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post #1 of 22 (permalink) Old 09-26-2006, 08:37 AM Thread Starter
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Canceling Credit Cards?

I have quite a few credit cards I have received over the years and I really only need one of them at this point. I have heard that it looks bad on your credit report to cancel a credit card. I have one or two that have annual fees I would like to get rid of.

What effect, if any, does canceling a credit card have on your credit report/score?
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post #2 of 22 (permalink) Old 09-26-2006, 08:49 AM
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try calling credit card company and ask them to remove the annual fee.

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post #3 of 22 (permalink) Old 09-26-2006, 08:50 AM
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get rid of the ones with annual fees. In this day and age, unless you are racking up serious charges to get the benefits, it's not worth the annual fee.

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post #4 of 22 (permalink) Old 09-26-2006, 09:02 AM
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Gixx could speak better to this.

Canceling them as long as they have no balance probably has no negative effect except to get more offers in the mail.

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post #5 of 22 (permalink) Old 09-26-2006, 09:03 AM
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This is not true......


When you are considered for credit they add up all the possible credit
as one of the factors they consider.... 2K here 4K there 10 K there
all adds up ..... even if the balance is zero.

As long as the payment history on the cards is good, cancelling them
poses no risk to your credit rating.... in fact it improves it a bit as
discussed above.


To maintain a good heatly credit rating..... have a reasonable amount
of credit availble.... use it periodicly... and pay it religiosly.


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post #6 of 22 (permalink) Old 09-26-2006, 09:04 AM
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if you do get rid of any, keep the ones u have had the longest...but if the newer ones have larger amounts available to put on the card, call the companys that you want to keep and get them to bump you up...and also tell them that if hey dont lower your yearly apr, that you are gonna dump them...

100% of the time they will do it all...unless you did it already in the last 6 months

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post #7 of 22 (permalink) Old 09-26-2006, 10:18 AM
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It depends on your situation. Like, let's say you have 2 credit cards, this one with $5000 limit and another with $500 limit. If you close this one with 5 grand limit and leave the other open, and let's say the other one has a balance of $250, then yes, your credit score will go down. You had over %90of credit available to you, and if you close that $5000, now you only have %50 of credit available to you, which will affect your score.

I agree with what someone else said, call the cc company and ask them to get rid of that annual fee. If you've been a good customer for a year or two with no negative marks, chances are, they will remove it. If you have 7 credit cards with high credit limits and no high balances then just close it, it won't affect your score, if it does, more then likely it will have a positive affect on your score.

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post #8 of 22 (permalink) Old 09-26-2006, 10:39 AM Thread Starter
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The ones I'm looking to close have $500 limits I believe. I have about $400 of CC debt on a different card.

I'll be purchasing a home next year and don't want this to effect my rate...Sounds like I should be alright though. First I am going to try to have them waive the annual fee's.

Thanks for the help!
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post #9 of 22 (permalink) Old 09-26-2006, 11:34 AM
 
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if you have the cards that are that low then just ask for the limit to be raised, and the yearly fee to go away... i have been doing credit repair for about 5 years and been a mortgage broker for 7... i really know what works because i have been there with all different types of people and credit...
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post #10 of 22 (permalink) Old 09-26-2006, 11:41 AM
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Quote:
Originally Posted by zeusrotty
if you have the cards that are that low then just ask for the limit to be raised, and the yearly fee to go away... i have been doing credit repair for about 5 years and been a mortgage broker for 7... i really know what works because i have been there with all different types of people and credit...
Credit repair??? As in credit counselor, or one of those shady credit repair companies? I analyze actual files and test cases everyday for the actual bureau, Experian. I deal with hundreds of cases on a day to day basis to see how exactly affects your score and report.

