How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Law Pro Your Own Question

Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 23451
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
Type Your Business Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

In 2014 I have contingent plans to take dual citizenship

Resolved Question:

In 2014 I have contingent plans to take dual citizenship overseas. My bank does not permit its MasterCard and Visa to be renewed outside USA. If I close the accounts it would impair my credit rating. Any workaround on this?

 

Found on web: To close card accounts without impacting one's credit score, you need to have zero balances on your credit report for all of your active credit cards

Please ignore: Immigration lawyers ignorant on finance

Submitted: 1 year ago.
Category: Business Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX X'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


Can you zero out the balances on the credit cards?
Customer: replied 1 year ago.

Yes I can sell property to create a zero balance but my bank will not renew the cards outside of the USA. But if I close all my cards I will have no credit, for example, JustAnswer. I could close the MasterCard and Visa but if I keep American Express would that impair my credit score? Is closing ALL cards with a zero balance an absolute necessary? Should there not be a medium?

Expert:  Law Pro replied 1 year ago.
Positive credit data can stay on the credit report indefinitely for determining a FICO score which is, in reality, your credit score.

Closed accounts with zero balances and no associated negative information typically remain on a credit history for 10 years from the date they are reported closed. This allows the positive information to be reflected on your credit report and without a negative connotation.

You don't need to close the credit card accounts if you can give them a USA address.

How about a PO Box could you do that and have the mail forwarded to you?
Customer: replied 1 year ago.

I do not know if I am not a USA resident if the account will remain open. For example, American Express Serve accounts is only for USA residents but it is a debit card which is easy to get.


 


Please open a window so that I can rate you. I value your service.

Expert:  Law Pro replied 1 year ago.
I haven't completed the answer - that's why the "rating" hadn't appeared.

But how long will you be away - permanently or what?
Customer: replied 1 year ago.

Thank you! Your effort is appreciated. I have a 5.5 room apartment. I will either paint in 2014 or sell and live permanently overseas.

Expert:  Law Pro replied 1 year ago.
Then, in reality, you don't really want to continue with these US credit cards.

But really do want to close them - pay them off - then close them.

What you want to do is open new credit card accounts once there and either transfer the balances.

Potential lenders take into account the amount of credit still in use once a card and its associated credit limit gets canceled. That's because credit bureaus and lenders are interested in what is known as a balance-to-limit ratio, also known as your "utilization ratio", which compares the amount of credit being used to the amount of total credit available to the borrower.

The ratio is more important than how much available credit you have.

 

From a lender's standpoint, "a low balance-to-limit ratio" is a strong indicator of good credit risk".

 

To offset the closure of one account, for example, you can request a credit limit boost on another card in order to maintain the ratio.

 

 

 

So, if you open new accounts and transfer the balances and/or pay off the accounts - that will not hurt your credit score but help your score.




If you have any further questions, please feel free to let me know…

You can always ask for me in your question, “This question is for Law Pro . . (then on with your question) . . . .

Please press the Accept Button(and the Smiley Face if prompted :) if I have helped you today so I am credited for my time assisting you.

Pressing Accept does not cost you anymore, and only by you pressing accept am I compensated by JustAnswer for assisting you. Please don’t leave negative feedback, If something isn’t working let me know and I will continue working with you to resolve it! Positive Feedback and Bonuses are not expected, but are always appreciated!
Customer: replied 1 year ago.

If I sell my cooperative apartment in 2014 I should be able to pay off the installment accounts. I have no mortgage or loan accounts so my FICO is lower.


 


What about American Express? I believe that they do business where I will be. Is it necessary to c.lose American Express too?

Expert:  Law Pro replied 1 year ago.
It shouldn't be necessary to close the AE but you have to contact them. They have this happen routinely with customers.

Moreover, VISA operates internationally too - you should be able to open another VISA account too.


What country are you moving to?
Customer: replied 1 year ago.

Philippines. I have a potential female relationship. I have been told by everyone that all the women there are scam. But my girlfriend was explicit in what she wanted, that is, air conditioning, refridgerator (Isic) and washing machine /dryer which we take for granted here. We communicate by webcam and chat. She is now happy as working as a waitress. . I plan to visit in July 2013 for her birthday and make a determination if her interest in me is genuine. I have told her that my pension is not transferable but I do not know about social security. PLEASE ADVISE!

Expert:  Law Pro replied 1 year ago.
About what - the social security?
Customer: replied 1 year ago.

Compared to the USA economy Philippines prices are lower. My combined income is over $3,000 monthly and I believe bank deposits in Philippines are insured for the equivalent of $2,500. My girlfriend keeps saying "too much."


 


We hope to open a grocery store there. In USA Immigration wants an affidavit of support so that an immigrant will not be homeless here. So for more than one reason I like to make a change/


 


I wonder if my social security can be transferred to her.

Expert:  Law Pro replied 1 year ago.
The Phillipines is listed as a country where you can receive your social security.

But it would appear that she wouldn't be able to collect your social security unless she had lived in the US for 5 years upon which those payments are based.

Here's a link to the social security information about such:

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/512/~/receiving-social-security-benefits-when-living-overseas




If you have any further questions, please feel free to let me know…

You can always ask for me in your question, “This question is for Law Pro . . (then on with your question) . . . .

Please press the Accept Button(and the Smiley Face if prompted :) if I have helped you today so I am credited for my time assisting you.

Pressing Accept does not cost you anymore, and only by you pressing accept am I compensated by JustAnswer for assisting you. Please don’t leave negative feedback, If something isn’t working let me know and I will continue working with you to resolve it! Positive Feedback and Bonuses are not expected, but are always appreciated!

Law Pro, Attorney
Category: Business Law
Satisfied Customers: 23451
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
Law Pro and 2 other Business Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA