Does closing credit card accounts voluntarily damage your credit score?

1 Answer

Answer :

No, I would dump the store credit cards. Beyond that, it is usually recommended to keep your credit card accounts (visa, mc, am ex discover) and just contact them to reduce the available credit limit.

Related questions

Description : Can you explain why my credit score increased?

Last Answer : Probably you just paid your bills on time and furthered your track record by another month.

Description : Getting a credit report/score?

Last Answer : The following link goes to a government web page that talks about how to get your free credit report and how often you can view it and all of that stuff.. http://www.ftc.gov/bcp/conline/edcams/freereports/index.html

Description : How can I find my credit score online?

Last Answer : answer:Use the site annualcreditreport.com to get your report from the three reporting agencies. annualcreditreport.com is recommended by the FTC on this page: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/ ... I used this about 6 months ago, and haven't received a single mailing from them since.

Description : How is a credit check performed?

Last Answer : answer:Not sure how it works where you live but over here (Poland) we have a national debitors registry - there you can check someone's credit history. Mind you a short but uneventful credit history can ... one i.e. you have no credit history, and, therefore, not exactly reliable. Hope this helps.

Description : Have you ever challenged something on your credit report?

Last Answer : Yes and I was successful.But it took forever!

Description : Chip cards have been out for almost a year. Does it make any sense how they're being handled?

Last Answer : answer:They are actually more secure. The numbers change after every use. That prevents some nefarious person from copying the numbers and reusing. They are being phased in slowly. “Eventually” we will be as secure as the rest of the world. Just like the Metric system.

Description : Bank of America website down, can't pay bills, how can I document that I tried to log on to pay bills so I can argue missed payments or late payment?

Last Answer : Keep trying!

Description : Trouble with www.annualcreditreport.com?

Last Answer : answer: For your protection, if your identity cannot be authenticated for online delivery of your credit report, you will receive further instructions on how to request your report for ... of fraudulent activity or identity theft. This is taken directly from the annualcreditreport website.

Description : does using my credit card improve my credit score or damage my credit score?

Last Answer : Using your credit card can go both ways! If you choose not to pay your bills on time, you will recieve bad credit. If you pay all your bills on time, I'm certain you will have a squeaky clean credit!

Description : Will voluntarily cancelling a credit card adversely affect my credit rating?

Last Answer : I have been told it is a negative on your credit report but I had a couple on my report I had canceled and had no trouble arranging a home loan (a legit home loan through a local bank).

Description : How do I use a credit card to raise my credit score?

Last Answer : Always paying your bill on time keeps your credit score intact, carrying a balance doesn’t hurt you. To improve your score, have as few credit cards as possible and keep the credit limit low. Credit scoring companies look at how much credit has been extended to you as well as your paying history.

Description : How can I improve my credit score to qualify for an online credit card?

Last Answer : A few ways to improve your credit score is to 1. get out of debt. 2. always pay off your credit card in full. 3. Use your cards lightly. 4. Use your old card. For more ideas on how to ... score is located on http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx?page=2.

Description : How do I go about correcting a dispute on my credit score after being the victim of a stolen credit card?

Last Answer : Keep any and all police records you may have. Send this directly to the credit breaua. Stay on top of them about this situation and it will be handles accordingly.

Description : Separating credit card accounts in an amicable separation?

Last Answer : Pay off all of them and close them. Now each person can get their own. Not messy.

Description : The post-closing trial balance contains only a. income statement accounts. b. balance sheet accounts. c. balance sheet and income statement accounts. d. income statement, balance sheet, and retained earnings statement account

Last Answer : b. balance sheet accounts.

Description : A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.

Last Answer : c. may involve any combination of accounts.

Description : he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

Last Answer : b. journalizing and posting adjusting entries.

Description : A double rule applied to accounts in the ledger during the closing process implies that a. the account is an income statement account. b. the account is a balance sheet account. c. the account balance is not zero. d. a mistake has been made, since double ruling is prescribed.

Last Answer : a. the account is an income statement account.

Description : The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the ... next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.

Last Answer : b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period.

Description : A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.

Last Answer : b. after closing entries are posted to the ledger accounts.

Description : A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period.

Last Answer : a. only permanent account balances.

Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.

Last Answer : d. proves that all transactions have been recorded.

Description : The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.

Last Answer : b. dividends account.

Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.

Last Answer : d. all temporary accounts.

Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Last Answer : c. cause the revenue and expense accounts to have zero balances.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

Description : Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only.

Last Answer : b. temporary accounts only.

Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Last Answer : a. adjusted trial balance.

Description : Can't the cables in the laptop run through if it closes several times a day to prevent dust? So that the display does not stop working.

Last Answer : On the contrary, it is advisable to close the computer mainly due to dust and, of course, possible damage. Cables don't care. So close!

