Linked Questions

2
votes
1answer
286 views

Should I make small monthly purchases on ALL six of my credit cards and then pay off in full each month?

I am trying to rebuild my credit. I know it’s critical to establish a history of responsible credit usage. I’ve been diligently making small purchases on two of my three major credit cards every month,...
0
votes
1answer
92 views

How will “Final” closing down affect my credit score? [duplicate]

I recently opened up a new credit card with a company called "Final". That company has decided to close down (they did not go into details on why). In response to this, I have 2 questions: 1) How ...
1
vote
1answer
74 views

Credit card accounts and credit score [duplicate]

I m relatively a new resident in the US. I opened an account with BofA (oct/2016) and after struggles they approved me for their student secured credit card account (700$). After 4 months I applied ...
21
votes
4answers
7k views

How to recover from credit score hit from paying off loan?

My credit score recently took a dip after I paid off my student loans recently. When I look at the credit report via mint it shows a "not bad" rating for number of accounts opened. ("not bad" is the ...
9
votes
3answers
413 views

Should I cancel my first of five cards, which has a $300 limit?

I currently have five credit cards, four of which total $11,500 in credit, the other is a $300 line. I'm a recent graduate not making tons of money, so I don't spend more than $6k per year on things ...
0
votes
2answers
202 views

Switching Banks, Switch Credit Cards, too?

I'm moving to a Credit Union from my long-term bank. I have two credit cards already with the bank, and one card has a balance on it. I would prefer to consolidate and cut myself completely off from ...
1
vote
2answers
437 views

Worth canceling an old Amex Charge Card Account?

I'm looking for a bit of advice as whether or not it is worth canceling my Amex Charge Card. Currently, I am using an Amex Gold Card as my one and only card. I have had a Charge Card account with Amex ...
12
votes
3answers
2k views

Does having multiple credit cards contribute to “credit mix”?

Right now, the only credit account I have is one credit card, which I've had for about two years. If you don't count as debt the couple hundred dollars I put on that card and pay off in full each ...
1
vote
2answers
826 views

Impact of downgrading a credit card on credit history (specifically avg age of account)?

Does downgrading a credit card, from a premium card that has an associated annual fee to one without an annual fee with the same bank, impact the credit history? Assume that the credit line remains ...
1
vote
2answers
250 views

Closing a credit card with no debt to avoid annual fee

I have a credit card through my bank (in the US), which I've had for several years. I spent the last year outside of the US, so I got a second credit card from my bank - one with an annual fee (waived ...
6
votes
4answers
2k views

Automatic transaction on credit card to stay active

I have 4 credit cards. I use 3 of them frequently for individual purposes as they offer different cash back for different things. However there is one that I rarely use. Is there a way to set up ...
27
votes
4answers
6k views

How much does credit score matter?

The higher your credit score, the better. If you ever had the choice of two different credit scores, you are always better off preferring the higher one. However, while the utility of a higher score ...
2
votes
2answers
175 views

Does closing accounts lower one's credit score?

Does closing accounts lower or increase one's credit score, or does it depend?
9
votes
1answer
1k views

If Sears is canceling my account that hasn't been used in years, will it hurt my credit score?

I have a Sears credit card that I haven't used in 14 years. They have recently contacted me and told me that if I don't make a purchase by Nov. 30, that they will cancel my credit card. If they (not ...
19
votes
3answers
2k views

Should I keep a credit card open to maintain my credit score?

I have a credit card that was opened when I first got out of college, and was my first credit card. Since then, I have switched to cards with rewards, figuring that since I pay it in full each month, ...