Yes, it is important to have open cards with good histories. Please see this website for more information: http://credit.about.com/od/toughcreditissues/a/closecards.htm
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==
Your best bet would be to close those older credit cards. While it may take some time, your credit score can be improved. However, opening a new credit card, even if it doesn't affect your credit score may not be the best way to go. I am unsure if there is a credit card that wouldn't affect your credit score.
High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.
Yes, closing old accounts negatively impacts your credit score because it shortens your length of history which makes up 15% of your credit score. Keep you old credit cards open, even if you don't use them.
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==
Your best bet would be to close those older credit cards. While it may take some time, your credit score can be improved. However, opening a new credit card, even if it doesn't affect your credit score may not be the best way to go. I am unsure if there is a credit card that wouldn't affect your credit score.
High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.
Yes, closing old accounts negatively impacts your credit score because it shortens your length of history which makes up 15% of your credit score. Keep you old credit cards open, even if you don't use them.
They are sold to collection agencies and negatively impact your credit report.
It is typically not advisable to have more than 3 credit cards. Once you have more than that your credit score can be impacted negatively.
yes
All loans and credit cards have an affect on your credit score. Failure to use your credit cards responsibly will reduce your credit score and increase your interest costs.
{| |- | Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. |}
A credit card may negatively impact a credit history in a few ways. 1. Paying your credit card late will hurt your credit. 2. Keeping a high balance on your credit cards will lower a credit score. 3. Going over the credit limit will negatively impact your credit score.
no