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post #11 of 22 (permalink) Old 09-26-2006, 01:49 PM
 
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Yeah credit repair? I did that myself, just got my credit reports, then disputed almost everything month by month. Took about a year but I got several things deleted. Made a huge impact becuase Sprint never told anyone that I payed them, So I had a collections with them for like 2 years, didn't even know about it. Just disputed with experian, Trans Union and Equifax
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post #12 of 22 (permalink) Old 09-26-2006, 02:58 PM
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Quote:
Originally Posted by achapman
Yeah credit repair? I did that myself, just got my credit reports, then disputed almost everything month by month. Took about a year but I got several things deleted. Made a huge impact becuase Sprint never told anyone that I payed them, So I had a collections with them for like 2 years, didn't even know about it. Just disputed with experian, Trans Union and Equifax
Well yeah, that is just disputing info on your credit report. Companies have 30 days to reply to your dispute, and if they don't reply it gets changed to whatever you said was correct, so if you were just trying to get it off your report for no reason, yes, they might not respond and you might get lucky. However larger companies have a low percent of not responding, most (larger corporations) have a 98% or higher rate of responding to those disputes, so you're lucky if they don't. I handle Citi, and they have a 98-100% rate almost every month. It's the smaller companies, and collection companies that you have about a 50/50 chance with them not responding to your dispute.

Then, of course, if your dispute is ligit then everything will get changed in 30 days on your report, as long as the company confirms that your dispute is truthful, or they can just send it back asking for there not to be any changes made to your report, and nothing is changed.

I was speaking of those companies out there that say they can "repair" your credit and you just pay them 30 bucks a hour or whatever, for them to repair it, but their is no such thing. They can give you advice on what to do to make it better, but there are not ways for a company other then the CB to make changes to your report. Not sure about the other CB's, but Experian doesn't even let these credit repair companies become a member.

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post #13 of 22 (permalink) Old 09-26-2006, 05:14 PM
 
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Quote:
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Credit repair??? As in credit counselor, or one of those shady credit repair companies? I analyze actual files and test cases everyday for the actual bureau, Experian. I deal with hundreds of cases on a day to day basis to see how exactly affects your score and report.

oh thats funny, now that you have a job with experian, i have a shitty credit repair company. what i do is i take the time to help my clients figure out what the three biggies arent getting right, or needs to be adjusted. do you have any idea how many times your company as well as tu and exp have been sued for just not getting it right? and you usually lose or give in... i dont get why you call them shady... its all business, for experian and the consumer...nothing personal, just business. none the less, i am not shady, i help the people i can, and dont fuck anyone. credit repair can be a time consuming tedious battle, and some people just dont have time for it. so i help them.
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post #14 of 22 (permalink) Old 09-26-2006, 05:16 PM
 
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Quote:
Originally Posted by achapman
Yeah credit repair? I did that myself, just got my credit reports, then disputed almost everything month by month. Took about a year but I got several things deleted. Made a huge impact becuase Sprint never told anyone that I payed them, So I had a collections with them for like 2 years, didn't even know about it. Just disputed with experian, Trans Union and Equifax


thats exactly what i do, but i do it for people that dont have the time or the resources for it.
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post #15 of 22 (permalink) Old 09-26-2006, 05:25 PM
 
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Quote:
Originally Posted by Gixx
Well yeah, that is just disputing info on your credit report. Companies have 30 days to reply to your dispute, and if they don't reply it gets changed to whatever you said was correct, so if you were just trying to get it off your report for no reason, yes, they might not respond and you might get lucky. However larger companies have a low percent of not responding, most (larger corporations) have a 98% or higher rate of responding to those disputes, so you're lucky if they don't. I handle Citi, and they have a 98-100% rate almost every month. It's the smaller companies, and collection companies that you have about a 50/50 chance with them not responding to your dispute.

Then, of course, if your dispute is ligit then everything will get changed in 30 days on your report, as long as the company confirms that your dispute is truthful, or they can just send it back asking for there not to be any changes made to your report, and nothing is changed.

