interests way-way-down or to none, and finally got everything paid. At first there was no charge from them, but later I paid $5 a visit, but I imagine they have surely put a low charge now. They were pretty strict with me (which I needed), but it worked. They were always accessible to talk with, which I really liked too. Also it was nice to refer callers to them, saying, "I am a client of CCCS and they are helping me" and not have to deal with the callers any more. In fact, after they were notified of intent to pay by CCCS they never called again.
Good luck. It meant freedom to me.
credit
I did hear that credit counseling is reported to the credit bureaus, but so are late payments, over-limits, missed payments, etc., etc. so ultimately I don't imagine it could ding your credit score any worse.
credit
I don't know the answer to that. We have only bought cars and a house on credit since then. Be sure to talk to the credit counselor before signing up and find out. They will know.
Credit card (SM)
There was information about credit cards and interest rates going around late last year/early this year. Basically, from what I understand with the new bankruptcy law this was attached to it. The credit card companies can and will charge you and me whatever interest rate they want to, and the only thing we can do is cancel the card and pay off the balance. There were these little inserts with your statements that many of us just throw away and never think about it. But I did read the ones that were sent with several of my statements, and I kindly told them to keep my rate where it was and I canceled the card. Sad but true. 
NO more credit cards
I had a credit card with a high balance. I got a second mortage to pay it off. I called the credit card and got the payoff balance and my bank sent a check to them. I kept watching on line to make sure they got it and when they did I noticed that there was a $95 credit. So, I called and said how do I get my money back. They sent me a check and when I got it, I called and closed the account. This was about two weeks ago. Today I get a statement from them with a balance due of $45! Huh??? I called and they keep telling me it is a finance charge. I got pretty steamed and finally ended up saying that I would pay it, but no more. Well, I wrote out the check and put in in the mailbox, but I'm still stewing about this. If I still owed them money, why did they send me a credit?? What is the finance charge on if I had a credit balance? I suppose I will just pay it because they will only keep tacking on even more charges, but it is really bugging me. Has anyone else had any experience with this??
I will say one thing - NO MORE CREDIT CARDS EVER EVER EVER. REALLY. I mean it this time.
About my credit card
I owed close to $10,000.00 about 2 months ago on my credit card and called to make sure I sent the right amount as paying it off. After I paid in full, they also sent a "finance charge" for around 35 to 40 dollars. I paid that but have discontinued using that card. I have another card, used during Christmas, interest about half of the other one and getting that paid off before long also, just sent $500.00 towards that yesterday. I on the first had asked for payoff amount but the finance not there when I asked.
Our credit was very shakey (sm)
when we bought our house 6 years ago and we have now (both husband and I) been ICs in this biz for 11 years. As an IC you are supposed to work for different companies according to the IRS so you could really jam yourself up if you got a letter like that from your current company. Personally - I would refuse and find another mortgage company. I had a very young and inexperienced mortgage person when we refinanced our house through a credit union - it was literally a nightmare - I don't have the time anymore! If you have good credit move on and find someone who appreciates your business
ruined credit????
Went to work for a company about five years ago. The pay was EXCELLENT, however, they paid me "when they got around to it." Now my credit is so terrible I can hardly qualify for a home loan!!! Has anyone else experienced this problem???? Still suffering after having quit four years ago!!!!!
Sorry to say, but you have proven yourself a bad credit
x
Not the only way, my credit just restored on its own
after years of not having as posted below, went and had a clean slate just as if no credit at all in my life, went from bankruptcy to nothing bad about me, nothing! I did learn how to be responsible after that time though, now have excellent credit rating.
Credit for your daughter
As DW stated, federal loans are given to students - have her go to financial aid office/web site of school and see what she needs to do to apply for them.
Does your daughter have a credit card? Yeah, I know, scary thought, but the sooner they can establish good credit, the better off you all are. My son has a card for college students from Citi Bank. He's had it since senior year of high school and I tell him to use it for EVERYTHING. Gas, pizza, books at school, etc. He keeps track (amazingly) and pays the card off every month so he never gets charged interest. His bill is usually for under $50.
He's been having problems with his cell phone, it's already been fixed once, yet the same problem keeps happening. The contract for the phone was up last week which means he could get a new phone for next to nothing provided he renew for another two years. I told him I'd buy him he new phone for a Christmas present. I've been paying his cell bill of $45/month for years. He wanted text messaging added to his plan. I told him I will only pay the $45, he can pay the difference if he wants to text his friends because NWIHAIPFI so he can ask his BFF what time they can meet for lunch when he could just call the dude and leave a message if he isn't there! Well, a two-year commitment with the phone company would bring us to 6 months AFTER he graduates from college and he could be in Madagascar by then for all I know with the cell bill still coming to me. I asked the cell phone company if the contract can go in my son's name. They told me no, because his credit rating as a student wouldn't qualify him. I asked them to check anyway. They did, the woman was shocked, he was approved, and now he has a new contract with text messaging for $10 more and the bill goes to him! I'll deposit $45 in his checking acct every month and he can write the check.
This is partial payback for the night I had to spend in a battleship with 400+ other Cub Scouts and their fathers when my son was little. Hot dogs and beans was the dinner. Need I say more? Bunks stacked 5 high with me on the top bunk and hot air rises. He will owe me for that for many years to come.
I think its credit cards...
The newspaper had an article the day after Christmas how people are defaulting on their credit cards all over the place. This added to the mortgage companies having problems with people unable to pay their balloon payments and the bad housing market, price of gas is sure to lead (the article said) to a recession.
