Yearly free credit report Mankato

The result support that the yearly free credit report Mankato age of your credit lines is an important factor is credit scores. Take a look: http://blog.creditkarma.com/credit-scores/relationship-between-age-and-credit-scores/ Great post! Like you, I too discovered the hard way that closing credit card accounts will not help my credit score.

It seemed logical that closing an account I yearly free credit report Mankato dont use would be the responsible thing to do, but not so, as far as the credit score algorithms would have yearly free credit report Mankato it. Another reason that closing cards can yearly free credit report Mankato be a bad idea is that youre lowering the amount of credit available to you (total of your credit limits) and yearly free credit report Mankato depending on the amount of debt you continue to carry, this can look like youre overextending yourself.

It can be a bit confusing, but it has to yearly free credit report Mankato do the amounts owed portion of your score, which accounts for roughly 30%. I just wrote a blog entry about this yearly free credit report Mankato if youre looking for more info: http://tinyurl.com/4p6slg Hey Ryan I cant second this enough. The only thing that she is consistently dinged on is length of credit history and she has 5 years of it. free credit report identity theft Considering she is 25, thats not that short a history, but short enough to where closing any of yearly free credit report Mankato her long running accounts could absolutely yearly free credit report Mankato hurt her credit badly. You might need to check not only your credit score, but your credit report as well. I yearly free credit report Mankato applied for a credit card once, never got it ( someone might have checked my mail for me, if you know what I am saying), then called the company yearly free credit report Mankato and thought I had cancelled it. I checked my credit report one year later and I did see the credit card. I recently had one of my longtime cards closed by the store (Sears) because of lack of use, I hadnt used it in over 10 years.

So this is going to hurt a score that isnt great right now to begin with because it is a long account as well as lowering the available credit. free credit report all 3

Lowering your available credit can be a good thing if you have too much credit available, but it can also be bad if you have outstanding debt because it raises your utilization rate. Ideally you want zero%, but a rate of 30% or lower isnt too bad. Canceling a 10 year old line of credit can hurt a little, especially if your other lines of credit are relatively yearly free credit report Mankato new. The average age of credit is taken into account in the FICO scores.

Keep plugging away and your scores will continue to rise. when i learned about the credit history thing, i started not to close my unused credit cards, i just hope that this do good to me Too much available credit can be a bad thing? As in, the more available, the more it shows youre responsible and not running up debt. I live in Canada, but I imagine the same thing would apply here. Would you mind telling how much it dropped your score, if you know? Ive got a card Im not using that Ive been thinking about closing, but Id love to be able to estimate how much its going to hurt me.

Richard, I dont know exactly how much more score dropped, but average length of credit history accounts for 15% of your score. Since this was my longest tenured card, it substantially dropped the average age of my credit. federal free credit reports

As for how much it will drop your score, I have no idea. For older cards, many people recommend just dropping the limit as low yearly free credit report Mankato as you can and keeping the card open. If the card you are thinking yearly free credit report Mankato about closing is not your oldest card, then it wont matter as much.

Think Outside, Yes, too much available credit can be a bad thing, especially if your debt to income ratio is high. Even if your debt to income ratio isnt high, then it means you have a lot of available credit and could go charge up a lot of debt in a short period of time and leave your creditors stuck with the bill.