I was speaking of those companies out there that say they can "repair" your credit and you just pay them 30 bucks a hour or whatever, for them to repair it, but their is no such thing. They can give you advice on what to do to make it better, but there are not ways for a company other then the CB to make changes to your report. Not sure about the other CB's, but Experian doesn't even let these credit repair companies become a member.


im not trying to be a dick, but that kinda shows how little you know about it all... if you have a late with citi, and you write them a goodwill letter stating the reason you were late and what you did and so on, 9 times out of 10 they will change the lates... i draft the letter have the people sign it and fax it to citi... no more lates and the score goes up. thats just one of about 20 different ways i help people... and what if a company has the wrong info on a client? the client can dispute all they want, and the cb is just going to keep on reporting it... i can dispute the account with the actual creditor and or collection company, and get it taken off. i have helped friends with this and people on this board as well... just because its being reported to experian one way, doesnt mean its correct. there are usually errors on everyones reports. i use my negotiating skills to make things better... especially on things like medical collections and such.

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post #16 of 22 (permalink) Old 09-26-2006, 05:29 PM
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It's good to know we have Gixx and zeusrotty on here. I'm about to buy a car and am going to check my credit report before getting financing. If something is askew I know where I can get help.

BTW, I sure could have used you 5 years ago when I had tons of errors on my credit report... actually there is a name error on my report but I'll send a PM as not to jack this thread.

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post #17 of 22 (permalink) Old 09-27-2006, 09:48 AM
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Quote:
Originally Posted by zeusrotty
im not trying to be a dick, but that kinda shows how little you know about it all... if you have a late with citi, and you write them a goodwill letter stating the reason you were late and what you did and so on, 9 times out of 10 they will change the lates... i draft the letter have the people sign it and fax it to citi... no more lates and the score goes up. thats just one of about 20 different ways i help people... and what if a company has the wrong info on a client? the client can dispute all they want, and the cb is just going to keep on reporting it... i can dispute the account with the actual creditor and or collection company, and get it taken off. i have helped friends with this and people on this board as well... just because its being reported to experian one way, doesnt mean its correct. there are usually errors on everyones reports. i use my negotiating skills to make things better... especially on things like medical collections and such.
You obviously didn't read what I said AT ALL. I never said just because it's being reported to us that way, that it's correct. Tell me where I said that at all?!? Yes, there is a TON of WRONG info that creditors report to the CB's. YES, you can dispute it directly with the creditor, never said you couldn't. Go back and re-read my post. Yes, if you write citi about the late, chances are they will change it, never said they wouldn't, you can easily do that with the CB as well, but if you were truely late, then you'd be better off disputing it directly with the creditor, because the person who handles disputes @ a creditor will just check the acct, see a late payment and send the dispute back to the CB saying verified....again, not sure what post you read. What I said was, when you dispute an error directly with the CB's, the creditors have 30 days to respond, if they don't respond, the dispute is in your favor, and it's updated as you said it should be, so if you say, not my debt, and the creditor doesn't respond, guess what, the tradeline is deleted. However a lot of the larger companies WILL RESPOND to your CB dispute. So if people are out there trying to dispute info with the CB's that is correct, but it is negative info, they don't want it on their report, so they just dispute it over and over again (which happens all the time) hoping that the creditor will not respond and it'll be changed in their favor, this doesn't always work with the bigger creditors. It works almost 50% of the time with smaller collection companies and smaller creditors. But what do I know, I just do this for a living, and I have to go to credit classes every month that the CDIA makes mandatory for us

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and what if a company has the wrong info on a client? the client can dispute all they want, and the cb is just going to keep on reporting it
not sure what you mean by this?? The CB's only report what they are told to report, so many people are wrong about this. They send US the data, we put it on the report. If the creditor updates their data, we update the report, it's that easy. If the creditor makes a correction to data they reported to us 3 months ago, we will update it when we receive that correction through a little service called e-oscar or through when we received a UDF. Now if a creditor reports a wrong social to us, well we have to keep that social on the report until the consumer disputes that it is incorrect, it's part of strict guidelines that the FTC and FCRA has on CB's. If the consumer disputes it, and tells us that, that is not their social, it will be removed from their credit report once we verify with the social security office that, that social does not belong to them. Once again though, I know nothing about this because I don't do it for experian day in and day out and you know everything, and are never wrong.

