So you’ve worked really hard to pay down your credit card balance to that magic number (ZERO!) and you think by closing the account you are on the fast track to good credit? Stop. Don’t close that account! You could actually hurt your credit score by wiping out that account’s credit history entirely. Watch this video to find about why this is not your best option and visit the Trimble Meadows website for more helpful credit tips.
Archive for the ‘Video’ Category
Golden Rule of Credit #17 – Closed Accounts Are Not Good Accounts
Tuesday, January 10th, 2012Golden Rule of Credit #21: Not All Bankrupticies Are Created Equal
Tuesday, November 29th, 2011
If you’ve filed for bankruptcy in the past, you may be under the impression that you’ve taken the first step to a fresh financial start. But beware; some bankruptcies are filed incorrectly and past delinquencies may still be negatively impacting your credit score. Watch this video to learn more and visit the Golden Rules of Credit page on the Trimble Meadows website for tips to improve your credit.
Paying Off Collections Does Not Often Help Your Credit Score
Thursday, October 13th, 2011
Did you know that paying off collections does not always improve your credit score? While these debts do show up on your credit report they may not be affecting you negatively. However, paying off the collection updates the status but does not erase it entirely. Watch this video to learn more!
Rule #78 – Credit Cards Account for 30% of Your Credit Score
Thursday, September 22nd, 2011If you think not having any credit cards open will help you raise your credit score, think again! Revolving debts, such as credit cards, account for 30% of your credit score. Keeping these accounts open and, more importantly, keeping the payments current can have a big impact on your credit.
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