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Credit
Cards That Look Good
t
Which Credit Cards Look Better on Your
Credit Report? by Scott Bilker
Scott Bilker is the author of the best-selling
book "Credit Card and Debt Management."
He is also the Editor and publisher of the FREE
DebtSmart® E-mail Newsletter (http://www.debtsmart.com).
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Scott,
Let me start off by saying I love this website!
I have a couple of questions. I have been told
that certain credit cards (e.g. Capital One, Cross
Country, and others like those) do not carry a
lot of weight on your credit report. I was always
under the impression that all credit cards carried
the same weight. What is the truth? My next question
concerns paying them off. I would like to pay
off my credit cards. Should I just pay them off
and try not to use them? (I have tried this before
and failed). Or should I just go ahead and cancel
them. I am really getting sick and tired of credit
cards and I want to stop using them because they
put too much pressure on me. Please advise.
Thanks,
--Nichole
Nichole,
Thanks for writing! Great questions! It certainly
does make sense that some credit cards will look
better on your credit report. However, I would
think that it depends on who's looking. I'm sure
that each bank has their own criteria for deciding
how to "score" your report based on
its contents. You can get a copy of your credit
report by clicking here. In fact, my suspicions
of this are proved correct after speaking with
Norm Magnuson, President of Public Affairs, from
the Consumer Data Industries Association.
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