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In 2014 I have contingent plans to take dual citizenship

In 2014 I have contingent...

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

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4/1/2013
Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24,870
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
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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?
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Customer reply replied 4 years 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?

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?
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Customer reply replied 4 years 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.

I haven't completed the answer - that's why the "rating" hadn't appeared.

But how long will you be away - permanently or what?
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Customer reply replied 4 years 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.

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.




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Customer reply replied 4 years 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?

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?
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Customer reply replied 4 years 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!

About what - the social security?
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Customer reply replied 4 years 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.

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…

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