Credit Card Line

I wanted to close a card that i've had for about 4 months. It's a card from Citi bank; and I have 2 other ones. They said that they could transfer the credit line and transaction history (need to double check on that one) to one of my other cards. Would it affect my credit score, even though I'm closing an account but keeping the same amount of available credit?

It may affect your score a little bit .... but not by much ... and not for very long. As long as your total amount of credit available does not decrease, closing an account will not affect the score. Opening a new card would drop the score a few points ... but not enough to worry about.

Bottom line ... there may be an affect on your score ... but not enough to worry about.

2008-07-11 17:38:53 by BananaZ

www.creditadvocates.org Drastic times call for responsible measures with plastic. CBS New story on 1 discussing how consumer need to take action ...

I have one credit card with a credit line of 400(cash line of 80$). I know the max I can draw from an ATM is the 80$. But is there any way I can go into the bank and get the credit line deposited into my bank account?

The only way would be to do a cash withdrawal, then put the cash in your bank account.

Of course, the APR on a cash withdrawal is usually INSANELY high, so make sure you're willing to throw that money away in the form of finance charges.

Some cards will occasionally offer checks that you can write against your credit card balance, in which case you could probably write one to "Cash" and cash it, but those aren't that common.

2008-03-18 21:29:42 by nana_puddin_13

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I've come to understand that using the card and paying it off, or paying minimum payment doesn't do much for your credit score in general. What I'm curious about is what the optimal balance on the card and payment made would be to increase your credit rating and credit line.

You may want to consider a loan to increase your credit rating. Make it a small Loan that you can handle. Also I would check out myFico.com and look for the simulator to give you good ideas. Paying on time every time makes the biggest difference to your credit.

If you just want to increase your line of credit call the number on the back of your card and ask them to increase it.

Hope this helps

2007-02-08 10:18:53 by starofiniquity

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FHA loan does not allow a down payment to come from a credit card loan, or any other type of loan. But, someone mentioned after two months, the deposited credit line in the a checking account becomes considered as savings. Right or wrong??

It might work by taking the cash out of the credit card months before you intent to apply for the FHA loan, keeping it in a savings account all the time.

But the problem is that the credit card cash advance shows up as a high balance on this account on your credit report and most likely you will be asked to have all credit card balances down to below 10% of their limits or even at Zero.

So getting the money out and passing it off as a legitimate savings will backfire because now you have a high credit card balance that they want you to pay off before you can get the loan.... wich means you either pay off the credit card fast or use the "saved" money to pay it off again and you are back to where you started... No substantial savings for a down payment on the house.

2009-07-18 19:03:34 by JP

I was just curious as to how credit card companies determine what your credit line will be once you are approved for a card, and if you get a higher limit will it look better for your credit?

if you got higher limit that mean your credit rating is high. if you continue to spend using your credit card and pay the minimum monthly fee on time your credit rating will continue to rise. with higher credit rating you can easily apply to low interest credit card. so take advantage of building your credit rating using credit card. and don't forget to take advantage of the transfer balance 0% INTRO APR when the time comes.

2007-09-18 15:16:52 by ♠ luvmyteg