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Canceling a credit card delivers a hit to your credit score, but you can minimize the damage. ... Before closing a credit card account, consider keeping it open if it has no annual fees or high ...
Closing a card lowers your total available credit, so your utilization ratio might increase. For instance, if you have a credit limit of $10,000 across two cards and are using $1,000, your ...
That said, credit card issuers cannot increase your annual fee or charge you new fees after you close a credit card. Closing a card with a balance can also help you avoid paying the annual fee for ...
Having multiple credit cards is good for your credit score, so consider keeping your high-interest account open while you look for a new card with lower interest or better credit card rewards ...
Having a good credit score is important: It gets you access to lower borrowing rates, higher credit card limits and may even improve your apartment and insurance options.
There can be. Closing your account may end your relationship with the bank or credit union. Some banks reserve their best rates on loans and CDs for relationship customers, which can be a factor ...
A poor credit score can be damaging and demoralizing -- particularly when you apply for a mortgage, personal loan or new car loan. FICO credit scores range from 300 to 850, and the higher the ...
However, a "very good" credit score is a 740 to 799, while a score of 800 up to a perfect 850 is "exceptional." This means that while there's nothing wrong with having a credit score of 715, if ...