Bad credit repair

[neoflex]

Just have a question as I am far from a credit expert to say the least. If he closes out a lot of his credit cards at one time wouldn't that also reflect negatively on his credit report? Just asking as I have heard this in the past but never could understand how this would reflect badly on a person although a few years ago I paid off most of my debt and canceled most of my cards except for a couple. Just curious.

[Blueface]

Originally Posted by neoflex

Just have a question as I am far from a credit expert to say the least. If he closes out a lot of his credit cards at one time wouldn't that also reflect negatively on his credit report? Just asking as I have heard this in the past but never could understand how this would reflect badly on a person although a few years ago I paid off most of my debt and canceled most of my cards except for a couple. Just curious.

From personal experience, I can't see that being accurate if what you are closing is accounts with $0 balance and if you are closing them voluntarily at your request.
I had an onslaught of cards I never used. They were just there. I closed out about 10 in one month and my credit score jumped up in only a couple of months from 740 to 780. Didn't affect me anyway but positive.

[AD720]

Originally Posted by neoflex

Just have a question as I am far from a credit expert to say the least. If he closes out a lot of his credit cards at one time wouldn't that also reflect negatively on his credit report? Just asking as I have heard this in the past but never could understand how this would reflect badly on a person although a few years ago I paid off most of my debt and canceled most of my cards except for a couple. Just curious.

I just talked to my financial advisor about this same question. I'm sure that every situation is different but he advised me to not close out my $0 balance cards. He said that by far the heaviest weighted item that affects your credit score is length of credit.

[Blueface]

Originally Posted by AD720

I just talked to my financial advisor about this same question. I'm sure that every situation is different but he advised me to not close out my $0 balance cards. He said that by far the heaviest weighted item that affects your credit score is length of credit.

I guess that makes sense.
In my case, all my cards are/were so old, for so many years, it didn't make a bit of different which ones I got rid of.

[AD720]

Originally Posted by Blueface

I guess that makes sense.
In my case, all my cards are/were so old, for so many years, it didn't make a bit of different which ones I got rid of.

That's probably true, if all your cards have a lot of history then it wouldn't really matter.

PS - Carlos there was an old guy joke in there somewhere, but I took the high road.

[Blueface]

Originally Posted by AD720

That's probably true, if all your cards have a lot of history then it wouldn't really matter.

PS - Carlos there was an old guy joke in there somewhere, but I took the high road.

Something I advised my son to do that I have been doing as well for a while now, post having closed all those accounts, is using a CC for everything in lieu of my ATM card or cash.
I then pay it all off at the end of every week.
Incredible what it does to your score and I have racked up almost enough points for a free cruise soon.

[AD720]

Originally Posted by Blueface

Something I advised my son to do that I have been doing as well for a while now, post having closed all those accounts, is using a CC for everything in lieu of my ATM card or cash.
I then pay it all off at the end of every week.
Incredible what it does to your score and I have racked up almost enough points for a free cruise soon.

That is exactly what we have been doing. Makes a lot of sense.

[forgop]

Originally Posted by neoflex

Just have a question as I am far from a credit expert to say the least. If he closes out a lot of his credit cards at one time wouldn't that also reflect negatively on his credit report? Just asking as I have heard this in the past but never could understand how this would reflect badly on a person although a few years ago I paid off most of my debt and canceled most of my cards except for a couple. Just curious.

I would leave them open to boost my score if I was ACTIVELY working on improving my score. Once you hit a threshold you're comfortable with on your score, then I would close them if that's want you want to do.