I have 8 credit cards. They're payed off. Would it help my credit score to cancel a couple of them?
It probably will not have a huge impact.
I think the best thing you can do to prevent yourself from using the card (s), is to shred them! That is what I did years ago when I was so far in debt from credit card bills. By not having them, that stops you from spending. When I did this 11 years ago, I only kept a Visa card and my Firestone auto card in case I needed something done on my car. By shredding, you really aren't closing the account.
I paid off my mortgage and my credit score took a hit! How's that for bass ackwards credit mentality? Dave Ramsey was right! The more debt I pay off, the lower my score. smh.
Use your credit card like a debt card and pay it off the entire balance weekly.
I also have a home mortgage loan which I pay double the payment amount on every month. My score is over 800pts and i'm 31.
well, i usually set myself a limit of about $65-75 per month on my cc, my limit is $2500. and i pay it in full plus $5 more...so far, my score keeps jumping up. try not to keep a balance each month...if you can't afford it, don't put it on a cc. can't say it any other way...that's how cc debt builds up and your score almost always takes a hit.
i currently have a wells fargo cc with a $2500 credit limit...i pay off my balance each month and am very satistifed with it (i learned my lesson with credit cards). i'm thinking of getting a discover card later in the year once my score gets higher...do you think a discover card is a good choice? i don't plan on getting anymore cc's after that.
They say the trick is to always have a balance. Example spend $50 and only pay back 40 then the next month always leave a unpaid balance of $10 and make minimum payments on time I have been using this method and has done wonders to my credit score
I just see on our credit report our DTI is 100! It does not show any income, which we have income. How do we change this? We are currently looking for a home, we do not need these reports to trip us up. We are retired, but we have income. Any thoughts?
Income is not really a component of your credit score.
Your debt-to-income (DTI) is typically calculated by the income reported by the consumer. If you are using Turbo, the income figure is factored into that matrix.
What impact does closing credit cards have on credit scores?
Closing credit card accounts can lower your credit score.
However, the actual impact depends upon your credit history, including other open accounts and debt utilization.