Credit Problem?
Scooby Doo asked:
I recently paid off two of my credit cards in full, and about three days after I paid one of them off, the company cancelled the card. I called them to ask about it and they said that the credit bureau reported negative information about me which made them cancel the card. Im wondering if it is because i have two cards at zero balances right now, but is it common for credit card companies to cancel your card when you pay off the balance, and will this have a negative affect on my credit?
I check my credit report about every two or three months, and there have not been any missed payments or anything. The cards that i do have (including the one that got cancelled) the balances are zero…..
Jamie
I recently paid off two of my credit cards in full, and about three days after I paid one of them off, the company cancelled the card. I called them to ask about it and they said that the credit bureau reported negative information about me which made them cancel the card. Im wondering if it is because i have two cards at zero balances right now, but is it common for credit card companies to cancel your card when you pay off the balance, and will this have a negative affect on my credit?
I check my credit report about every two or three months, and there have not been any missed payments or anything. The cards that i do have (including the one that got cancelled) the balances are zero…..
Jamie
Robin
More than likely cancelled because of poor history (missed payments, high debt ratio etc…) With the one card you have remaining you should ensure that balance stays low and monthly payments are made on time. This should boast your Beacon score and give you a stronger credit profile. The fact that the card was cancelled by creditor does have a negative effect but not really a huge deal.
Debra
keep them closed. you dont need credit. live within your means. your balance/credit ratio is probably out of whack.
Joyce
Due to on going credit problems the credit card companies and banks are getting strict and would have tagged you as a risk. You should pay other credit cards and bills full at each month. You can apply for other crdit cards after three to six months as your credit score improves.