Credit Card Questions

[CrzyCanuck]

I just ran a credit check on myself, and cancelled so many old accounts that I didnt use. The main thing I read was if there were any comments on each account that showed late payment hsitory or other bad remarks, and how much credit you had outstanding affected the total amount of new borrowing you could do. They recommended I do what I did, with closing all the old stuff.

I think I did it at equifax.com

I would say as long as your balance and payment histroy is clear, make the change.

[Frank the Tank]

I've had dozens of different credit cards. Mastercards, Visas, store cards....now I only have one Mastercard, cancelled all the others over the years. I had no trouble getting a mortgage, car loan, line of credit and such. The bank just throws money at me.

[Crazy Flamer]

Originally posted by CrzyCanuck@Sep 17 2004, 02:11 PM
I just ran a credit check on myself, and cancelled so many old accounts that I didnt use. The main thing I read was if there were any comments on each account that showed late payment hsitory or other bad remarks, and how much credit you had outstanding affected the total amount of new borrowing you could do. They recommended I do what I did, with closing all the old stuff.

I think I did it at equifax.com

I would say as long as your balance and payment histroy is clear, make the change.

IS there a cost associated with checking your own credit online?

[Dolamite]

yep.. there is a cost for checking your own credit rating online and such... about $22 at equifax w/ a FICO score.. 15 bucks just for the credit report alone.

Equifax Consumer Services

Its worth it though, to check up on your credit rating once in awhile.

[Resolute 14]

I've never had a problem cancelling cards. It is having too much available credit that can screw you. Even if you have a card with a limit of $10,000 that is completely paid off, it is still counted as $10,000 worth of debt for the purposes of getting a loan, mortgage or line of credit.