Whyah Posted July 31, 2005 Report Share Posted July 31, 2005 I recently got a copy of my Equifax credit report and on it there is a collection agency that says I owe 12.00 to a company I did do buisness with in the past. However I don't believe I owe them any money. I was getting ready to fill out the dispute and it said that my dispute will be viewable to creditors who look at my credit file. So which is worse for me having a collection agency on my report of a dispute? Also My Mom opened a Sears card for me to use and I recently got approved for my first credit card after Bankruptcy and I plan on transfering the balance of the Sears card to my new credit card. And since my Mom hates Sears with a passion and will never ever shop there would it be wise for her to close the account? With closing the account will it help her in anyway? Thanks! Link to comment Share on other sites More sharing options...
codename_fortyseven Posted July 31, 2005 Report Share Posted July 31, 2005 The collection account is definately worse. Disputes don't hurt your score at all, and in a perfect world, the inaccurate info would be taken off, so it wouldn't matter. Closed accounts do not help you. I'd keep it open to pad my utilization % and one more positive TL never hurt anyone. Link to comment Share on other sites More sharing options...
Whyah Posted July 31, 2005 Author Report Share Posted July 31, 2005 Thanks for the reply. That makes me remember another question. Since I start reading this board it seems like people are saying that you should have several credit cards. Is this correct and should I apply for more? I am ok with the one but if it will help my credit I will apply for more. Link to comment Share on other sites More sharing options...
codename_fortyseven Posted July 31, 2005 Report Share Posted July 31, 2005 It depends on how many you have now, credit limits, etc...I have open TL's for no other reason to pad my utilization %. It wouldn't hurt to have a few grand in revolving credit that you use once, pay off, and then cut the card up for another 2 years or so. Link to comment Share on other sites More sharing options...
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