Small Business

To further protect your online security, active links from Q&A has been disabled!

Will closing out my credit cards (after I have paid them off) hurt my credit? I have (in order I recieved them) Capitol One, Chase, Providian, Applied Card Bank, Aspire Card Bank, Orchard Bank, and Wal-Mart. I am closing out Applied, Aspire, and Orchard. I am keeping Capitol One and Chase because they are my longest (I heard you need to keep your oldest) and I am keeping Providian because it has my highest credit limit (I was told you need at least ONE card with a good credit limit) and I am keeping the Wal-Mart card just because. I haven't used any of them in over three months and I have been working on paying them off (I am down to half the balance on all of them). I want to close out those three once I've paid them off but I am curious on if it will hurt my credit to have them closed? If it does hurt my credit, will having the others (on zero balance or paid off every month) help it more then closing will hurt it? Thanks!!!! Capitol One was my first credit card and I have NEVER had problem with them! They are my favorite!

Best Answer

Closing accounts can sometimes hurt your rating. See the first link below. You are right in keeping your oldest accounts open, as your credit score is partially based on how long you have had credit. The second link is Yahoo's information on improving your credit rating. The third link is Motley Fool's information on improving your credit rating. Good luck!

I am trying to apply for my first credit card but somethings are confusing and I don't want to get the wrong one. For instance some credit cards have say a $200 balance but a $115 dollar one time fee so the amount I can use is $85 until I pay off that $115 and I really dont want to pay for a credit card you know? I want to just have one well yeah. Anyways I need to know what I should be looking for when it says Intro APR Intro APR Period Regualr APR Annual Fee Balance Transfer Credit Needed Program Fee Participation Fee Additional Card Fee Annually Grace Period Minium Fiance Charge Lay Payment Fee Over Limit Fee Monthy Account Maintenance Fee And what should other charges and additional fees consist of I am 18 years old and married. I have little credit established and thought getting a credit card would help me build my credit. I'm not stupid I just don't want to make the wrong choice getting my first card. Thanks in advance to anyone who can help me! = )

Best Answer

Intro APR - This is a lower rate than normal and is usually no more than 1 year Intro APR Period- The lower rate charged for a specific time period. Regualr APR - the rate you will be charged after the intro rate on purchases not paid off every month Annual Fee - an amount you have to pay just to have the card, whether you use it or not Balance Transfer- moving funds from one account to another Credit Needed - how much you want to be able to spend Program Fee - a fee to be enrolled in some sort of "reward program I assume. Participation Fee - same as a program fee Additional Card Fee Annually - the cost to have someone else have a card on your account Grace Period - the number of days between when you charge and when you have to pay for it. Minium Fiance Charge - the least amount you will get charged each month if you do not pay off the balance. Late Payment Fee - What you get charged if you don't make your payment on time Over Limit Fee - the fee you get if you charge more than the limit you are given Monthy Account Maintenance Fee - a fee you get just to have the card each month. Now- low interest is great, but hard to find on new cards with little history. Also, you may only get 3 months at most at this rate on a new account. On a new card, I'd expect you to find a rate around 21%. Avoid fees no matter WHAT. Look for student accounts at places like Bank of America, Citibank etc. these typically have the lowest fees. Balance transfer are no important if this is your first account. As for how much credit. Start with $500 or $1,000. This keeps you from overspending and carrying a balance each month. Also avoid reward program cards right now as they tend to charge a higher interest rate on balances. Most grace periods are about 25-33 days, and usual minimum finance charges are $.50 (fifty cents) to a dollar. Late payment and over limit fees will kill you at about $25-$50 each. Also, if you are late or over limit, the interest rates can go up over 29% in some states! Again, like an annual fee, monthly fees are crazy to pay. Avoid these if you can. Good Luck.

Where can I purchase Credit Cards with preset $300 dollars on them without having to create bank accounts etc. I know that certain stores like CVS sell cheaper ones like $100, but to do my purchases I need to have one Credit Card. Alternatively, does anyone know where I can buy new computer parts at low prices (as in not insanely high) wand be able to pay with multiple Credit Cards. (I use New Egg, but I need multiple Credit Cards, so hence my question).

Best Answer

Newegg is definitely the best. If you're in college, I suggest you get a student card (I have one with a limit of $500 and I'm a student). Check http://www.bankrate.com/ for credit card comparison.

Ok, here's my story... I have avoided credit cards for a long time. I have heard horror stories about them. I got a store card at Macy's while I was in my first year of college. I did not have a consistant job then, (work study) and at its highest, had a credit of 100$. After having to have my dad co-sign to get my car, I realized I may need a credit card. But I don't know alot about them so I have some questions. 1. With the blemish at Macy's, will I be able to be approved for a card? 2. Is there a card or type of card other than a credit card, that you can buy something and have set monthly payments, or do you have to pay the whole total for all types of cards. 3. What detirmines your credit limit? Can you set if for a low one? 4. Where can I do it online? Please be respectful, thanks.

Best Answer

Credit cards are an important means of establishing credit history. Using them responsibly, controlling your spending habits and not misusing them will always help the cause. Here are few things to keep in mind before you apply for a credit card. It is always better to use a credit card which is issued in your name. The simple reason being, it helps establish credit history for you. Use the correct identity, and get credit card issued for proper name, social security number, and address. Decide what type of credit card you need and don't get impulsive about obtaining it. Have patience and compare various offers that suit your choice. The APR of credit card is a very important point not to be missed by any credit card owner. There are various types of APRs, like the 0 intro APR, regular APR, APR for cash advances, APR for purchases, APR for balance transfer etc. These APR contro what interest you pay on your credit card outstanding balances. Get compelte idea about the APRs that will affect you during your credit card ownership. If you are getting a reward credit card, make sure you know how the rewards will be redeemed and using the credit card at what locations or merchants will help you get the maximum reward benefits. Another thing to watch out is the limitations to the reward program. Check carefully about what limits the rewards like minimum reward points, blackout dates, redemption locations, choice of airlines etc. Apply online at: http://www.credit-card-gallery.com/ apply_for_credit_card.html

i started out with about 6 credit cards. all department store credit cards, and one regular visa credit card. i have paid them all off except for 2 credit cards, and im still paying on my student loan. in the duration of these 6 credit cards, they all went to collection agencies, and i slowly paid them off, in which, im down to 2 now. Is there a way to combine my 2 credit cards so they will get paid off, and by combining them, i can just pay that as a together amount since these minimum payments to them are killing my paycheck. i know theres balance transfers and debt consolidation. i wouldnt mind balance transfers to a different credit card, i just will not do the debt consolidation route. is there anything i can do to combine these 2 cards? even though i paid most of them off, is this hurting my credit since they were in collections then brought to current then paid off?

Best Answer

Well, a friend of mine, called the credit card companies and ask them what was the least they would take..to pay them off..sometimes they will let you pay a lot smaller amount..