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Will leaving zero balances on open credit card accounts help your credit score or should they be closed to help your score?
Wiki User
∙ 17y ago
Yes!! As long as they are at zero, you do not need to close them to help your score. Just don't open any new ones!!!
Wiki User
∙ 17y ago
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Is it bad for your credit if old credit card accounts are closed by the creditor and not by you?
It is considered a derogatory mark on a consumer's credit report to have the notation "closed by credit grantor" rather than "closed by consumer".
Will closing lines of credit affect your credit score if you have no debt?
How can you have "good credit"???????? IF you don't have any "credit". Closed accounts are CLOSED, NOT AVAILABLE, ONCE HAD, IN THE PAST, NOT CURRENT CREDIT, ETC.
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
Can you reopen a credit card that you closed?
Yes, you can request your issuing credit card company or bank to reopen your credit card that you closed. I did that with one of my credit cards. However, make sure that you had a good record on that particular closed account and that you check if all the balances have been paid before you closed the account in order not to ruin your credit history.
When consolidating credit cards is it better to wait until they have zero balances then the credit report will say Closed For Consolidation NOT just Closed By Individual?
Remember if you closed these credit cards, your credit score will take a big hit! Its best to just keep the balance open but don't use the cards anymore.
WHAT is normal balance of accounts payable?
credit balances
Which accounts normally have credit balances?
All liabilities as well as sales account has credit balance as normal accounting balances.
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
What is normal balance of liability accounts?
Liabilities are typically credit balances
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
Is it bad for your credit if old credit card accounts are closed by the creditor and not by you?
It is considered a derogatory mark on a consumer's credit report to have the notation "closed by credit grantor" rather than "closed by consumer".
Should I close all old credit card accounts that have 0 balances?
yea if you dont want bad credit
How do you get accounts that have been closed for a long time removed from your credit report?
You get closed accounts removed from your credit report in the same manner as any other information. You write a letter of dispute to the creditor, or credit bureau, or both. The question is; why do you want closed accounts removed from your credit? If these accounts were paid as agreed, their appearance on your credit report is still offsetting any other information that appears there. I have clients with closed, 6-10 year old, accounts and active derogatory accounts that still have viable credit scores. Were they to challenge and have removed the closed accounts, they would have no score at all, which can be worse than having a low score. Keep in mind that your credit report, and the resulting credit score, is a history of how you have paid your bills in the last 7 to 10 years. You do not necessarily want that history to be empty.
Will closing lines of credit affect your credit score if you have no debt?
How can you have "good credit"???????? IF you don't have any "credit". Closed accounts are CLOSED, NOT AVAILABLE, ONCE HAD, IN THE PAST, NOT CURRENT CREDIT, ETC.
Which account decreases when debit?
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
