Everyone knows that paying your bills on time is essential if you want to get — or keep — strong credit scores. But does the size of your payments affect your credit scores? Our reader Nicole asks: I’ve spent the last year doing my best to clean up my financial snafus. One of the things… Read More
For umpteen years one of my credit cards has been due on the 21st. Abruptly the due date changed to the 18th. I happen to be set up for online payment alerts so I caught the change, but if I hadn’t I could have easily missed it.
Closing a credit card account will never help to improve your credit score. Credit scores give extra “points” for consumers who keep their credit cards open for a long time, who have high credit limits and who have a healthy record of using credit. You are less of a risk to lenders and creditors if you are currently showing that you can manage and pay credit cards on time.
Letting the credit card company keep that $200 safe for me just didn’t seem right. So I called into the MBNA customer service line to see if I could get the credit returned to my account. After 20 minutes on hold, I gave up and tried calling again later that night. When I finally got through to a representative, a nice woman informed me that the $200 could be sent back to me via paper check at the end of my billing cycle. What a hassle. Instead, I decided to leave the credit on my account. I’ll use up the $200 balance over the next few weeks worth on groceries and other expenses.