Credit seore ???? - Great Lakes 4x4. The largest offroad forum in the Midwest

Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.

greatlakes4x4.com is the premier Great Lakes 4x4 Forum on the internet. Registered Users do not see the above ads.
Search
Reply
 
Thread Tools Search this Thread
Old February 14th, 2008, 02:48 PM   #1
roll-bar Bob
Senior Member
 
roll-bar Bob's Avatar
 
Join Date: 01-20-06
Location: M CITY
Posts: 2,794
iTrader: (3)
Mentioned: 0 Post(s)
Default Credit seore ????

I am paying off a credit card
What is better for my Credit seore

option 1

pay off the card and leave a $0 balance


or option 2

Pay off the card and send a letter requesting then to close the account




or does it matter
roll-bar Bob is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old February 14th, 2008, 02:49 PM   #2
Chiefwoohaw
Pokerob is my B*tch!
 
Chiefwoohaw's Avatar
 
Join Date: 11-06-05
Location: Cincinnati, OH
Posts: 11,509
iTrader: (7)
Mentioned: 0 Post(s)
Default

You want long standing accounts. Leave the $0 balance
Chiefwoohaw is offline   Reply With Quote
Old February 14th, 2008, 02:52 PM   #3
kickstand
sHaMoNe!
 
kickstand's Avatar
 
Join Date: 09-20-06
Location: fenton
Posts: 31,968
iTrader: (46)
Mentioned: 41 Post(s)
Default

412, is that good?
kickstand is offline   Reply With Quote
Old February 14th, 2008, 02:54 PM   #4
Roadhouse
DrivewayJeeper
 
Roadhouse's Avatar
 
Join Date: 11-05-05
Location: Sanford
Posts: 10,956
iTrader: (5)
Mentioned: 4 Post(s)
Default

Quote:
Originally Posted by UP_ROKTOY View Post
412, is that good?
dang....mines not that high.
Roadhouse is offline   Reply With Quote
Old February 14th, 2008, 02:55 PM   #5
Bones
skillicous
 
Bones's Avatar
 
Join Date: 11-06-05
Location: Dearborn Heights, MI
Posts: 11,558
iTrader: (37)
Mentioned: 3 Post(s)
Send a message via AIM to Bones
Default

leave the account open

cut up the card
__________________
Inviscid Motorsports

Special Thanks and Recommendations to;
Motorcity Machines
Ironman Offroad
Branik Motorsports
Maxxis Tires

Raceline Wheels
PAC Racing Springs
Joint Clutch and Gear
Bones is online now   Reply With Quote
Old February 14th, 2008, 02:57 PM   #6
roll-bar Bob
Senior Member
 
roll-bar Bob's Avatar
 
Join Date: 01-20-06
Location: M CITY
Posts: 2,794
iTrader: (3)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by Bones View Post
leave the account open

cut up the card
I cut the card up 2 years ago I am just now getting it payed off
roll-bar Bob is offline   Reply With Quote
Old February 14th, 2008, 03:00 PM   #7
steveo
In the band!
 
Join Date: 03-30-07
Location: montana/wyoming
Posts: 20,293
iTrader: (6)
Mentioned: 0 Post(s)
Default

you can check your credit report for free online through the federal credit report site. i check mine often on there. i have several small acount with 500-1000 credit each to build my score. as long as they dont charge a annual fee i leave them open.

Last edited by steveo; February 14th, 2008 at 03:04 PM.
steveo is offline   Reply With Quote
Old February 14th, 2008, 03:02 PM   #8
KartRacer
Blowd up
 
KartRacer's Avatar
 
Join Date: 11-16-05
Location: Riverside, MI 49084
Posts: 6,335
iTrader: (4)
Mentioned: 0 Post(s)
Send a message via AIM to KartRacer
Default

x3 in leaving it open. It helps your credit used / available credit ratio.
KartRacer is offline   Reply With Quote
Old February 14th, 2008, 03:02 PM   #9
Lemur
i don't much care for you
 
Lemur's Avatar
 
Join Date: 02-21-07
Location: Rochester Hills
Posts: 2,397
iTrader: (26)
Mentioned: 0 Post(s)
Default

Do not close the account...
Lemur is offline   Reply With Quote
Old February 14th, 2008, 03:06 PM   #10
Sluefoot26
Mudhowg's a Homo
 
Sluefoot26's Avatar
 
Join Date: 06-07-06
Location: Peoria, AZ.
Posts: 713
iTrader: (14)
Mentioned: 0 Post(s)
Default

Option 1
Sluefoot26 is offline   Reply With Quote
Old February 14th, 2008, 03:24 PM   #11
deuce228
Redneck Poser
 
deuce228's Avatar
 
Join Date: 11-07-05
Location: West Branch, MI
Posts: 7,971
iTrader: (8)
Mentioned: 0 Post(s)
Default

Some misinformation here.

Depends on your debt/credit available ratio if it hurts or helps.

