Credit score question...?

Answers:3   |   LastUpdateAt:2012-11-02 17:42:02  

Question
Gab
Asked at 2012-08-15 14:37:39
I'll give some details later , my main question is how can pay and closing an account , and closing a credit card paid affect my credit score. I'm definitely about to pay the first, but debate on the closure of the second.

I'll try to give as much information without giving too much personal information :
25 years of age.
The current results are 686, 686, 672.
I have 78,000 in real estate debt .
11000 of installment debt (2900 this is an unsecured loan and the rest are school loans that are deferred until I graduate )
I have two credit cards open an account through my main bank has a very low interest and try to keep the balance low on it , the other is a card of Lowe , has zero balance and only $ 500 limit of what I'm thinking of closing.
I'm about to pay the last $ 87 in a motorcycle loan $ 6,300 I have.

Sell ​​my house for my in-laws and trying to see what my score will be like before you consider buying a bigger house.
Any idea how much my score will be affected by the payment of the loan of the bike , and best left Lowe card open or close the account? I have only two revolving credit accounts and is one of them , so do not know if it would hurt or help close it. Thank you !
Answer1lisetteAnswered at 2012-08-21 00:02:26
Closing accounts negatively affects your score b / c it reduces your available credit (increasing the proportion of your available credit against debt ) . MedlinePlus MedlinePlus Close Lowe card will not do much , but with help , and if you do not charge fees , you might have and do not use it .
Answer2vaneesaAnswered at 2012-10-03 16:10:31
In closing credit cards affect you negatively : MedlinePlus 1. You could be the closure of its old credit card account . MedlinePlus " Length of credit history " is 15% of your FICO . MedlinePlus Only close if accompanied by an annual fee , and never worth it. MedlinePlus MedlinePlus 2. You will be reducing the amount of cash available unused on all your cards combined . MedlinePlus Future creditors like to see cards with cash on hand . MedlinePlus shows creditworthiness ---- MedlinePlus Make sure you pay on the loan motorcycle for at least a full year to score his benefit . Pay an installment loan for over a year MedlinePlus brings no benefit . Lowe leaves open the card . Used to something very small every 6 months to keep the activity going. Pay the amount in full when the bill arrives in the mail. Carrying balances brings no benefit to the scores ( a myth ) . MedlinePlus Pay your credit card with your bank in full each month. MedlinePlus No games of carrying balances available ( or no interest ) .
Obtain a statement that says $ 0. MedlinePlus Then start using the card for the little things you need, like gas and pay in full each month. MedlinePlus You will end up with a pretty amazing credit thus MedlinePlus ---- MedlinePlus The payment of the motorcycle can not change your rating at all MedlinePlus BUT .. it will increase your debt - to-income ratio . MedlinePlus A prospective lenders strongly focus on numbers
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