ruby22 asked:
i have a credit card in macy(visa), in best buy(matser), capital one, chase freedom, bloomingdales(store card), saks(store card) and citibank card? they are all maxed out too? i will pay em back but i need help for the future? Can i cancel them or do i report them stolen and get rid of them forver? Even my credit score is 602 bcz of having many cards and not being able to pay on time. What do i do?
RAMON
Comments
Its not having to many credit cards that is the issue, is that they are all maxed out. You are already heavily in debt.
The way to raise your score would be by paying off what you owe. Canceling them while you still owe them a bundle won’t do anything.
In your case having too many credit cards is very bad. That’s because the cards are maxed out. Having a lot of credit cards cannot hurt your credit rating because it shows that lenders are willing to offer you credit. but when those cards are maxed out you become a high credit risk. You are defaulting on some of the cards or paying late, which goes against you.
To avoid future problems cut up the cards, pay them off as quickly as possible, but do not cancel them. To maintain a good credit score you should not charge more than 20-30 percent of the credit limit on any card.
To max out cards and pay penalties and high interest rates is plain stupid. Card issuers love people like you. They have you by the b—- for the rest of your life. If you have the fortitude to pay off the cards, they will show up as available credit and no debts, and that makes you look good when you really need the credit, such as for buying a house or a car.
I too have been in your situation, but there is hope. Get rid of those charge cards there doing you no good the rates are much higher than visa or master cards. Try to request a credit line increase on you lowest interest baring card. This way you can transfer the other cards balances to it and save on interest fees with the benefit of having one bill and not 10-20. Secondly, cancel the cards you do not need (high interest baring card). Always pay more than the minimum monthly bill and keep your balance below 50% of the available credit limit. Your credit score is decent, but it could be much better. Lastly, call all of the cc companys that your going to keep and request to have your rates reduced. you can do this every 3-6 months. Trust me everything I’ve told you works I had a 480 and am now at a 773. Good Luck!
Credit cards have become a necessity in society nowadays, you can’t go anywhere without having to use one. That’s why it’s imperative to maintain a good
Your credit score will be affected by the total amount of credit available to you.
Yes, too many cards will affect your credit score.
It’s called “over extended”, whether the cards are maxed or not.
Two to three cards should be the max. I have two Visa cards and one Discover. I have never had any trouble using Visa in any country. I have seen Mastercard rejected or refused at times. Having too much available credit out there is no good regarding your credit score. It does matter.
1. Use the credit card only when absolutely essential. Pay your regular expenses by cash or a debit card. This will help you budget and not go overboard with credit card debt.
2. Follow repayment schedules like religion. Don’t miss out and invite late payment fees, increased APR rates and blocked reward programs.
3. Don’t stick to the monthly minimum payment. Pay the maximum you can afford and get that outstanding debt cleared as fast as possible. By just paying the monthly minimum the credit card companies reap the maximum rewards while, as a consumer you pay the maximum interest.
4. Get rid of multiple credit cards. Although this might sound difficult, but if you are struggling to repay on time and, juggling with the repayment dates is causing you to default- it’s time to think. If there is a genuine need to keep multiple credit cards, then try to automate their monthly payments. This will ensure that you don’t default unwillingly and face the negative consequences. Read more from: