Wednesday, May 26, 2010

A question about credit cards and credit report?

i have 4 credit cards and only one has a balance on it. are the other 3 that has no balance %26amp; are paid off hurting my credit? Im planning on using them again eventually.

A question about credit cards and credit report?

As long as you use them again on a regular basis, they aren%26#039;t... I%26#039;ve paid my balances off in-full (and on-time) every month and, trust me, unless you haven%26#039;t used the card at all that month, it still looks like there%26#039;s a balance. Here%26#039;s an excerpt from Jean Chatzky%26#039;s book %26quot;Pay It Down! From Debt to Wealth on $10 a Day%26quot;:

Don%26#039;t worry that paying of your balances every month is a bad thing -- it isn%26#039;t. By the time you receive your bill, write your check and mail it in, and it%26#039;s cashed, posted and reported to the credit bureaus, you%26#039;ve already gotten the bill for the next month... in other words, if you%26#039;re making frequent use of your card, you never show a zero balance to the bureaus.

Now, if you%26#039;re concerned because you%26#039;re trying to get a car or a mortgage (or another loan) and the lenders are nervous that you may run up a debt quickly, you can call your credit card companies and ask them to lower your credit limits if you so desire. It%26#039;s usually a good idea to have as low of a balance as possible before going to get these loans, though. I hope this helps!

A question about credit cards and credit report?

Perhaps yes, perhaps no. Not a definite answer, but that%26#039;s what I%26#039;ve discovered.

It shows up as the amount you could charge if you wanted to so that amount would be taken into consideration if you tried to get a loan. But, longevity with a credit card company can help your record as it establishes a habit of paying on time (as long as you do so).

A question about credit cards and credit report?

No. The cards that are paid off are not hurting your credit. The only way those cards are reported to the credit bureaus affecting your credit is when you have a outstanding balance on them.

A question about credit cards and credit report?

Yes and no.

On one hand, the amount of the credit limit you have for each card is considered %26quot;potential debt.%26quot; The way creditors see it, you COULD have debt up to this amount one day. This could lower your score.

On the other hand, having a zero balance is considered a good thing. Having a long history with your creditors is a positive as well.

I would keep them open, especially if you plan on using them again. It%26#039;s better to have credit cards with zero balances than have credit cards that you recently opened up. Opening up multiple sources of credit in a short amount of time can be bad for your score, so just keep what you have :)

A question about credit cards and credit report?

Yes and No.

*Each card has a credit limit...that is, you have credit available to you.

*How long have you had the show responsible use?

*If you apply for new credit, the creditor may look at the amount of credit already available to you.

*Perhaps you%26#039;ve already decided which one of four cards is best for you and you%26#039;re using it.

*Is that one card the one you%26#039;ve had the longest? ...with the highest limit? ...with the best rate? ...with points? ...with a low or acceptable annual fee? ...with proper reporting (not Cap One or Am Express?)

If so, you may consider closing the other three. However, if one of the other cards reflects the age of _your_ credit history, it%26#039;s important to keep active...but use it and keep a balance %26lt;30%.

Yes, the add%26#039;l 3 cards _could_ be hurting your scores; depending on when you%26#039;re planning to apply for new credit and the remaining strength of your credit history.

To learn more about credit and credit cards, visit us at

A question about credit cards and credit report?

Probably not.

That will mean you have a low debt ratio which is a good thing for your credit report.

no where on my credit report did it show as a negative that I had several open accounts. If anything this is a positive and not a negative for your report.

A question about credit cards and credit report?

I have 4 cards myself, and collectively on the 4, I keep a balance under $100 which I pay off every month before the due date. About 35% of your score is payment history, and if you%26#039;ve had those cards for a while, and you decide to close them all of a sudden, then you just shortened your credit history. Just do like you%26#039;ve been doing, keep those balances low, or none at all. It%26#039;s better to have them with NO balances, than to have them ALL maxed out.

A question about credit cards and credit report?

It is always best to try to use the cards once every few months .... if you use the card and pay it off its just like cash

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