Does it hurt a credit rating to cancel a paid off credit card?

Answer Closing a paid off credit card can lower your credit score because that card will no longer report that you are on time with your payments each month. In addition, it will increase the percentage o... Read More »

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Does transferring balances to another credit card hurt your credit?

Transferring balances does not directly impact your credit score, according to It can, however, present problems that eventually hurt your score. If done too much, you could miss a... Read More »

Does applying for a credit card hurt your credit score?

Applying for a credit card grants the credit card company permission to conduct a credit inquiry. Some forms of credit inquiries, like those performed by lenders and prospective creditors, can redu... Read More »

Does Being Denied a Credit Card Hurt Your Credit?

If you apply for a credit card and get turned down, the good news is that the denial itself won't show up on your credit report or hurt your credit score. The bad news is that applying for the card... Read More »

How much does car repossession hurt a credit rating?

When you miss too many payments on your car or you feel you cannot make them, you are at risk of losing your car to repossession. This is never a good result and always negatively affects your cred... Read More »