2006-08-13 06:50:57 · 6 answers · asked by Markie Mark 1 in Business & Finance ➔ Credit
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http://finance.ebookorama.com
good luck!
2006-08-14 15:40:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Applying for new credit temporarily will affect your credit score, as well as how long an account is open, but it's a short period of time. It recovers in about three months. Your credit report will only reflect that you have the closed account and then the open account and how well you paid them.
If I may make a suggestion, call your credit card company and simply ask for a lower interest rate. Worked for me. :)
2006-08-13 18:11:28 · answer #2 · answered by misslabeled 7 · 0⤊ 0⤋
Although applying for credit will have a slight negative effect, paying off and canceling a high interest card will have a positive effect to offset it. Be careful you don't get too many open accounts with credit cards. Even if you don't use some of them, they will add up your credit limit on all the cards--and look at the possibility that you might max them all out. Some things that will cause negatives on your credit. Moving often. Being late with payments. Changing jobs often. And the biggest of all, letting any debt go into collection.
2006-08-13 14:03:11 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
I don't know if it looks bad on your credit or not, but I can tell you something I did that helped a bunch. I have two credit cards - one was at 17.24% and one was at 19.99%. I kept getting these offers in the mail for lower rates so I called my credit card companies and told them I was going to switch if they didn't lower my rates. the 17% went down to 12.24% and the 19% went down to 15.24% and told me to call back in 3 months and they would probably lower it more. Hope this helps.
2006-08-13 14:00:33 · answer #4 · answered by Phyllobates 7 · 1⤊ 0⤋
Since your credit report considers the length of time with a creditor (accounts for 15% of total score) it could affect your score to change...but if you are saving more than 10% interest I would change....make sure to request when you cancel your other card, that they report....closed at customer request, so that when your creditors review your file they will see that you are the one that closed the credit card
2006-08-13 14:02:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sounds like a good idea but credit reporting do consider how long you have account open.
2006-08-13 13:54:57 · answer #6 · answered by rallman@sbcglobal.net 5 · 0⤊ 0⤋