I canceled my most of credit cards with balance.

[angelcred10]

any word OP on possibly re-opening the accounts?

[murat]

Thank you everyone who wrote here.I need to explain something.I closed my credit cards but i still have a few open.Whatever we closed i was authorized user with my wife.They were her own credit cards now i want them to be removed from my credit report.what should i do?Have her to call them again and tell them?

I still have 7 open credit cards with high balances.I CANT USE ANY MORE CREDIT NOW.I HAVE TO PAY THEM OFF BUT NOT CLOSING.I m going to keep them open and once i pay them off i m going to ask them to increase my limits.I have 600 TU credit score but I have a student loan and a car loan.I m paying my car loan but not student loan because i m still going to school.They are adding up every month.I just want debt free and get prime cc.

[gdale6]

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@murat wrote:

Thank you everyone who wrote here.I need to explain something.I closed my credit cards but i still have a few open.Whatever we closed i was authorized user with my wife.They were her own credit cards now i want them to be removed from my credit report.what should i do?Have her to call them again and tell them?

I still have 7 open credit cards with high balances.I CANT USE ANY MORE CREDIT NOW.I HAVE TO PAY THEM OFF BUT NOT CLOSING.I m going to keep them open and once i pay them off i m going to ask them to increase my limits.I have 600 TU credit score but I have a student loan and a car loan.I m paying my car loan but not student loan because i m still going to school.They are adding up every month.I just want debt free and get prime cc.

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To remove AU accounts you would send a letter to each CRA telling them you are only an AU and you want them deleted from your report. If the CRAs refuse to do this then your next step would be to file a CFPB complaint.

[Jeff007245]

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@murat wrote:

Thank you everyone who wrote here.I need to explain something.I closed my credit cards but i still have a few open.Whatever we closed i was authorized user with my wife.They were her own credit cards now i want them to be removed from my credit report.what should i do?Have her to call them again and tell them?

I still have 7 open credit cards with high balances.I CANT USE ANY MORE CREDIT NOW.I HAVE TO PAY THEM OFF BUT NOT CLOSING.I m going to keep them open and once i pay them off i m going to ask them to increase my limits.I have 600 TU credit score but I have a student loan and a car loan.I m paying my car loan but not student loan because i m still going to school.They are adding up every month.I just want debt free and get prime cc.

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Ok great! Thanks for clarifying, we needed that. Just pay your cards down and you will be ok. Once you get all your cards below 30% you can apply for prime cards. Granted thi that you have good payment history.

[madmann26]

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@fot1 wrote:

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@red259 wrote:

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@Creditaddict wrote:

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@murat wrote:
I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

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This is key... who cares about your credit score simply because of util because everything is closed but still has balances... that will change as you pay it down and if you have not missed payments and don't ever miss payments you will come out with steller credit on the other end but you said it yourself you closed them because you don't trust yourself... what do you need good credit for if you can't stop yourself from using it.

I think based on you wanting to get out of debt and you don't think you can do it with open credit you did the right thing... stop focusing on the credit score since you don't want credit currently!

geesh everyone, lets start OP's journey to being debt free with a little more positive spin!!

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+1 Yes, we need to be cognizant of the fact that everyone is different. Just because many of us are addicted to credit cards that does not mean everyone should have them. If OP feels that they can not control their spending with open credit cards then closing them out was probably for the best. The credit score will rise with the paying down of the balances. Its always best to be honest with ourselves and while OP took a drastic action I think they are getting serious about their situation and moving to rectify as best as possible and that is a positive. 

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The only thing that can raise the scores here is AAoA, paying on the balances won't help the scores at all,  Even if the OP payed %90 of each balance tomorrow the scores wouldn't improve at all..

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I disagree with this.

It's been proven time and time again that reducing utilization, does help your score. Right  now, the OP is 90.1% utilization.

IF the OP can get the AU cards removed from his credit, it will in fact help as utilization will start to go down. But I don't know if this is possible with balances on the cards.

[Leadberry]

Reread those posts. The other posters are referring to utilization on closed accounts.

[takeshi74]

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@murat wrote:
I canceled my almost all cc with balance.

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Always carefully do your own due diligence before making decisions or you could put yourself in a worse situation.

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@Jeff007245 wrote:

+ 1 - This here is the correct answer. The cards are "closed". One cannot be scored on utilization when they don't have any revolvers opened. Paying off the balance will do nothing with his scores since credit available balance will be at 0. 

