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Old February 14th, 2008, 03:13 PM   #21
whiterhino
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Lothos is right. Having a credit card with a zero balance still allows you to spend money that you will have to pay back. If you are applying for a loan, the bank may look at your ability to pay based upon you running that credit card up to the full limit.
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Old February 14th, 2008, 04:24 PM   #22
Chiefwoohaw
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Originally Posted by whiterhino View Post
Lothos is right. Having a credit card with a zero balance still allows you to spend money that you will have to pay back. If you are applying for a loan, the bank may look at your ability to pay based upon you running that credit card up to the full limit.
All they care about is that your accounts are in good standing and your ratios meet their requirements. i.e. front end and back end rations

x2 on them seeing that you are responsible with 10k or so of cash available that you don't touch.
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Old February 14th, 2008, 04:47 PM   #23
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There is a difference between you yourself checking your score, and an agency checking it. When you personally do it, it is considered a "soft inquiry" and doesn't show up or hurt your score. I believe this was all reconfigured when credit scores became easily available on the interweb.

Also, from what I have read, lots of open accounts hurt you, but if you are working to raise your score for a home purchase or something like that, they don't recommend closing your accounts unless they are all small amounts. Having 10k of unused credit sitting there shows them you are responsible in more ways than one.
This is correct. Soft checks do NOT count against you. At all. I check my score monthly.

Too many open accounts can indeed hurt you. If you open 5 lines of credit within a month, you will take a (large) hit to your credit score. As those lines of credit mature though, they will count less and less.

What you want is consistent, long standing credit accounts where you are in good standing. They also do look for available credit vs. used credit, as a matter of responsibility.

But the best advice of all is don't listen to (most of) us jackasses on here, go check your score yourself. Legally you are entitled to 1 free soft check from all 3 clearing houses (experian, transunion, equifax) per year. This is where sites like freecreditreport.com come into play.

Do not sign up for any of their recurring services though, unless you plan on staying with it, they are kinda difficult to cancel (like, AOL difficult).

These services also as a side benefit do an analysis of your credit report, and tell you why it is as high and as low as it is, and give you advice to raise it.
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Old February 14th, 2008, 05:16 PM   #24
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If its not your oldest account, kill it. Then go ask your uncle for a private loan on simple interest terms. :tonka:

Personally, I'd kill it anyway. I killed my oldest card (1993) and never looked back. It didn't do shit to me. I think people underestimate the impact of unused open credit lines.

Responsibility is better measured by completed contracts, which has always been my strength. Open it, use it, when you no longer need it, close the biatch.

Last edited by PävementPounder; February 14th, 2008 at 05:25 PM.
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