Re: Linda -- couple questions

Posted by Linda on March 13, 2002 at 10:16:31:

In Reply to: Linda -- couple questions posted by Rick Friele on March 13, 2002 at 03:28:17:

AG=Attorney General

All federal credit unions are not for military. Look in you phone book for Credit Union listings. I work for a company that has it';s own credit union. It's kind of like a private bank, LOL, but many are available to anyone.

If there isn't one is your area, you can go to
http://www.nmfa.org/

scroll down to where it says "join NMFA and Pentagon Federal Credit Union" and click. NMFA membership is $20 a year. You do not have to be military - anyone can join both organizations.

You can close any card you want to, but close them gradually, not all at once. No one really knows what effect different actions can have on your credit score, so go slowly and look and see what the effect is.

Without closing any accounts, if you get that collection off, your score will probably go up about 30 points, according to Fair Isaac's little scorecard.

I would make sure you keep your oldest tradeline open for a while. Also, don't close cards with high credit lines while you are carrying balances (on any card), it affects your debt to-limit-ratio negatively. Make sure there is no balance on the card you close, and keep your balance to limit ratio under 30%. Lower % is better.

Linda

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