Only you and the IRS will know that.
deuce228 is offline   Reply With Quote
Old February 14th, 2008, 03:49 PM   #12
Troll53
Lurker under the bridge
 
Troll53's Avatar
 
Join Date: 11-17-06
Location: Lapeer, Michigan
Posts: 277
iTrader: (2)
Mentioned: 0 Post(s)
Send a message via MSN to Troll53
Default

Quote:
you can check your credit report for free online through the federal credit report site. i check mine often on there.
A few years ago I had heard it is not good to be checking your credit that often. Not sure if that is still true.
Troll53 is offline   Reply With Quote
Old February 14th, 2008, 03:52 PM   #13
steveo
In the band!
 
Join Date: 03-30-07
Location: montana/wyoming
Posts: 20,293
iTrader: (6)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by Troll53 View Post
A few years ago I had heard it is not good to be checking your credit that often. Not sure if that is still true.
pretty sure thats false, a lot of company's check your credit for various reasons.. but on your credit report you can see how many times it has been checked.
steveo is offline   Reply With Quote
Old February 14th, 2008, 03:55 PM   #14
Chiefwoohaw
Pokerob is my B*tch!
 
Chiefwoohaw's Avatar
 
Join Date: 11-06-05
Location: Cincinnati, OH
Posts: 11,509
iTrader: (7)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by steveo View Post
pretty sure thats false, a lot of company's check your credit for various reasons.. but on your credit report you can see how many times it has been checked.
This is False. Every time a company checks it your credit score takes a slight hit. You can have a stop put on it where you have to authorize a credit check.
Chiefwoohaw is offline   Reply With Quote
Old February 14th, 2008, 03:59 PM   #15
steveo
In the band!
 
Join Date: 03-30-07
Location: montana/wyoming
Posts: 20,293
iTrader: (6)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by InBBA View Post
This is False. Every time a company checks it your credit score takes a slight hit. You can have a stop put on it where you have to authorize a credit check.
really? thats freaking lame. how much of a hit? i have excellent credit(for a 23 yr old) and have been building it since i was 18. every 6 months or so i check it to look for possible negative marks against it.
steveo is offline   Reply With Quote
Old February 14th, 2008, 04:01 PM   #16
Pokerob
hug life
 
Pokerob's Avatar
 
Join Date: 10-25-06
Location: G-Rap, MI
Posts: 10,148
iTrader: (25)
Mentioned: 1 Post(s)
Default

mine is just over 700 but i have only had loans
3 car loans (2 were co-signed)
1 home loan
0 credit cards - i would get myself in trouble!
Pokerob is offline   Reply With Quote
Old February 14th, 2008, 04:02 PM   #17
chris1044
Senior Member
 
chris1044's Avatar
 
Join Date: 11-05-05
Location: Lost in the mitten!
Posts: 2,027
iTrader: (4)
Mentioned: 1 Post(s)
Default

Quote:
Originally Posted by InBBA View Post
You can have a stop put on it where you have to authorize a credit check.

How?? I want to do it lol
chris1044 is offline   Reply With Quote
Old February 14th, 2008, 04:02 PM   #18
Chiefwoohaw
Pokerob is my B*tch!
 
Chiefwoohaw's Avatar
 
Join Date: 11-06-05
Location: Cincinnati, OH
Posts: 11,509
iTrader: (7)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by steveo View Post
really? thats freaking lame. how much of a hit? i have excellent credit(for a 23 yr old) and have been building it since i was 18. every 6 months or so i check it to look for possible negative marks against it.
For example, if you have a 715 and want a mortgage and have 6 companies check your score it's a very good possiblity that it'll drop below 700 when they are all finished checking.

It's more of a all at one time check like the situation above that you want to avoid.


There is that guy that post is social security # on the web because he just wants to prove how serious his company is against fraud. I know he provides that service but there are a lot of companies that you can pay to watch your score.
Chiefwoohaw is offline   Reply With Quote
Old February 14th, 2008, 04:06 PM   #19
Lothos
KD8GKB
 
Lothos's Avatar
 
Join Date: 11-17-05
Location: .5 past lightspeed
Posts: 6,506
iTrader: (3)
Mentioned: 0 Post(s)
Send a message via ICQ to Lothos Send a message via AIM to Lothos Send a message via Yahoo to Lothos
Default

the only credit checks that affect your score are ones you request. Companies buy the machines to do the checks and will often times simply run batch checks to hand out credit card offers. These dont count on your score.


Leaving $0 balance on an account and keeping it open will not raise your score. It will actually hurt you in some cases because you have too much available credit. The only time a CC helps your score is by you using it and paying it off. My advice, use it to buy your gas with and pay it off every month before the interest dings. Something simple.
Lothos is offline   Reply With Quote
Old February 14th, 2008, 04:08 PM   #20
KartRacer
Blowd up
 
KartRacer's Avatar
 
Join Date: 11-16-05
Location: Riverside, MI 49084
Posts: 6,335
iTrader: (4)
Mentioned: 0 Post(s)
Send a message via AIM to KartRacer
Default

Quote:
Originally Posted by InBBA View Post
For example, if you have a 715 and want a mortgage and have 6 companies check your score it's a very good possiblity that it'll drop below 700 when they are all finished checking.

It's more of a all at one time check like the situation above that you want to avoid.


There is that guy that post is social security # on the web because he just wants to prove how serious his company is against fraud. I know he provides that service but there are a lot of companies that you can pay to watch your score.
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.
KartRacer is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 09:42 PM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Page generated in 0.32753 seconds with 80 queries