Will my credit score go down?

Question

My ex had added me onto his credit card and it has a really high limit with a very low balance, so my credit score went up. Well, I just canceled the card b/c we broke up.... will it now go down? Or do I have to make a late payment or something for it to go down?

Answer 1

Your credit score won't be affected unless you make late payments. You're okay.

Good Luck!

Answer 2

Hmm, if I understood your question, it was not about late payments, it was about whether having a high credit-limit card was beneficial to your credit rating or not.

Although I doubt your credit rating will be affected as it was not your card - if you do manage to get a high value credit card and pay without fail, it DOES seem to be beneficial in building a good credit history - which in turn CAN influence a lenders decision.

In short, it may be a plan to obtain a card IF you are able to handle it carefully - and to use it for purchases that you would make anyway - and then clearing the balance off in full every month. If you have the willpower to only use it like that, it can QUICKLY raise your credit rating as fast settlements in full usually results in increasing credit limits. In turn this makes it easier to apply for more cars and more facilities.

One of the techniques used for "credit repair".

Answer 3

there's no set type of issues your score will go down for an inquiry, it will boost depending on the type of inquires you've over the ultimate 6 month era. the entire theory is to confirm chance, if you're utilising for diverse credit your this would aspect out you're a larger chance as you're searching to address more effective debt and some lenders received't be granting it to you. That suggested in case you word for a mastercard and have not utilized for something lately you may want to lose decrease than 5 factors once you've many inquires over a short era it could be as a lot as twenty factors. yet those go away after 6 months, and in case you do have some inquires on your credit from procuring a clean automobile or abode and determining to purchase rates or something like that, write a letter to the lender the position you're utilising and clarify that you've been determining to purchase for a automobile loan or a private loan and they'll push aside the inquires. desire this helps.

Answer 4

There are 2 ways it MAY affect your score. By reducing your available credit, it could affect your debt to credit ratio. If you have high debt relative to available credit, your score may go down. The other factor is average age of accounts. If the accounts closed are older than accounts that remain open, it will reduce the average age of you open accounts. This makes your credit history appear shorter. I don't know if either of these actually applies to you.

Answer 5

well my sister use to work for credit, and she said that if you close or cancel the account YOURSELF, that is good. As long as you cancel or you close it yourself, you are good. You will be in good standing for that credit. Here is a website that you can look at your credit report for free, and this is for real no hidden cost. It gives you your report right away.

Answer 6

Your score will probably go down.

http://www.expert-credit-advice.com/credit_score.htm

Answer 7

if you stop making payments it will mess you over.