is it even worth it? i have 6 lines of credit open. i want to bring it down to 2. should i even bother? should i wait? what is the best strategy for me to build credit to start my real estate empire?
2007-07-07 11:15:31 · 10 answers · asked by ztim21 2 in Business & Finance ➔ Credit
As long as you are not paying an annual fee on the cards there is no reason to close them. Keeping them open will help your scores more than it would by closing them.
Put them in your safe or safety deposit box.
To keep them active, you might pull them out once every 6 months or so and make a small charge (buy a cup of coffee or a pair of socks) and pay in full when you receive the statement.
2007-07-07 11:28:32 · answer #1 · answered by echo 7 · 0⤊ 0⤋
No, leave them open, cut up the cards, and don't use them.
If you close out your accounts, it will make your score appear "younger" than what it is, and it will DROP your score.
You should always have a minimum of 4 lines of credit open. It doesn't mean you have to use them.
As a mortgage underwriter for 11 years, I dealt with tons of investors, and the top loan programs require 4 lines of credit, at least 2 has to be used within the last 6 months, and one has to have a high-credit limit of at least $5,000.
Open cards, do not hurt you. But paying late, contantly applying for new cards, or carry too high of a balance on the accounts, do.
2007-07-07 11:48:52 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
i be conscious of you suggested you are able to not have the money for it, yet this card proves your credit history. shop it open and pay it down. positioned the cardboard away and don't use it till you pay it off. as quickly as you have paid it off, use the cardboard a minimum of as quickly as a month with a stability you will pay off on the top of the month. That way they gained't close the account for non utilization. lower back, you have a 14 300 and sixty 5 days credit history with this card. shop it open and it will help you get carry of different credit. you will not have hassle renting till you have a foul credit you will not have hassle commencing up utilities till you have a foul credit You credit will drop in case you shut the oldest one. This proves how long you had credit. won't take long to construct your credit lower back. different components play a roll on credit and sturdiness is a key element.
2016-11-08 10:23:32 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Depends on whether you owe on them. Closing open, but zero balance accounts is not always a good idea if you have debt on others.
For example - if you have 6 credit cards with $2,000 limits on each, but owe only $2,000 on one, to creditors you look like you are using about 15% of your available credit.
However, if you close four of those and only have 2 cards with $2,000 limits, you are now using 50% of your available credit and that looks very bad.
So - if you are not using the credit, and you have good willpower - do not close the accounts. They aren't hurting you if you aren't using them.
2007-07-07 11:29:31 · answer #4 · answered by LaLa 3 · 0⤊ 0⤋
When you get to a zero balance just close it. It will showed closed by consumer. Its good to have a couple credit cards but try and keep their balances under 25-30% of the credit availiable.
That should help your credit not hurt it.
2007-07-07 11:19:08 · answer #5 · answered by financing_loans 6 · 0⤊ 0⤋
I'm certain that you must find every financial solution at: loandirectory.info-
RE I am 20 years old. i have too many lines of credit open. what is the best method for closing a credit card?
is it even worth it? i have 6 lines of credit open. i want to bring it down to 2. should i even bother? should i wait? what is the best strategy for me to build credit to start my real estate empire?
2014-09-03 14:02:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends if you have running balance or not on these credit cards. If you don't, then you can just call each credit card separately and cancel them one at a time.
2007-07-07 11:24:38 · answer #7 · answered by Alaskan portager 2 · 0⤊ 0⤋
consolidate some of the cards, but don't close the accounts that you pay off. closing accounts is bad for your credit score. also if you need to ask, you should probably rethink your plans of being a tycoon....
2007-07-07 11:28:53 · answer #8 · answered by b.douglaswyatt 3 · 0⤊ 0⤋
grab scissors and cut the damn things up.
2007-07-07 11:24:57 · answer #9 · answered by googleplex 6 · 0⤊ 0⤋
refinance and include your debt within the refinance...
keep you accounts open as active possitive trade lines and pay them off...
www.FinanceYourWay.com
2007-07-07 11:18:54 · answer #10 · answered by Anonymous · 0⤊ 7⤋