- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Credit Card advice
Posted on 2/3/09 at 1:12 pm
Posted on 2/3/09 at 1:12 pm
Ok, I have just completely paid off my 3 credit cards and here's my question. In order to build my credit score which is the best course of action at this point?
1) Close one or two of the accounts
2) Don't close any of them but don't use them at all
3) Use them and pay them off completely each month?
I know #1 would actually hurt my score right? But does it make a difference if you are using your cards or not as long as they are still open?
1) Close one or two of the accounts
2) Don't close any of them but don't use them at all
3) Use them and pay them off completely each month?
I know #1 would actually hurt my score right? But does it make a difference if you are using your cards or not as long as they are still open?
5
Posted on 2/3/09 at 1:16 pm to TigerPhan27
this is tricky
I would prolly close the most recently-issued card - really don't need more than 2
and if you use them at all, def. pay off in full each month
I would prolly close the most recently-issued card - really don't need more than 2
and if you use them at all, def. pay off in full each month
Posted on 2/3/09 at 1:18 pm to TigerPhan27
It doesn't matter that much. Keep the two that hve the best rewards. If none have rewards, close the newest card.
Posted on 2/3/09 at 1:20 pm to Parliament
quote:
close the newest card
I think the consensus is that having older accounts open > newer accounts open as far as credit scores go
Posted on 2/3/09 at 1:22 pm to Parliament
cool, thanks.
What about closing the two oldest ones and maybe down the road (3 or 4 months) applying for one with better rewards and such?
The ones that I have now don't really offer anything.
I'm just asking b/c my wife and I will be applying for a pretty large loan if she goes back to school in the fall and I'm just trying to have the best score possible going into that
What about closing the two oldest ones and maybe down the road (3 or 4 months) applying for one with better rewards and such?
The ones that I have now don't really offer anything.
I'm just asking b/c my wife and I will be applying for a pretty large loan if she goes back to school in the fall and I'm just trying to have the best score possible going into that
Posted on 2/3/09 at 1:23 pm to TigerPhan27
Keep the one with the biggest credit line available open. You don't have to use it but there is a ratio that makes up your credit score that involves the credit outstanding against the credit available.
Posted on 2/3/09 at 1:24 pm to TigerPhan27
quote:
What about closing the two oldest ones and maybe down the road (3 or 4 months) applying for one with better rewards and such?
no, do NOT open new accounts
credit scores fall for having recently opened accounts
wait until after the loan is finalized to open anyting new
Posted on 2/3/09 at 1:34 pm to gizmoflak
One last question, I have a card from college, that was with a shitty company. I paid every month since I've gotten and all of a sudden this month the account is closed. I've done some research on this company and it looks as though they have closed everyone's accounts. Anyway when I go online to pay my balance it shows as $0 eventhough I do have a few hundred dollar balance. I emailed customer service to see where to send my final payment to and they wont give me an answer. Should I even worry about paying this? I want to make good on it, but if they are out of buisness and won't give me an answer what should I do?
Posted on 2/3/09 at 1:34 pm to TigerPhan27
I wouldn't close any of them.
Minimize your balance to available balance percentage by maximizing your available balance.
Minimize your balance to available balance percentage by maximizing your available balance.
Posted on 2/3/09 at 1:42 pm to TigerPhan27
see what your credit history says about the account --- it could have you as owing money
also: this might be helpful ... LINK
also: this might be helpful ... LINK
Posted on 2/3/09 at 1:45 pm to gizmoflak
It was just closed this past month, right now on my credit report it shows the balance due and the account closed but all of my payments being ok. I want to pay it off so it doesn't ruin my credit but it's hard to do when they don't tell you how to do it.
Posted on 2/3/09 at 1:50 pm to TigerPhan27
send a check to the payment address and see if it gets cashed
Posted on 2/3/09 at 3:29 pm to TigerPhan27
TP27,
I recently closed a card (Card A) from a company that I had another card with (Card B). They offered to transfer the credit line from card A to card B before closing card A. This got rid of a card that had an annual fee, and should have little effect on my credit score. (I have a zero balance on both.) If you have two cards with the same company (after mergers and such), it may be an option.
I recently closed a card (Card A) from a company that I had another card with (Card B). They offered to transfer the credit line from card A to card B before closing card A. This got rid of a card that had an annual fee, and should have little effect on my credit score. (I have a zero balance on both.) If you have two cards with the same company (after mergers and such), it may be an option.
Posted on 2/3/09 at 4:09 pm to TigerPhan27
There is some really terrible advice in this thread.
Good advice:
1. Check your credit at annualcreditreport.com, reviewing one of the big 3 agencies every 4 months. You can check each one for free once per year, so staggering them gives you a fresh look 3 times per year.
2. At least one of the three (I believe it's TransUnion) gives you free advice as to how to improve your score and specifically addresses and answers your question regarding credit cards.
Good advice:
1. Check your credit at annualcreditreport.com, reviewing one of the big 3 agencies every 4 months. You can check each one for free once per year, so staggering them gives you a fresh look 3 times per year.
2. At least one of the three (I believe it's TransUnion) gives you free advice as to how to improve your score and specifically addresses and answers your question regarding credit cards.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News