New answers tagged credit-history
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Just relax! Your credit score is great and you don't need to open another credit card.
However, there is no ideal number as such that can be recommended to any individual when it comes to credit cards. Although having a few cards can be a real blessing, too many of them is not a desirable thing as you can spell trouble in ways more than one. This is a ...
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Which is worse for credit score: Bank closure for inactivity, or consumer closure, of a credit card?
It is highly doubtful that an account which is inactive would be left open by the bank for "years".
Most banks do a good job at winnowing out accounts with no activity in fairly short order. In many cases this can be as little as six months (with NO activity at all, mind you), while others may allow for longer, but almost certainly not years.
There ...
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Which is worse for credit score: Bank closure for inactivity, or consumer closure, of a credit card?
Both are worse but it also depends on the scoring module.
When you close a credit card account or it gets deactivated, your credit limit for that card gets reduced from your overall credit limit which in turn increases your overall credit utilization ratio. If the overall ratio goes beyond 70%, your credit score might get impacted.
Canceling a credit card ...
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Which is worse for credit score: Bank closure for inactivity, or consumer closure, of a credit card?
I think the answer could likely vary across scoring models, but in general, I would say neither is worse than the other, because most scoring models don't consider it. From the horse's mouth (dated January 26, 2017):
In the past, a statement that the account was closed by the lender was considered negative. That is no longer the case. People today open and ...
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