i tried to apply for a credit card?

Question

to transfer my balance of $1,000 because my apr is so high but i got denied from 2 places because i have to much debt woth other cards i have old navy target gap which all together is about $600 i also have a victoria secret that i have never used before im gunna cut those up and pay them off so my question is should i leave them open or should i close the accounts cause i heard having credit cards but not using them will higher my credit score i was just wondering what should i do keep them open and not use them or close the account

Answer 1

Leave them open. 35% of your credit score is based on payment history.

As long as they are showing $0 balance it will not hurt your score. Score is based on how you use/pay your debt and your debt to income ratio.

Answer 2

Credit cards only form part of a credit rating. Any loans you have taken out, and your record of repayment makes a big difference as posssibly would purchases made with installments. I think only a minimum amount of credit usually is issued for an applicant in the beginning. After two or three years the holder can ask for more credit. Often it is too easy for post-secondary students to obtain a credit card, and banking insitutuions often have been criticized for granting credit too easily to students. From my personal expererience, I would say that credit cards can be an asset as well as a detriment. They can come to the rescue but they also can get the holder into debt too easily in my opinion. It is hard to rent a car without a credit card in Canada where I live. Many, if not most, hotels and motels require them. Some places used to ask for two credit cards for identification as opposed to social insurance numbers, which, by law, they are not allowed to request. One time I felt a need to pay off aparking ticket, but I did not have the money to pay it off in the bank. I was able to get a cash advance thrugh one of my credit cards, and I felt as if it really had come to the rescue. You have to use it in a responsible manner.

Answer 3

Keep open, but don't use. Don't carry them in your purse either, it's to tempting.

I work at a car dealership and we run credit reports on just about everyone. When you have a lot of credit accounts open, but no debt, it looks a lot better on your score.

Answer 4

Pay them off and close them because you need a fresh start. Keeping cards open that are in GOOD STANDING boost your credit score.

In the mean time, register on this site to make the money to pay off those cards.

http://goldaffiliateprogram.com/signup/CD36304

Answer 5

I talked to a money counselor for a free consultation. I learned a lot. Everyone's situation is different. Get some good advice.

Answer 6

I think you should look into talking to Dave Ramsey... He is a great financial guru... I think his website is daveramsey.com, he has a radio show, and also gives advice on this sort of thing....