Tips on Paying Off Credit Cards
Author: Sheryl
Posted: Wed Jul 07, 2004 11:02 am
Post subject: Tips on Paying Off Credit Cards
2/25/2002 9:40 am CDT
I am in a position to pay off all my credit cards. I do not intend to use them in the future. Is it best to ask the credit card agency to close the account (and note that the closing is requested by me), or does it look best on your credit report to show that you have an account, but do not use it?
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Author: Dani
Posted: Wed Jul 07, 2004 11:03 am
Post subject: Tips on Paying Off Credit Cards
2/25/2002 10:29 am CDT
Sheryl,
It all depends on how many credit card accounts you have open? If it's 10 or 20 I would recommend closing some (over time, all at once will kill your FICO score). It you have only 2-3 accounts I would keep them open and just use them once in awhile to keep them active. One of the hardest things in the world to do is to re-establish credit.
Just as a note before closing any accounts make sure the balance is paid off in full. Once the balance is $0 contact customer service and ask them to close the account and to send you a letter stating that the account is closed by consumer with a $0 balance. This is just a precaution.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 07, 2004 11:02 am
Post subject: Tips on Paying Off Credit Cards
2/25/2002 9:40 am CDT
I am in a position to pay off all my credit cards. I do not intend to use them in the future. Is it best to ask the credit card agency to close the account (and note that the closing is requested by me), or does it look best on your credit report to show that you have an account, but do not use it?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Dani
Posted: Wed Jul 07, 2004 11:03 am
Post subject: Tips on Paying Off Credit Cards
2/25/2002 10:29 am CDT
Sheryl,
It all depends on how many credit card accounts you have open? If it's 10 or 20 I would recommend closing some (over time, all at once will kill your FICO score). It you have only 2-3 accounts I would keep them open and just use them once in awhile to keep them active. One of the hardest things in the world to do is to re-establish credit.
Just as a note before closing any accounts make sure the balance is paid off in full. Once the balance is $0 contact customer service and ask them to close the account and to send you a letter stating that the account is closed by consumer with a $0 balance. This is just a precaution.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:13 PM
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