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VISDSNB is listed in my credit report. What is it?

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fireyone

Joined: 26 Feb 2008
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Posts: 3249

1340 Magic Points

Fri Aug 29, 2008 1:34 pm

Thanks for explaining this Neicy. So it would be better to close accounts that were newer and in good credit standing then to close older ones in good standing? We have four total accounts Discover, lowes, fashion Bug and Dell. I want to close the Dell and Fashion Bug when they are paid off and only have two. Is this a wise idea?

Mary

Joined: 06 Jul 2006
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Posts: 424

10960 Magic Points

Sat Aug 30, 2008 10:24 am

Yes, I agree with you Neicy. Since the new credit cards do not have a credit history, it is better to close them down rather than closing the older ones on which you have been making purchases for long. These old credit cards add up to your credit score because credit history or the payment history constitutes about 35% in your score. Another thing is that the more your credit approaches the credit limit, the creditor finds it risky to lend you money because you have already an existing debt which you have not yet repaid.
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fireyone

Joined: 26 Feb 2008
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Posts: 3249

1340 Magic Points

Wed Sep 03, 2008 1:25 am

Good explanation Mary...but of course you are good at this.

Better Credit Guru
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Subject: Close them anyways

Thu Oct 16, 2008 4:59 pm

It is always better to close unnecessary accounts provided they are closed at the customer's request and in good standing at the time. Then follow-up with a letter to the three reporting agencies (equifax, trans union, and experian). It seems folks like Credit Guru have been advising too many people in our country. Seen the stock market lately? Thanks a lot for your help Credit Guru.

fireyone

Joined: 26 Feb 2008
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Posts: 3249

1340 Magic Points

Fri Oct 17, 2008 11:36 am

What would you say in this letter to the credit bureau. I would actually like to close a couple accounts that we really don't need to have and get rid of the temptation of them. Do you simply explain that you are closing it at your own request and would like that displayed on your report. I would really be interested in this as I am going to pay off an account today, thanks.

credit guy
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Subject: close unused credit cards

Tue Dec 30, 2008 7:22 pm

credit guru couldn't be more wrong. I check credit for a bank for a living. close unused cards. they count towards your DTI ratio, aka debt to income, because banks see them as potential debt you can draw on. additionally, if someone were to steal your identity, it provides them yet another account to tap. as long as you have a few credit accounts open and pay them on time, your score will be fine.

fireyone

Joined: 26 Feb 2008
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Posts: 3249

1340 Magic Points

Tue Dec 30, 2008 7:36 pm

I wondered this and remember asking the question before. It sounds like you could lose out either way. First if you close out an old card I hear that you could lose the credit history from that card. Meaning if you opened a card 5 years ago and have always been on time with payments and then wanted to close that card you could lose valuable credit history. Second, of you don't close the card it will be like you mentioned above...the open credit line could hurt you. I guess if you still had a couple cards that give good historyt you would be okay but the dilemma I always have is that we only have a couple cards and I wanted to go down to just one but do not want my score to drop if we close those accounts. What would be your suggestion?

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