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post #18 of 22 (permalink) Old 09-27-2006, 10:12 AM
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Quote:
Originally Posted by zeusrotty
oh thats funny, now that you have a job with experian, i have a shitty credit repair company. what i do is i take the time to help my clients figure out what the three biggies arent getting right, or needs to be adjusted. do you have any idea how many times your company as well as tu and exp have been sued for just not getting it right? and you usually lose or give in... i dont get why you call them shady... its all business, for experian and the consumer...nothing personal, just business. none the less, i am not shady, i help the people i can, and dont fuck anyone. credit repair can be a time consuming tedious battle, and some people just dont have time for it. so i help them.
Not reading my posts again are you? I didn't say shitty credit repair, I said shady, never said yours was shady either, it sounds more like a credit counseling company anyway, and those companies do help consumers who are clueless about their credit. Their are plenty of shady credit repair companies....some will even try and add false tradelines to consumers credit reports that report good info, they do that, of course until they are busted. I'm sure just as any other company, their is legal stuff going on all the time, we have a department for that, and I don't care about it much, nor do I pay attention to that department, as I have more important things to focus on. What I know is that if creditors don't get their shit straight and give us proper data, we can't report proper data. We have companies that we battle day in and day out to send us proper data. If a company keeps telling us that a consumer is late every month on their cc payment, when they truly are not, we can't do anything about that. We have to report what the cc company tells us to report. We actually have a VERY large cc company that is actually sending us wrong data on over 5000 consumers, last month and again this month they sent us data that the consumers were 30 days late and now they are 60 days late. Is it our fault? No. Do we have to put it on the consumers report? Yes. This month it should all be fixed. The large cc company are sending in over 5000 UDF's for last month and this month, and the deparment that does that will be spending hours correcting the data. However if they don't send us those forms, or send the correction into us electronically, we cannot just correct the data.

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post #19 of 22 (permalink) Old 09-27-2006, 02:17 PM
 
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Not reading my posts again are you? I didn't say shitty credit repair, I said shady, never said yours was shady either, it sounds more like a credit counseling company anyway, and those companies do help consumers who are clueless about their credit. Their are plenty of shady credit repair companies....some will even try and add false tradelines to consumers credit reports that report good info, they do that, of course until they are busted. I'm sure just as any other company, their is legal stuff going on all the time, we have a department for that, and I don't care about it much, nor do I pay attention to that department, as I have more important things to focus on. What I know is that if creditors don't get their shit straight and give us proper data, we can't report proper data. We have companies that we battle day in and day out to send us proper data. If a company keeps telling us that a consumer is late every month on their cc payment, when they truly are not, we can't do anything about that. We have to report what the cc company tells us to report. We actually have a VERY large cc company that is actually sending us wrong data on over 5000 consumers, last month and again this month they sent us data that the consumers were 30 days late and now they are 60 days late. Is it our fault? No. Do we have to put it on the consumers report? Yes. This month it should all be fixed. The large cc company are sending in over 5000 UDF's for last month and this month, and the deparment that does that will be spending hours correcting the data. However if they don't send us those forms, or send the correction into us electronically, we cannot just correct the data.


thats exactly my point on your first response to my post... you know you have bad info, yet you continue to report it, damaging peoples credit... yet you sit there and call other repair companies shady... yes some of them are shady, mine isnt, but some are... but doesnt it seem kind of shady when you are reporting information that isnt correct. AND YOU KNOW IT? i am not saying its your fault, but when you refer to those other repair companies as shady, wouldnt that be the pot calling the kettle black? this wasnt meant to piss on you personally, but when you refer or infer that i could be a shady repair company, you are making a statement without even realizing the ramifications it could have on my business or even my reputation. and shitty or shady... same negative thought pattern...
by the way, i currently have a client that is being severely effected by a credit card company because of false reporting, and it is strikingly similar to the one you just informed us all of. so now he has to wait, to pay the fee to adopt a child because he cant refi his home at an acceptable rate because of the tradline!!!! NOW THATS SHADY!!!
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post #20 of 22 (permalink) Old 09-27-2006, 02:32 PM
 
