Would it be better for my credit score to pay off and close some of my accounts such as visa and maSTERCARD compared to keeping small balances on them and keeping the balance's low at all times but keep them open?
Thank you for your help
2007-11-07 06:02:28 · 4 answers · asked by terrywack 1 in Business & Finance ➔ Credit
For you to establish a good credit rating will take 6 months of activity. So, with that said, you will need to pay down to 50% of the balance and maintain on-time payments, for that time period. If you have more than one M/C or visa, close all but one of each. But only after 6 months of payments. Yes, you should keep the balances low as well.
2007-11-07 06:17:16 · answer #1 · answered by mitch9262002 3 · 0⤊ 0⤋
If you can pay them off, or at least below 30% of the balance, use them once every month or so for a small purchase then pay them off again. Do not repeat Do not close any of them as that will reduce your available credit to use available, or your available credit to debt ratio, which will lower your score.
2007-11-07 09:53:06 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Dont obsess with your fico ( I Love Debt ) score.
there is no reason for it.
pay as you go and you will win with money
Debt free is definitely the way to be!
2007-11-07 06:48:42 · answer #3 · answered by heybulldog 5 · 0⤊ 0⤋
Who cares? Pay them off and live debt free.
2007-11-07 06:32:13 · answer #4 · answered by JB 6 · 0⤊ 0⤋