Tilted Forum Project Discussion Community - View Single Post - NoSoup's Guide to Obtaining and Maintaining Excellent Credit

Key · 12-04-2004, 10:00 PM

just some quick clarification questions ..

1) regarding the payment history... does that mean that you can pay simply the minimum each month and it won't hurt your credit score? that you would just have to pay the interest from the credit card?

2) the balance.. say you spend $500 in credit. you pay it off in full after you receive your bill, and after the "snapshot" has been sent to the CRA saying you had a balance of $500. next month, you spend another $500. is that the same to the CRA as: instead of paying off the $500 in the first month, you only pay $20... bringing the balance to $480. you spend another $20 to bring the balance to $500 again.

3) less unsecured credit is better... so does that mean a $200 credit card is better than a $2,000 credit card? if that's the case, would it make sense to request your credit line to be lowered to the lowest minimum possible?

4) if i wanted to close an account or two... does it matter if i haven't had it for very long? should i hold onto them for a while before i close them, or will it look bad if i close them very quickly after getting them?

thanks !!

12-04-2004, 10:00 PM	#10 (permalink)
Key Crazy	just some quick clarification questions .. 1) regarding the payment history... does that mean that you can pay simply the minimum each month and it won't hurt your credit score? that you would just have to pay the interest from the credit card? 2) the balance.. say you spend $500 in credit. you pay it off in full after you receive your bill, and after the "snapshot" has been sent to the CRA saying you had a balance of $500. next month, you spend another $500. is that the same to the CRA as: instead of paying off the $500 in the first month, you only pay $20... bringing the balance to $480. you spend another $20 to bring the balance to $500 again. 3) less unsecured credit is better... so does that mean a $200 credit card is better than a $2,000 credit card? if that's the case, would it make sense to request your credit line to be lowered to the lowest minimum possible? 4) if i wanted to close an account or two... does it matter if i haven't had it for very long? should i hold onto them for a while before i close them, or will it look bad if i close them very quickly after getting them? thanks !!