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You obviously didn't read what I said AT ALL. I never said just because it's being reported to us that way, that it's correct. Tell me where I said that at all?!? Yes, there is a TON of WRONG info that creditors report to the CB's. YES, you can dispute it directly with the creditor, never said you couldn't. Go back and re-read my post. Yes, if you write citi about the late, chances are they will change it, never said they wouldn't, you can easily do that with the CB as well, but if you were truely late, then you'd be better off disputing it directly with the creditor, because the person who handles disputes @ a creditor will just check the acct, see a late payment and send the dispute back to the CB saying verified....again, not sure what post you read. What I said was, when you dispute an error directly with the CB's, the creditors have 30 days to respond, if they don't respond, the dispute is in your favor, and it's updated as you said it should be, so if you say, not my debt, and the creditor doesn't respond, guess what, the tradeline is deleted. However a lot of the larger companies WILL RESPOND to your CB dispute. So if people are out there trying to dispute info with the CB's that is correct, but it is negative info, they don't want it on their report, so they just dispute it over and over again (which happens all the time) hoping that the creditor will not respond and it'll be changed in their favor, this doesn't always work with the bigger creditors. It works almost 50% of the time with smaller collection companies and smaller creditors. But what do I know, I just do this for a living, and I have to go to credit classes every month that the CDIA makes mandatory for us



not sure what you mean by this?? The CB's only report what they are told to report, so many people are wrong about this. They send US the data, we put it on the report. If the creditor updates their data, we update the report, it's that easy. If the creditor makes a correction to data they reported to us 3 months ago, we will update it when we receive that correction through a little service called e-oscar or through when we received a UDF. Now if a creditor reports a wrong social to us, well we have to keep that social on the report until the consumer disputes that it is incorrect, it's part of strict guidelines that the FTC and FCRA has on CB's. If the consumer disputes it, and tells us that, that is not their social, it will be removed from their credit report once we verify with the social security office that, that social does not belong to them. Once again though, I know nothing about this because I don't do it for experian day in and day out and you know everything, and are never wrong.


again i was just trying to show you how us shady credit repair companies work to actually help people get around the credit maze. it was an example, not a dig on you. i am so sorry you feel like you need to defend yourself. i am just going by actuall occurences that i have delt with for my clients. i understand you report what you are told to report, and i make sure that you do... and if you report the cc companies info that they themselves have wrong? do you believe that makes you right? people need credit for various reasons, and some are better than others, but who are you (your company) to keep it on there? people can get or not get jobs because of credit, bikes, cars, homes, sex toys ect... what makes you the good guys? I am not saying you are shady, i have ridden with you, and like you as a person, but the cb do have some policies that are just ridiculously shady... and i just find the loopholes to get around or through them.

as far as me knowing everything and never being wrong, you obviously know me well from the short time we have spent together...
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post #21 of 22 (permalink) Old 10-04-2006, 09:09 PM Thread Starter
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Posts: 2,427
Location: Lombard, IL
Sportbike: 2002 YZF-R1
Years Riding: A few days since yesterday
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Not on the original same topic...

But I have 3 bad credit marks from when I was 18 or 19. These went onto my credit report about 7 years ago.

Do these come off in 7 years from the time they went on, or 7 years from the time I settled them? I didn't settle them for another year or two after they went on.

Just curious, as my credit score is above 700 finally, but I still have these 3 bad marks on my history.
Keyhole is offline  
post #22 of 22 (permalink) Old 10-04-2006, 09:14 PM
 
Join Date: Jul 2002
Posts: 1,028
           
Quote:
Originally Posted by Keyhole
Not on the original same topic...

But I have 3 bad credit marks from when I was 18 or 19. These went onto my credit report about 7 years ago.

Do these come off in 7 years from the time they went on, or 7 years from the time I settled them? I didn't settle them for another year or two after they went on.

Just curious, as my credit score is above 700 finally, but I still have these 3 bad marks on my history.


if they are more than seven years old to the day, just dispute them as just plain to old... they will come right off.
zeusrotty is offline  
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