Posts Tagged ‘ closing accounts ’

Mortgage application denied because of inactive credit history

Dear Experian, How can I get my credit file updated? I have paid off two loans and made every payment on time. However, when I tried to get preapproved for a home loan I was told my credit report was inactive because there has been no change to my report in six months. - PAT [ READ MORE ]

Deciding whether to close paid off accounts

Dear Experian, I have four accounts that have a limit of $300 each. I have had these accounts for years. I would like to know if I should close them once I pay them off. I am concerned that having credit cards with low credit limits is negatively affecting me. - JLD[ READ MORE ]

Consider entire financial picture, not just credit scores, when deciding whether to close accounts

Dear Experian, I have many small revolving store credit cards with no balance on them. How can I close them without it hurting my credit? - ENB[ READ MORE ]

Deciding whether to cancel credit cards you don’t use

Dear Experian, How do you get rid of too many credit cards even if you haven't used them for years? Also, some credit card companies are charging fees. How do we cancel those cards without hurting credit scores? - DRS[ READ MORE ]

Credit scores aren’t affected by who closed the account

Dear Experian, What looks better on my credit report, closing a credit card account myself or the credit card company closing my account? - EAU[ READ MORE ]

The effect on credit scores of paying off and closing credit cards

Dear Experian, Will paying off and closing a credit card hurt my credit score? - IND[ READ MORE ]

Ensuring account is reported “closed”

Dear Experian, I have a credit card that is no longer open – per a phone conversation – but it states that it has an "open" status on my credit report. How can I get that "closed" on my credit report? - CEP[ READ MORE ]

Closing account when credit card company changes terms

Dear Experian, We received a “change in terms” notice from one of our credit card companies, increasing our interest from 7.90 percent to 17.90 percent, and from fixed to variable. Which decision will be best for our credit ratings, closing the account or paying it off and keeping it open at the higher rate, but not using it? - KML[ READ MORE ]

Rumor to leave accounts open is correct

Dear Experian, My husband and I have several credit cards, all with limits under $1,500.00. We wanted to pay off and close the high-rate cards we don't use, because we were told by a car dealer that even if the card with a high balance is paid to a zero balance, the fact that it is still open and "available" credit for using will hurt our scores. On the contrary, I have heard a rumor that closing a credit card looks bad. What's the truth in this? - EPH[ READ MORE ]