January 22, 2007


Comments

 
 
 
  • A real piece of work for people like us who would intend to know more of Credits & Credit ratings especially sitting thousands of miles away from America
    Anonymous
     
     
     
  • Great questions Joan! I consulted with Brett Christensen, the consumer lending expert who hosted a Callahan sponsored webinar on FICO Score training, and here's what he had to say: "I would recommend that a person NOT close any revolving credit card accounts when doing a balance transfer. You want to keep them open so that their limits will report on your credit and thus help your capacity calculation. Closing cards is not a big deal if you have high limits on cards and very low balances, but it can really ding a score if a member has credit card balances at all (and a balance transfer implies that they do have balances). The bottom line is that I would not ever close one of my credit card accounts."
    Mary Royston, Author
     
     
     
  • Mary, this is an excellent article. While I do not deal directly with our members it is good information to have. Personally speaking, I have a question that maybe you can answer - when moving debt from one credit card to a 0% credit card, is it recommended to cancel the credit card you no longer want or need? Also, what if there are a lot of accounts to cancel? Thanks!
    Joan Kampo, First Atlantic FCU
     
     
     
 
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