so how big of a dent did i put on my credit rating?

[gator75]

I wasnt sure if this should go here or not so feel free to move. I like alot of people have credit cards. they are all paid off some i havent used in a long time. there are two in paticular that i made the decesion to close how bad is the usual hopefuly temporary dent to your credit report? i hope not to large and typicly how long does it trake to come off?

 

[SandrA9810]

A lot has to do with the age of the credit card. The newer the card, the less it would hurt. As well as the amount of available credit.

 

[Disfamoffour]

Considering you don't have any balances on your cards it shouldn't hurt much if at all. It takes seven years for information to fully fall off your credit report. Every year prior to that the "ding" lessens. As long as you don't have many other debts your credit score should be very high.

 

[mrodgers]

It takes seven years for information to fully fall off your credit report. Every year prior to that the "ding" lessens. As long as you don't have many other debts your credit score should be very high.

Sure about that? I've never looked at my credit report until a few months ago. Everything loan that I've ever opened and every credit card I've ever had was on it. I've been married for 13 years and there is still stuff on my credit report that I closed before getting married.

 

[SandrA9810]

Sure about that? I've never looked at my credit report until a few months ago. Everything loan that I've ever opened and every credit card I've ever had was on it. I've been married for 13 years and there is still stuff on my credit report that I closed before getting married.

If there is nothing active on the loan after 7yrs, you can call the credit agencies to have it removed. Bankruptcy can last up to 10 years on your report, that's pretty much the only exception. Student loans will also not go away, if you don't pay them off like other bad debts. They can also garnish wages 40yrs later to collect on that debt, if it ever got to that point.


Say you pulled a loan in 95, 10yrs to pay it off. You made your last payment in 05. It will continue to show for 2 more years till it falls off.
Now say that same loan was a 5 yr loan, and final payment was in 2000. Then it should no longer be showing on your credit report, should've dropped off in 2007.

 

[moongirl]

Your old card will stay on your report and keep your age of accounts - which factors into your score - constant until it drops off. The utilization ratio (debt-to-available credit) is what will make the biggest dent in your credit score. People with the highest credit scores have utilization of less than 10%. This means that if you had two credit cards with a total available credit limit of $10,000 each with a balance of $5,000 on one and zero balance on the one you intended to close, your utilization initially was $5,000/20,0000 = 25%. Once you closed the zero balance card your utilization went up to 5,000/10,000 = 50%.