When I was shopping I saw all the people with tons of things in their carts, DVD players, computers, etc. on Christmas eve. This was regular people at Walmart. I saw a lot of credit cards flashed around. Paying minimum payment will cause Christmas to cost tons more and they will be paying beyond the item's life which they purchased.
We went through this. We tried to sell our house, rented to own another and went broke in 3 months. After we had 2 house, fell back on credit cards the interest piled up and it was terrible! We moved back and are on a budget. So, I shopped without credit this year, and you know what? I had more fun. And I have 3 kids. Their things were simpler than the fancy things they got last year. The most expensive things we got were bikes because they are growing and we got those on sale. The rest were creative items. I am not saying that what we did is so great. What I am saying is that peeople are not looking at the big picture these days and if they do not use cash (as we had not in the past), they may not be able to pay their debt if hard times fall. In the meantime, grandpa sent my son 100 bucks, which I let him spend on a train set (I should not have let him do that he is 7) and he cried that his money was all gone and he did not want the train set anymore. I bet if I had him save some of it and had him buy simpler things, well I bet he would not have been crying. At least at age 7 he is learning that money is not easy to come by. And he is learning the hard way because I will not give him more money to replace what he spent. Sorry such a long message. It is just that we did not even afford an XBox, and I wanted a Wii myself, but we avoided all of that because in the end we learned that Christmas is not about credit cards, the junk it buys. I think the end of the cartoon the Grinch where the Who people did not even care about the presents was correct. Maybe we'd be happy with less things and more love. I don't know. This was not meant to be a sermon forgive me. We all have to learn what Christmas means to us and I say let people do what they want, consequences are always result of actions anyway. Just IMO. Happy New Year everyone!
Can't take credit for the idea.
When I was in my late teens I nannied for a very wealthy family who bought a truck load of stuff from a children's hospital as well as made a huge donation and I spent WEEKS handwriting "A donation has been made in your name" to this hospital and then including a sweatshirt, t-shirt, mug or whatever else they bought.
credit counseling
I did use one, but in retrosepct I don't think I would do it again. It ends up lowering your payments or your interest a little, but they also charge you a monthly fee - mine was 35.00. All they basically do is pay your bills for you with what you send them. It takes a good 2-3 months to get set up and working and by that time your bills are even more overdue. I think your best solution is to talk to all your creditors and be disclipined about paying to the exclusion of having a life until you are caught up. I finally got out of the hole, but it was hard and seemed like it would never happen. Good luck to you. You can do it.
which could damage your credit
x
they can be put on your credit report...
I know for sure b/c I have one on mine. :(
credit card
I've not had personal experience, but I know to be wary of some of those companies that advertise. I saw a financial advisor on the Today Show and she said to make sure you go with Consumer Credit Counseling; maybe there's a link on the Today Show website. Good luck!
credit debt
Wow thanks for all the good tips.
As this got off the subject and onto other things, I just wanted to say I have heard Al-Anon is excellent for people dealing with alcoholism in a spouse or other loved one. It might be a great place for support for you and your kids. Just a thought.
Pay off our credit card
And with the little we'd have left just put it in the bank
Credit Check
For several years now almost all employers have been running background and credit checks on all employees before they are hired. It has nothing to do with "your son". It is now common practice. Most likely if he is behind on his child support as soon as he gets a job they will attach his wages for payment. Alot of employers do not want to deal with the paperwork involved with that kind of stuff. The stigma of not paying your bills may soon change with the state of the economy and employers may start taking a different look at it. Did your son go to court and file to get his child support adjusted given his unemployment status? That would have helped him at least not be so far behind and may keep him from wage attachment when he does get a job.
At any rate don't get so upset, it is common practice for employers to do credit and background checks on every employee now (in fact your son probably signed the paperwork authorizing them to do so) and they use the results to make their hiring decisions.
credit card debt
Not sure what will happen, but I do wish you luck. Credit card debt is an unsecured type of debt. I don't know what more they can do to you other than a judgement. Not sure you can put that under a bankruptcy either once the judgement has been placed. I know a lawyer that handles a lot of bankruptcies -- did some work for him. He always asked his clients if late payments had gone to judgements. If they had not gone that far he was pleased about it. I guess it made things easier legally. Not really sure.
Your credit is ruined because you didnt do anything about it
x
Homeless has nothing to do with poor credit.
nm
You let credit get bad before house sale.
s
How my daughter got her credit started
I years ago put my son on my credit card and paid it well and then he automatically had great credit. My daughter got credit with a small amount at a store here in town that would give credit easily. I told her to do this, pay the payments as she should and even a little more and there it was, good credit for her. She now has ecxellent credit and has loads of past and present accts she has been responsible for.
I use my credit card!!!! Priceless!
Actually it was an expired one. Hubby laughed. I use Dawn Power Disolver in the blue bottle. Works wonders. Then IF I have to scrape I have used the credit card of course, but fine metal spatula or a razor, but I use one of those like you scrape paint with that has the handle like an ice scraper.
But doesn't it ruin your credit?
I would like to just consolidate mine into one large payment. I am not having problems paying the minimums now but it's gotten to a pretty high amount combined and I fear I'll be paying forever.
However, I have heard doing this ruins your credit.
Is that the case?
TIA
Free credit reports
A lot of people don't know this, but you can get FREE annual printed copies of your credit reports online in seconds from the 3 major credit companies.
There are a lot of online companies out there saying you can only get this information if you pay for it and try to get you to sign up for some type of credit services. Not true.
''This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion''.
www.annualcreditreport.com
is the official site to help consumers to obtain their free credit report.
Hope this helps others : )
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