Posts Tagged "revolving accounts"

Declined because “the amount of revolving balances is too high”

Dear Experian,

I would like to clean up my credit, but want to know if it is beneficial to close revolving credit accounts that I am not using or will never use again or if I should leave them open. I have never missed a payment on multiple accounts and usually pay more than the minimum payment due. However, I was recently denied increases in limits as well as declined for new accounts. The reason given was “the amount of revolving balances on credit report is too high.”


Revolving accounts paid in full and closed but still showing on report

Dear Experian,

All my credit cards are paid in full and closed but still showing revolving on my credit history. I want to clean up my credit history. What steps do I need to follow?


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.


Credit scores hurt by lack of revolving accounts

Dear Experian,

My credit report says my score is reduced because I have no revolving credit accounts. Would it help my score to apply for and use a credit card?


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?


Meaning of “proportion of balances to high credit on revolving accounts”

Dear Experian,

Can you explain one of the factors for my credit score? The listed factor is “Proportion of balances to high credit on bank revolving or all revolving accounts.”


Defining “revolving trade” and other credit report terms

Dear Experian,

What is an open, revolving trade?


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