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IIRC closed cards can report with a limit and can certainly factor into utilization (which is how scores can be hit with significant adverse effect).  Closing cards thread linked below covers the possibilities.

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@john398 wrote:

not true if you read the stickly about closing cards, oh wait the sticky is gone 

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It's still there.  You just have to get to it via the Helpful Threads sticky.  Direct link:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

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@madmann26 wrote:

I disagree with this.

It's been proven time and time again that reducing utilization, does help your score. Right  now, the OP is 90.1% utilization.

IF the OP can get the AU cards removed from his credit, it will in fact help as utilization will start to go down. But I don't know if this is possible with balances on the cards.

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Removing AU accounts doesn't guarantee an improvement in utilization.  It all depends on the utilization of the AU accounts versus the OP's own utilization.

The topic at hand was closed accounts with balances.  If the closed account reports the balance and orignal limit then paying down will help utilization.  However, if utilization is high enough for a long enough time then accounts can be balance chased (both open and closed are susceptible) and paying won't help utilization until paid off.

Balances don't matter for removing AU's.  The original account holder can remove the AU with or without a balance.

[fot1]

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@madmann26 wrote:

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@fot1 wrote:

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@red259 wrote:

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@Creditaddict wrote:

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@murat wrote:
I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

---

This is key... who cares about your credit score simply because of util because everything is closed but still has balances... that will change as you pay it down and if you have not missed payments and don't ever miss payments you will come out with steller credit on the other end but you said it yourself you closed them because you don't trust yourself... what do you need good credit for if you can't stop yourself from using it.

I think based on you wanting to get out of debt and you don't think you can do it with open credit you did the right thing... stop focusing on the credit score since you don't want credit currently!

geesh everyone, lets start OP's journey to being debt free with a little more positive spin!!

---

+1 Yes, we need to be cognizant of the fact that everyone is different. Just because many of us are addicted to credit cards that does not mean everyone should have them. If OP feels that they can not control their spending with open credit cards then closing them out was probably for the best. The credit score will rise with the paying down of the balances. Its always best to be honest with ourselves and while OP took a drastic action I think they are getting serious about their situation and moving to rectify as best as possible and that is a positive. 

---

The only thing that can raise the scores here is AAoA, paying on the balances won't help the scores at all,  Even if the OP payed %90 of each balance tomorrow the scores wouldn't improve at all..

---

I disagree with this.

It's been proven time and time again that reducing utilization, does help your score. Right  now, the OP is 90.1% utilization.

IF the OP can get the AU cards removed from his credit, it will in fact help as utilization will start to go down. But I don't know if this is possible with balances on the cards.

---

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@madmann26 wrote:

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@fot1 wrote:

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@red259 wrote:

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@Creditaddict wrote:

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@murat wrote:
I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

---

This is key... who cares about your credit score simply because of util because everything is closed but still has balances... that will change as you pay it down and if you have not missed payments and don't ever miss payments you will come out with steller credit on the other end but you said it yourself you closed them because you don't trust yourself... what do you need good credit for if you can't stop yourself from using it.

I think based on you wanting to get out of debt and you don't think you can do it with open credit you did the right thing... stop focusing on the credit score since you don't want credit currently!

geesh everyone, lets start OP's journey to being debt free with a little more positive spin!!

---

+1 Yes, we need to be cognizant of the fact that everyone is different. Just because many of us are addicted to credit cards that does not mean everyone should have them. If OP feels that they can not control their spending with open credit cards then closing them out was probably for the best. The credit score will rise with the paying down of the balances. Its always best to be honest with ourselves and while OP took a drastic action I think they are getting serious about their situation and moving to rectify as best as possible and that is a positive. 

---

The only thing that can raise the scores here is AAoA, paying on the balances won't help the scores at all,  Even if the OP payed %90 of each balance tomorrow the scores wouldn't improve at all..

---

I disagree with this.

It's been proven time and time again that reducing utilization, does help your score. Right  now, the OP is 90.1% utilization.

IF the OP can get the AU cards removed from his credit, it will in fact help as utilization will start to go down. But I don't know if this is possible with balances on the cards.

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Disagree all you want.. you can't lower ultiziation on closed cards, which the OP stateted at first.. The OP later clarifiied what was closed.  and I don't know what ramifications that holds as we still don't have a full picture..