Should I close these credit accounts?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
The only concrete advice i can give is to pay off all your debts and don't worship at the alter of the almighty fico score. All you get is debt.
Debt is debt. There is no good debt.
You have to borrow money and make payments on time to get a high score. You have to keep borrowing money and keep making payments on time to keep a high score.
Pay as you go. Live on less than you make and you will have money.
Should I close these credit accounts?A big part of your credit score is the ratio of revolving debt to available credit limit. Carrying balances of more than 30% hurts your score. If you close credit cards, you lower the overall available limit, thus increasing the debt percentage.
Also, closing accounts closes the history as well.
I recommend that you wait till you have paid all the credit cards off. Keep the two major credit cards and close all the store accounts. Make sure to close them in writing and request written verification the account is close and 0 balance. Sometimes these account come back to bite you.
A lot of folks will tell you to never close credit cards, but having a stack of credit cards that you don't use is just asking for problems with fraud and theft.
Should I close these credit accounts?NO NO NO
Fact, it might lower your FICOscore. First of all, any
late payments associated with old accounts won鈥檛 disappear
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