Question by Bryan B: will closing a paid-off credit card account that’s reported a late payment b4 hurt my credit?
I have a retail store credit card. I carry a very small balance on it from time-to-time to take advantage of their no-interest promotions. Well, a year ago I forgot to make a twenty-dollar payment while I was out of town and not getting my mail. My credit was hit and it really hurt my score. The same thing happened this week with the same card. I paid the card off this morning but apparently I am just too retarded to keep track of more than a couple credit cards so I am considering closing the account. But I wonder what’s best… Should I try to “repair” my relationship with them by buying something else and making regular payments, or will that not help me? I have a mortgage and other credit cards (that I carry much larger balances on), and I am never late on them. So is it okay for me to close that retail store credit card account, or should I keep it for a while and try to show them that I’m not an idiot? What’s going to help bring my score back up?

Best answer:

Answer by Dana R
It is much much better to keep the account open with a zero balance than to close the account. Just having the credit helps your debt to high credit ratio and can eventually boost your score even if you don’t use it. It shows that you have credit and are responsible enough to pay it off and not keep a balance. If you have a few accounts that you use every once in a while and pay them off right away that is a good thing. Obviously it’s not good to pay them late at all. But in the end it benefits you more to leave the account open and not use it than to close it. Don’t worry about buying something else with it because that won’t make a difference. Just leave the account as it is. That will help your credit. Good luck!

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Question by efrosty: What is the difference between paying “credit” or “debit” with a Debit card?
Is it bad to pay as “credit” with a debit card?

Best answer:

Answer by jenny
The only difference that I know of is that you have to enter a pin if you use it as debit and you have the option to get cash back. With credit you just sign for it. It all comes out of your bank account the same.

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Question by LC: What does it mean if I was turned down by a credit card due to “sufficient open lines of credit?”?
I applied for a credit card and was turned down due to “sufficient open lines of credit.” Isn’t that a good thing? My credit score is around 809.
I applied for a credit card and was turned down due to “sufficient open lines of credit.” Isn’t that a good thing? My credit score is around 809.

Additional questions: where are you answerers copying these answers from? And what’s your incentive to post duplicate answers?

Best answer:

Answer by dis_orient_ed
You scored low because you have been applying everywhere and your credit has been check to many times in a short period. (It makes your score go down.)

You already have two or three lines of credit from that source. Even though the issuer has different names, it is the same bank.

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Question by lilricka6277: How do i check if i have “credit” yet, when i have no credit card?
I recently turned 18 and no one will issue me a credit card because i have “no credit”. I have a bank account ( checking and savings) . I am wondering how long it will take to establish my credit or when i will be able to get a credit card.

Best answer:

Answer by 404_Jersey
Get a secured credit card. You front the money for it and then make sure to use it a bit every month and pay it timely each month. That will start to build your credit.

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Question by AviTech: First Credit Card?
I have never had a Credit Card before. My credit score is 0. Who would offer me a credit card and at what rate? What would be the best choice of card? I am currently employed in a part time job and I’m going to college full time. I just need to card to help me build some credit score.

Also in the States we use “FICO” I believe that’s what it’s called. If someone moved to say Canada or the UK does their credit score follow them? Does every country use the same system? How exactly does it work?

Best answer:

Answer by john t
open a checking account wait 3 months and then ask your bank for one use it regulary and pay half the amount you spend all the time it will increase your credit rating

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