http://www.gettingbestcredit.com/credit/how-long-to-build-credit-up-after-cancelling-credit-card/ Call 888-653-9681 To Get Debt Help Now! Mon, 15 Aug 2011 03:14:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.gettingbestcredit.com/credit/how-long-to-build-credit-up-after-cancelling-credit-card/#comment-1668 chang z Mon, 09 Nov 2009 01:46:19 +0000 http://www.gettingbestcredit.com/credit/how-long-to-build-credit-up-after-cancelling-credit-card/#comment-1668 Usually there are many small or fine print fees which can include monthly or yearly setup fees, early termination costs, etc. You may want to consider this before opening the account. If you do open the account. The best thing is to keep it open without a balance. The most important factor in todays market is not your credit score but your debt to credit ratio. If you have any debt on credit cards, keeping this account open will help offset the debt you have. Usually there are many small or fine print fees which can include monthly or yearly setup fees, early termination costs, etc. You may want to consider this before opening the account. If you do open the account. The best thing is to keep it open without a balance. The most important factor in todays market is not your credit score but your debt to credit ratio. If you have any debt on credit cards, keeping this account open will help offset the debt you have.

]]> http://www.gettingbestcredit.com/credit/how-long-to-build-credit-up-after-cancelling-credit-card/#comment-1667 been there and smarter now Sun, 08 Nov 2009 15:45:04 +0000 http://www.gettingbestcredit.com/credit/how-long-to-build-credit-up-after-cancelling-credit-card/#comment-1667 If you want to do it, heres the right way to keep your score in range.. If it is a store credit offer ( macy card, sears card, you get the idea) it's not worth the damage to your FICO score. When you open a new line of credit your score drops up to 200 points.. and with store cards usually charging 24% interst, doesn't adding it to an existing card of 6.9-18% sound a little better.. you'll be paying a lower interest rate, not adding additional lines of credit, and keeping your score within range of your current number. (Depending on the purchase price it could drop your score up to 100 points, but still better than 200) Best thing is to pay cash or lay-a-way if possible, if you charge it use this formula to pay it off quicker.. take the price of the item ( example 600 $) divide that by the months you want it paid off ( 12 months) gives you a 100 $ cost... add the 100 dollars to the minimum payment due.. normally 15 dollars is now 115 dollars.. and you'll pay it off in 13 months.. you gain a month for interest, but increase your score every month you are on time or early. If you want to do it, heres the right way to keep your score in range..
If it is a store credit offer ( macy card, sears card, you get the idea) it’s not worth the damage to your FICO score. When you open a new line of credit your score drops up to 200 points.. and with store cards usually charging 24% interst, doesn’t adding it to an existing card of 6.9-18% sound a little better.. you’ll be paying a lower interest rate, not adding additional lines of credit, and keeping your score within range of your current number. (Depending on the purchase price it could drop your score up to 100 points, but still better than 200)
Best thing is to pay cash or lay-a-way if possible, if you charge it use this formula to pay it off quicker..
take the price of the item ( example 600 $) divide that by the months you want it paid off ( 12 months) gives you a 100 $ cost… add the 100 dollars to the minimum payment due.. normally 15 dollars is now 115 dollars.. and you’ll pay it off in 13 months.. you gain a month for interest, but increase your score every month you are on time or early.

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