Creditopics.com

Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

3 Responses

1. . Says:
   December 19th, 2008 at 3:28 pm 1

   Open cards help your credit score by lowering the percentage of credit in use.

2. peacefulwaterwolf Says:
   December 20th, 2008 at 8:13 pm 2

   yes! Yes!
   it will still be on your credit reporting up to 2 years.
   But it was in good standing so it would not effect it that much.

3. Smoovy Loco Says:
   December 22nd, 2008 at 4:58 am 3

   Here’s the problem with what you’re wanting to do. Even though you may not be using it, closing the account especially after it’s established will do you more harm than good to close it by 1. decreasing the amount of available credit that you have making it look like you have more debt than available credit, 2. Shorten the average age of your accounts making it look like you’ve established credit more recently that you have, 3.Shorten the payment history on the accounts you have open, and 4. disrupt the mixture of revolving and installment accounts.

   My advice would be to start use it again, but use it lightly, even if it’s like $20 a month, just enough to show activity to build credit. Credit is designed to where if you apply for it and get it, you sure better use it, and use it wisely, ir else your score will suffer.

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