Q) I had 3 Credit card’s with Citi I haven’t used it for about 2 years, Citi closed those 3 Credit card’s. Can that have an affect on my Credit Score?
Does closing credit cards hurt my credit?


A) The fact that you had a cc for 3 years with a zero balance was very good for your score however to maintain a healthy score you should have at least 2 or 3 credit cards open.
in order to keep your card open you should make at least one small charge to the card a month and pay it off.

Q)Does carrying a high balance on your credit cards affect your credit score?


A) Yes … carrying a high balance on your credit cards can be very damaging to your credit score I would say to keep your balance under 30% of the full credit limit of your credit card and under 10% for best results.

If you need to make a big charge to your credit card try to pay it off before the date of the month that your cc company reports to the credit bureau … or if you have a few credit cards use the card that has the highest credit limit. .

Q) If I only pay my minimum due every month can that hurt my credit score?


A)Paying the minimum balance is not a factor that hurts your credit , it’s only your credit usage ratio of your full credit line that can affect your credit score. so if you’re carrying high balances on your credit cards as a result of only making minimum payment’s then your score will drop.

But if you are maintaining a low balance of under 30% of your full credit limit you should be okay

Q)does making a settlement with a bank hurt my credit score? 

My question is, if I have an offer from a bank to make a settlement, should I rather tell them that I wanna pay in payments of 4-5 years to the full balance?


A)To be honest with you this is a tough question. Making a settlement with your bank definitely hurts your credit and it won’t be removed from your credit report for 7 years from the time of the settlement. ..

in regards to how it affects your score, FICO released a FICO score loss information (in 2009) based on two hypothetical consumers with different credit scores. In one scenario, a person with 680 credit score (who already had one late payment on the credit card) would lose between 45 and 65 points after debt settlement for one credit card, while a person with a 780 credit score (with no other late payments) would lose between 140 and 160 points.

It’s hard to give you a clear answer if it will better to keep your balance and pay it off offer over 4 to 5 years.

You really need to have a credit consultant go through your credit report for a definite answer. (I know great consultant’s that I can refer you to)

However I can tell you this much for sure ,if your going to make even 1 or 2 late payments as a result of keeping your balance and paying it off slowly.

 Or even if after you make a settlement you will still be carrying a balance over 30-50% then you should definitely make the settlement with your bank.

But if you can be asure of yourself that you are going to be able to make on time payments and keep a zero balance on your credit cards, then it may be worth making a settlement and work on other factors that build your credit,

like diversified credit accounts and having a cc with a good and long credit history-(the best way to do that is to be added as a authorized user to someone Else’s credit card that has a long and good credit history)
But again this is not a definite answer. ..
If you want me to refer you to a consultant to take a look at your credit report pm me.

Q)who fixes credit? 


A)You can usually fix your credit yourself by 1)understanding what hurts your credit and then changing your habits .. and with time the negative reports on your credit report will fade away
2) doing positive things that boost your credit
3) there may have been a inaccurate report that was reported by your financial institution that’s hurting your score

(you can check your credit report from all 3 credit bureau’s here

but for this you will need to have a credit consultant help you out, they can help you fight off these negative reports from your credit report

(you can get in touch with great credit consultant’s  here – or pm me for more credit repair agency’s)

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