CLOSING PLASTIC ACCOUNTS: BETWEEN A ROCK AND A HARD PLACE

Q: I value my excellent credit rating. I have two major credit cards — one I use daily and pay off at the end of the month; the other I never use. I also have three store credit cards I haven’t used in years. I’ve read articles that advise consumers to close accounts, but then other financial consultants disagree. Which is correct?

A: Having these accounts open hasn’t hurt you because, as you say, you have excellent credit. As long as you continue to pay responsibly, having five credit cards shouldn’t negatively affect your credit rating. In fact, having held a high limit credit card and having been in good standing for a number of years is viewed as a good thing for your credit rating, no matter how little you’ve used the account. Cancelling those cards eliminates a positive part of your credit history, which you don’t want to do.

However, there may come a time when the combined credit limit of all of your cards might affect your credit rating. When available credit is looked at alongside debt from student loans, a mortgage, a car loan, etc, it does contribute to the overall level of risk you represent for potential lenders. Closing accounts may increase your level of outstanding debt against your available credit.

Waiting on a job

Q: I am a recent graduate with a Bachelor of science in Computer Information Systems. I have posted my resum? many times trying to find something but nothing is working out. It would really help if you could help me find a job in my field.

A: If all you’ve been doing is posting your resum? and waiting for someone to call you, you may be waiting a long time. As competitive as the job market is today, opportunities arise for those who are skilled, of course, but particularly for those who are aggressive in attitude, assertive in presentation, and proactive in approach.

The implementation of new and existing technology is driving the demand for a broad range of technology experts from systems managers and programmers to analysts and support specialists across numerous industries.

Employment for computer and information systems managers is expected to increase between 2002 and 2012, according to some figures. The numbers are definitely in your favour but you have to do your part. Start building your network through your alma mater with alumni currently working in the field.