I’ve ruined my credit……I think….Help!!?
So I jumped the gun before doing my research and now I’m paying the price…
I had two credit cards I recently closed
The first one was my oldest (first mistake) that had a limit of 7k on it with a balance of 4k.
The second card I closed had a limit of 8k on it with a balance of 7500. How I ended up with that much debt i wish I could tell you….
I recently opened up a new credit card with a limit of 10,800 and transferred 7400 of my 2nd closed card balance to take advantage of the 18 month 0% APR.
I left 100 on the 2nd closed card, I heard it helps your credit if you have a small balance? Or is that only with open cards?
Now, closing two cards with balances, one of which is the oldest I know is going to ding my credit, my question is just how bad?
Also, if I pay those two closed card balances off entirely, will that help my credit?
Lastly opening that new card and transferring the balance from one of the closed cards, I assume that just hurt me further bc taking on new credit isn’t good either….?
I have a 15k autoloan aswell which will be paid off in June…note I have never missed or ever been late on any payment to any creditor….
Please don’t judge me, I’m only trying to better myself….I’ve nearly gave myself an anxiety attack thinking I’ve just destroyed my 780 credit score.
Thanks for your help…