Description : Pick out the wrong statement about cavitation. (A) Sudden reduction of pressure in a fluid flow system caused by flow separation, vortex formation or abrupt closing of valve leads to cavitation ... (D) Large scale cavitation cannot damage pipeline, restrict fluid flow and damage steam turbine blades

Last Answer : (D) Large scale cavitation cannot damage pipeline, restrict fluid flow and damage steam turbine blades

Description : Four jolly men sat down to play, And played all night till break of day. They played for cash and not for fun, With a separate score for every one. When it came time to square accounts, they all had ... amounts. Now, not one has lost and all have gained - Tell me now, this can you explain? -Riddles

Last Answer : The four jolly men are members of an orchestra hired to play at a dance.

Description : In D&D could ability score damage mimic some types of mental illness in real life?

Last Answer : The role playing game Kult, and the Chaosium game Call of Cthulhu are both examples of this. But as you go insane you also reality as it truly is, and not the illusion or lie that most ... since 1999 and not sure if my library and sources are obsolete. But you have developed an excellent system.

Description : Are depressed people trying to sleep off ability score damage?

Last Answer : answer:In most systems, ability score damage doesn't heal on it's own. In real life, depression doesn't heal itself. Depending on the game, you may need spells, potions, medical assistance and ... physical or mental. The same applies IRL, only we have no spells and potions are replaced with pills.

Description : If an alien race threatens to destroy Earth unless one hundred healthy humans below fifty years of age voluntarily kill themselves on a daily basis how long would humankind survive?

Last Answer : Indefinetly. The world population is growing at a rate of about 80 million people per year (births – deaths). That’s about 219k people per day. 100 is minuscule in comparison. Also one might assume that people would have more children under such conditions.

Description : Career-wise, which is better? To be fired by Donald Trump, or to quit voluntarily?

Last Answer : Either way you get to write your book; however, IF you’re fired anything you say negative against trump, you seem to be publishing sour grapes…where IF you quit, you appear to be finally telling the truth!!!

Description : Have you ever regretted voluntarily giving something away?

Last Answer : Oh gosh. Under your circumstances, yes. Especially when it came to stuff that belonged to my Mom. I incorporated what I could then had to take the rest to Goodwill. IDK, honey. You just have to do it. Is ... yet, do you have a friend who could use it? That way you could go visit it every so often.

Description : Would you ever, voluntarily, physically bond and meld with a sapient symbiote, that shares your thoughts, in exchange for physical benefits?

Last Answer : I like my own autonomy, thank you.

Description : What are the things that you will do voluntarily more than as a compulsion?

Last Answer : Take a shower instead of a bath.

Description : How many women would voluntarily sit down on a cold, dirty toilet seat to pee if presented with the alternative of using an apparatus such as a man's "handy dispenser"?

Last Answer : answer:There have been plenty of devices to help women stand-up-to-pee on the market for years. They haven't seem to have taken the world by storm, I don;t know of any women that have used ... wilderness or on road trips with only gas station bathrooms. So to answer your question: Slim to none.

Description : Should a woman be put down because she voluntarily decides to be a housewife?

Last Answer : I really don’t give a flying frack what someone else does with their life.

Description : Why would you voluntarily go into counseling and not tell your therapist the whole truth?

Last Answer : Fear of judgement, being looked down upon, shame, etc. It is just basic human nature. Instinct tends to override reason.

Description : Can you have some or all your limbs amputated voluntarily if there is nothing wrong with them?

Last Answer : No, not by a member of the medical profession.

Description : How long can you voluntarily control your blinking for?

Last Answer : I think the longest I’ve gone without blinking has been around 10 minutes, but my eyes begin to dry out. It happens often when I play Tetris. (no more procrastination!)

Description : I'm in NY. Am I covered by COBRA if I voluntarily quit my job?

Last Answer : I think it’s only for termination (that’s how I was covered), but don’t take my word for it. Edit: Not just termination, but I think it’s only for involuntary events that stop you from working.

Description : What is something your loved doing that you stopped doing voluntarily and why?

Last Answer : Drinking. I loved drinking, that was the problem. I stopped because I loved it so much I couldn't handle drinking in any amount without it immediately going to excess.

Description : What punishment did Anne and her family receive for not turning themselves in voluntarily?

Last Answer : They where forced into concentration camps.

Description : No person shall be a citizen of India if he has – (1 ) lived in a foreign country for more than five years (2) been convicted by a foreign court of law (3) voluntarily acquired citizen ship of another country (4) accepted employment in another country

Last Answer : (3) voluntarily acquired citizen ship of another country Explanation: Article 9 of the Indian Constitution deals with persons voluntarily acquiring citizenship of a foreign State. It states that no person shall ... 6 or article 8, if he has voluntarily acquired the citizenship of any foreign State.