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Credit score

Wanting to consolidate but have mark on credit report

Has anyone found a good and reasonable place that will give someone a credit line for consolidation who has one bad mark on their credit report? I just came off a bankruptcy and thought I’d be able to get such a consolidation loan so I could just pay one place and perhaps get out of debt faster.

But unfortunately my niece didn’t pay a bill that my name was unfortunately on, and she didn’t tell me about this so it ended up in Collections and I just happened to stumble on it while doing a credit check on myself.

The debt was settled but apparently this little gem stays on my report 7 years. All my bills are paid on time; just this thing is getting in the way of me trying to get a low-interest card or loan. Just wondered if anyone has found a place that may take this into consideration and give me a chance.

You don’t want to close your oldest accounts

You don’t want to close your oldest accounts because the “age” of your credit report is a good % of your credit score. Your history of paying debts on time is the largest chunk, 30% or so. You have to just stop buying things with the credit card and save up for your shoes. Esp. if you don’t have the discipline to pay the bill in full each month.

I hear suze orman say one time, closing a card is like closing the history to that account. I guess it looks better to have it show that you have 50000 in available credit and you only are using 3000 of it. Versus if you close those accounts down, its as if you never owned or had that to your accuntability. Something like that.

Discipline… can also be that my hours got cut and I could not pay the full amount this month.

In retail, most all bets are off unless you are full time employed. I was working 30-32 hours a week, but this next week, for example I am cut to 18, as all P/T people are for payroll/budgeting purposes, but then they emailed me asking me to come in two hours early tomorrow.

Sometimes, the best laid plans are snuffed when SSI holds your bennies back a month early, in this case, keeping them from me THIS month instead of in February as they SAID they would do in their letter to me.

Understanding what you are saying, but I request the use of the word ‘discipline’ be taken off. I have always been disciplined enough to pay full or more than minimums, but this month I got 2 curve balls thrown at me. Hours and SSI.

Id rather have it closed than 3 thousand on a cc bill with 50000 available credit… thats just me… lol

Unless you closely monitor all correspondence you receive from the CC companies where you have zero balance, you may find yourself caught with a change to the terms and they begin an annual fee. You do not see them inform you, you throw the statements away without really looking at it because you do not owe anything. Next thing you know, you have tons of late fees, interest and their collections calling.

This caught up on an estate I am executor on. It took a lot of arguing with management on their part to drop all charges and close the account. I basically told them I wasn’t sending any money and if they wanted to sue the estate for $220 something that this had climbed to, all because they added a $75.00 annual fee and I never looked at it. This was the same company that kept making it difficult to acknowledge the creditor was dead and I was the executor.

Long story short, Suze Orman and the like want you to live in the FICO world and you do not have to.

I have a ton of accounts. In the 80s, collecting credit cards was like a hobby. 😮 I’m considering closing one account. It’s not my oldest account or cc with biggest line of credit. And I like what someone else said — we only need to worry about our FICO score if we plan to borrow again. 🙂

Payday loans lenders also look at how many open accounts you have.

Can you file for unemployment in this case? I used to work for a company where there was no business coming in. Some weeks we’d work 40 hours, others nothing. At the time it wasn’t so easy to apply for unemployment (online) in California but if I worked for someone like that now, I’d be filing each week. It raises the employer’s unemployment tax and doesn’t look good for them.

In Michigan we’re allowed to file for underemployement. It’s done like regular unemployment with calling in every other week to report any earnings then we get mailed a check a few days later. One drawback is that it only lasts for a set period of time. An advantage is that it can help make up for the difference in wages. I’ve done this the last two years when my job is cut from January to March. The first time I just had to provide info about my earnings for the last either year or 18 months, I don’t remember which. Going from 30 hours a week to 15 was a major income loss so I really needed those checks just to survive. Hope this helps.

I had that happen to me. I had paid of an account, then moved. 6 months later I was receiving late fees for a $30 membership fee they had been charging me for NOT using the credit card. I called and complained and told them I wanted to close the account and never look back. They actually took off the charges, brought me back to $0 and closed the account.

Closing accounts and credit score

I’ve heard and read that closing accounts looks bad on one’s credit report. Does this count for main VISA and Master Cards AND ‘Store’ cards?

I have a Target VISA I would like to pay off and lose. I cut the card up, because that VISA Logo makes it too easy to use anywhere.

I have a Penny’s card I have had from 1993 and would like to perhaps close it because I keep resorting to it for clothes and shoes. My feet (Diabetes too) are narrow and they have my sizes. I cannot go to payless or whatever, as they haven’t got the proper sizes for my feet… I owe them about $400.00 and when it is paid off I’m thinking of closing it.

I’m OK on shoes and such, so I was thinking of unloading some of the plastic here. No, I don’t want a great score so I can borrow, I just want a clean rep mainly. Opinions on closing store accounts would be read with interest.

credit scoreI believe it looks better to NOT close them. Just cut them up and you cannot use them and you are safe. I dont plan on closing any of mine. I forget how it was explained to me but it has something to do with the amount of total credit you can get and when you close them it effects that somehow.

DO NOT! I REPEAT – DO NOT! Close your accounts.. Your open accounts, no matter the circumstances are your credit “history” if you close them, you are deleting part of your past. Keeping them open shows that that company has entrusted you with credit throughout the years. If you close your account, your credit score will drop immediately. I just bought a house and learned this. I thought the same thing, pay off the card and close the account, I called the company to close it. My lender scolded me and had me call back to cancel my cancellation of the card. Instead just keep the debt on your cards below 50% of the limits.

Just my opinion here but if you have had that JCPenny card since 1993 I personally would’nt close it, unless your other cards are in the same age range or they charge you an annual fee etc. The longer you have had accounts open the better your score.

Don’t some cards close themselves if they’re inactive for a while? That’s why they tell you to use it once a year or something?

So long as everyone knows you just keep playing their game. A FICO score is an “I LOVE DEBT” score. If you read how the fair Isaac works, having a bunch of credit cards with nothing on them can also hurt you. Particularly when you are trying to purchase a house with marginal credit or nothing down. They figure you will turn around and max the cards on furniture and improvements and not make your mortgage. Could turn you down or give you less than optimal rates.

I had a card send me a letter once it was funny…It said something like “due to business reasons we are closing your account” because I hadn’t used my Discover Card in over 5 years. So there are some that will close automatically, but I don’t think there are many of them. I at one time had 2 credit cards sending me statements back because I had an extra dollar on it, so they sent me a statement every month. I was like sweet, I’ll just make them send me a statement and waste money because I have a credit of $1.00. That lasted about 6 months, then they sent me a check and closed it lol. Maybe I’ll do that on some other ones just for kicks.

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