Things to Consider Before Closing Credit Card Accounts by toriola1

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									Presented by Daniel Toriola
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Things to Consider Before Closing Credit Card Accounts By Elizabeth Williams

Consumers are often confused when it comes to the proper way to handle credit card accounts that they will no longer use. Whether you should keep or close your account depends on a number of factors unique to your situation. Here are a few items to consider before making your decision. Credit Score and Credit History- How long have you had the account in question? Credit history accounts for 15% of your credit score. When you close an account the history is lost as well which can cause your credit score to drop. As if losing your credit history is not enough, you should also know that closing accounts increases your debt to credit ratio. When you combine both factors your credit score may drop significantly. Lenders will still be able to view the history of the account on your credit report but it will no longer be included in credit score calculation. Remember other lenders use your credit score to determine the risk of doing business with you. If you are perceived as a high risk, you will pay dearly in higher interest rates and premiums. Debt Elimination- Closing credit card accounts will not magically erase the debt that you owe. In fact you cannot truly close an account that has a balance remaining. You can however close your account to future purchases. When you close a credit card account that has a balance your available credit will automatically be reduced to $0. Unfortunately your balance remains which means your credit card account will appear maxed out until your balance is paid. For this reason you should carefully consider your options before closing an account which has an unpaid balance. Fraud Prevention- In many cases consumers want to close unused or inactive accounts to lower the risk of identity theft or credit card fraud. This is a valid concern since these types of fraud are on the rise recently. Before closing an account, carefully consider the pros and cons of closing the account. Are their other ways you can decrease the risk of fraud? Which option will cost you more money in the long run? If you feel strongly that closing an account is the best course of action, carefully consider which account(s) you want to close. Try to pick the account(s) which will have less of an impact on your credit. Closing credit card accounts can have a significant negative impact on other areas of your life. There are few situations where the benefits outweight these negative consequences. As the economy struggles to pull out of a recession consumers must make every effort to reduce debt, increase saving and improve credit ratings.
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Presented by Daniel Toriola

Understanding the basic principles of personal finance such as budgeting, money management, and investing is required to survive financially. The current state of the economy should serve as a warning that families cannot continue to live beyond their means. The economy will recover and families will get back on track eventually; hopefully the lessons learned will not soon be forgotten. Elizabeth Williams, Editor-in-Chief for http://CreditCardFlyers.comNeed to transfer higher interest credit to a lower interest credit card to save money? http://CreditCardFlyers.com is the leader in online balance transfer offers.  Compare balance transfers and find the one that meets your needs.

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Presented by Daniel Toriola
3 Deadly Credit Fixing Mistakes That Will Sabotage Your Credit Score By Alex Navas

The credit fixing process is very delicate since you are trying to do anything in your power to boost your credit scores. However, there are 3 critical things that will completely destroy your credit score and set you back much further than where you started. With this in mind, here are the 3 deadly credit fixing mistakes that will sabotage your credit score. Mistake 1 - Closing Your Credit Card Accounts Many people in the credit fixing process are under the impression that closing their credit card accounts will help them boost their credit scores. That couldn't be further from the truth. The minute you close your accounts you lose both a trade line on your credit and the total amount of years of credit you had with that account. Mistake 2 - Not Keeping Proper Track Of Your Bills This is a big one because once you skip a payment and the account goes over 30 days past due, you could expect the credit reporting agencies to give you a 30 day late on your credit report. The truth is it doesn't matter if you lost, misplaced, or never received the bill - it is your responsibility to pay that account and failure to do so will definitely hurt your credit score. When you are trying to fix your credit, it is a must to keep track of your bills to make sure they are paid on time. Mistake 3 - Applying And Acquiring Many New Accounts At Once You may be asking yourself, "Isn't it important to have credit to get a good credit score?" That's true, but if you get it all at once, a few things happen. First, your credit score will drop because of the many credit inquiries that were made. The second and more critical effects of acquiring new credit all at once, especially when you are in the credit fixing process, is that the age of your credit will dramatically decrease. Let's say you had 3 credit cards that you've had for the last 3 years. The average age of your credit is 3 years. However, let's say you just received 3 new cards this month; the average age of your credit has just dropped to one and a half years. The length of time that you've had credit is very important to your credit fixing process and credit scoring overall. So there you have them, the 3 deadly credit fixing mistakes that will sabotage your credit score. Don't fall into these traps or your credit score will be damaged and it will take you much longer to get everything back in order. With a little bit of knowledge about what you should and shouldn't do to fix your credit, your high credit score is more achievable than you think!

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Presented by Daniel Toriola

Get your copy of the Credit Secrets Special Report that will show you the exact steps to quantum leap through the credit fixing process and dramatically boost your credit score in under 30 days at http://www.CreditScoringSecretsRevealed.com .

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Presented by Daniel Toriola

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