Resources
More Resources
More Resources
Can That Montgomery, Md Refinance Finance My Child’s Education?
By Manu Geol
Refinancing of their home mortgages is an option chosen by various people for their cash needs; and refinance of mortgage for funding child’s education is one of the options used by a lot of Read more...
Applying For Tenant Loans
By Andy Silk
So you're looking for a tenant loan but not quite sure what you need to do? Don't worry. It's a pretty simple process these days and if you do things in the right way, you could have the money in a Read more...
The Different Types Of Online Loan Sites
By Michael D. Strauss
So you've decided you need a personal loan, and you're planning to apply for one online to save the hassle of visiting your local bank, and also hopefully to get a better deal. The problem is, the Read more...
The Many Advantages Of Consolidating Student Loans
By ravi agrawal
Loans are the baggage that accompany modern lifestyle. They have ensnared us to the extent that that now it is difficult to live both with or without them. Consequent to this fact, loan Read more...

 

 

 

 

 

 

 

man financial Article

Below, you'll find extensive information on leading man financial articles and products to help you on your way to success.

Proceed With Caution When Closing A Credit Account
By Kevin Nelson
It's easy enough to apply for a credit card today only to forget about it over the next year or so. However, that account still remains open and active on your credit report. Consequently, this can have an affect on your overall credit rating since having too many credit lines open could make you look like a worse credit risk in the eyes of lenders. They might be wary that you'll be overextending yourself.

In addition, if you have several accounts open, there's a greater chance that you will forget about an account you opened awhile back and you could unintentionally stop making payments on it. Therefore, it might be a good idea to maintain open accounts for some of your accounts, even if you plan on paying them off. In fact, you should keep at least 2 or 3 accounts open regardless of how much you use them because otherwise, there won't be anything for lenders to use to determine your credit history on. In this case, accounts are not just limited to credit cards, but can also include personal loans, mortgages, student loans, etc.

How Closing an Account Can Affect Your Credit Report

It's also important to understand that once you close an account, the record of the closed account remains on your credit report and can affect your credit score for a while. In fact, closing unused credit accounts may actually cause your credit score to drop in the short term, as you will have higher account balances compared to a smaller available credit.

For example, let's say you have four accounts, each with available credit lines of $1000 (so $4000

in available credit). And let's say you owe $500 on two of the cards and the other two are cards you want to close (so you owe $1000 total and have $4000 in available credit). Well, since lenders factor in how much you owe vs. how much credit you have available, if you close those two cards, you go from owing 25% of your available credit ($1000 out of a possible $4000 available credit) to owing 50% of your available credit ($1000 out of only $2000 available credit). This might actually cause your credit score to drop, at least in the short term. In the long term, though, not having extra temptation to charge and not having credit you don't need is much more of a benefit.

The Importance of Monitoring Your Credit Report

It's a good idea to monitor your credit report from time to time, especially if you're making significant changes like applying for new credit or closing older accounts. That way, as you gradually pay off your debts and streamline the number of accounts you have, you'll also be aware of any potential negative impact your actions might be making, either short term or long term. You'll also be able to watch your score increase over time and there's nothing like positive feedback to keep you on track with your goals.

By following these tips, you can avoid some of the common pitfalls consumers face when paying off their credit accounts. Now that you are aware of these concepts, you can ensure that you're making the best decisions in terms of your credit and put yourself on the fast track to being debt free.


We strive to provide only quality articles, so if there is a specific topic related to finance-credit-loan that you would like us to cover, please contact us at any time.

And again, thank you to those contributing daily to our man financial website.

E-tailer SkyBox-USA.com Bucks the Economic Trend by Raking in the Bucks from Customers with Online Revenues Growing 108% Third Quarter 2008
Today, SkyBox-USA, LLC, as one of the fastest growing online mass merchants, announced sales and earnings results for its third quarter ended September 30, 2008 were up over 108% over 2007, same quarter results. (PRWEB Nov 21, 2008)

Read the full story at http://www.emediawire.com/releases/2008/11/prweb1647304.htm

]]>
NeoFuse 2.0 Business Building Network Launches Exclusive Referral Lead Generator Program -- Free Trial Membership and 24/7 Business Building Referrals
Combines the best of Linkedin®, facebook, MySpace, craigslist, and BNI® Networks -- With millions of visits per month on average in the original Neofuse beta edition, the newly revised NeoFuse 2.0 is now a community of small to midsize business owners and entrepreneurs who are re-inventing how business is done. (PRWEB Nov 21, 2008)

Read the full story at http://www.emediawire.com/releases/2008/11/prweb1650584.htm

]]>

Pic

Secured And Unsecured Debts
By Adam J. Heist
Debts do seem to be all alike, but it must be known that there are actually many different kinds of debts available. A borrower might ask – what does it matter if there are different kinds of debts, Read more...

Pic

Learn How To Get Out Of Debt
By Nathan Dawson
Debt is becoming number one problem in the United States Today. The average American family has at least $8,000 in credit card debt and most college students who just graduate from college have Read more...