I'm trying to boost my credit score and there are a veiw cards that i have that i no longer want can i cancel them and have the credit comapany bill me, and will that help my credit score? the cards or dillards, visa, and mastercard. Help!
2007-11-25 02:39:47 · 6 answers · asked by jade u 1 in Business & Finance ➔ Credit
Don't cancel the cards just don't use them. The longer u have the cards the longer you have history. and that will help your score
2007-11-25 06:06:04 · answer #1 · answered by shorty21 5 · 0⤊ 0⤋
A part of the factors that make up your score is the number of accounts you have and how long they have been open! I wouldn't cancel any cards until you pay them off at least or your creditors are going to want the total balance now.
If your score is low, begin making improvements by paying down your debt first. If you are using more than 50% of your available credit, this will make your score go down.
Look, go to my website and read it all because I know you will benefit from my experience! I had my ID stolen and went into bankruptcy and I still got my score up from 486 to 730 in a little over a year, so this is something I know about!
You would benefit from the "how credit scoring works" section too!
2007-11-25 10:58:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot cancel any cards unless you have a zero balance. You will hurt your score by cancelling them. So, cutting up the cards is only half the solution. Make sure you have zero balance on them as well.
Keep the accounts open but cut up the cards to not use any longer.
2007-11-25 21:59:44 · answer #3 · answered by Shelliebit 2 · 0⤊ 0⤋
cut up and cancel all of your cards.
Dont worship at the alter of the almighty fico ( I Love Debt) score. And that is exactly what it is. I love debt. You have to borrow money and pay it back on time to get a high fico score. You have to keep borrowing money and paying it back to keep a high I love debt score.
The only people that obsess with the I Love Debt score are the ones that plan on borrowing lots of money and paying lots of interest.
Pay as you go and live on less than you make. You will win with money.
Live Debt free! its a great feeling!
Borrower is definitely slave to the lender!
morning Duane.
2007-11-25 11:05:29 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
If they're not the three oldest cards you have. Part of your credit score is your debt to credit ratio (how close to maxed out are you?) and long term relationships with the same creditors.
2007-11-25 10:45:42 · answer #5 · answered by zippythejessi 7 · 0⤊ 0⤋
Pay them off, cut them up, don't use them, do not cancel them, as it will appear that you are a risk, and lenders do not like that. Use the card and the zero balance as a good credit reference in the future.
2007-11-25 10:55:58 · answer #6 · answered by braves squaw 6 · 0⤊ 0⤋