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closing new credit cards

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cdtm2012

Joined: 01 Mar 2010
cdtm2012's page
Posts: 1

31 Magic Points

Subject: closing new credit cards

Mon Mar 01, 2010 5:53 am

Hi. everyone, I'm new with the credit stuff
does closing a new credit card affect your score

any help is appreciated

thanks

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: closing new credit cards

Mon Mar 01, 2010 6:30 am

Hi cdtm,

Closing a credit card can lower your score. However, in case of a new credit card, which has no long payment history, may not affect your score much. However, before closing any kind of account, new or old, you should remember to first pay off the credit cards in full. This will reflect your balance as zero. After paying it off, you can inform the issuer that you are closing the account.

Hope this helps.

Regards,

Aaron.
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cdtm
Guest

Subject: closing new credit cards

Tue Mar 02, 2010 5:24 am

Thanks for your help Aoron!!!!

cdtm
Guest

Subject: cosing new credit cards

Tue Mar 02, 2010 5:26 am

Thanks Aaron!!!

Here's where I stand, I opened 9 credit cards 4 months ago thinking the more cards you have the faster you can improve your score as long you pay on time. I have 3 cards which are 18 months old + mortgage and auto loan, all accounts are 100% on time(Now my score is 668,659,636 ) What are my options to improve my score.

Thanks for any feedback!!!

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: improving credit score

Tue Mar 02, 2010 6:28 am

Hi cdtm,

Making timely payments is the most important thing in developing the credit score. As you are already making timely payments, I don't think that you have to do anything else to improve your credit score. Always try to keep the balance of your accounts less than 50% of the available credit.

As you have applied for so many new cards, that may have affected your credit score. When you apply for new cards, the issuers before issuing you a new card, conducts inquiries on your credit report. That hurts the credit score. However, it gradually increases with the timely payments.

To improve the score along with the monthly payments, one needs patience. Score cannot increase overnight Smile

Hope this helps.

Regards,

Aaron.
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cdtm
Guest

Subject: improve credit score

Thu Mar 04, 2010 4:46 am

Aoron,
I think you're right.
appreciate your advise.

FreedomDM

Joined: 28 Oct 2009
FreedomDM's page
Posts: 106
Location: Florida

2201 Magic Points

Wed Mar 10, 2010 7:09 pm

u shud actually keep ur balances below 30% of the avail credit not 50% - trust, I learned this the hard way lol.

30% of ur credit score is based upon how much you owe - thats where keeping the below 30 factors.

Your credit score is determined by the following.

1. Payment history = 35 %
2. Amounts owed = 30 %
3. Length of credit history = 15 %
4. New credit = 10 %
5. Types of credit = 10 %

Visit our website or blog for more free infO.

Hope this helps!
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Michael J Brazier
Non-Profit Budget Counseling

pinkykarina

Joined: 09 Jun 2010
pinkykarina's page
Posts: 5

86 Magic Points

Sat Jun 12, 2010 6:01 am

I'm very curious...can you tell me what can of credit card you applied for?
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Apply for a mbna low rate credit card services

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