I know both are likely not good for my score, but what is the better option? I have the card completely paid off, and it is at a clothing store I will no longer be shopping at.
2006-06-05 11:29:18 · 8 answers · asked by ? 4 in Business & Finance ➔ Credit
Keep the credit card and don't use it. It will look good because you have had an open line of credit for so long. Do not cancel you credit cards it is bad!
2006-06-05 11:32:58 · answer #1 · answered by Sweet Honey 4 · 1⤊ 0⤋
Cancelling it may knock a few points off your credit score, but consider a few things as well: if it was a store card, it probably didn't have a real high limit, so unless you're maxed out on your other cards, the lower limit store card isn't doing *that* much for your debt ratio. How long did you have the card? If the history is only a few months old, or I'd say,less than two years, it won't make a real big difference.
2006-06-05 14:52:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. cut back up the cardboard, and forget approximately it until eventually you ought to pay some annual value even without stability. Then, pay the value each and every 3 hundred and sixty 5 days and don't use it. The loopy element approximately credit is that's relatively greater suitable in case you're making one small purchase each and each month on the cardboard and pay it off that comparable month than to under no circumstances use it, too. the regulations for credit are undesirable, by means of fact it promotes greater hassle than facilitates human beings. i'm hoping all works out for you!
2016-12-08 06:48:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
One of the major factors on our credit report is credit history. By canceling a card (especially if it has been with your a long time) will hurt your score.
The only time it will hurt is if you have too many cards, too much "available credit" or if the balance is constantly maxed out.
Keep the card, it's not going to hurt you.
2006-06-05 12:46:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you're not planning on taking out a loan, it doesn't matter. Just put a bunch of money in savings and when you DO go to get a loan, your score won't matter because the lender can SEE from your bank balance that you're not spending every penny you earn (and more using credit cards).
2006-06-05 15:38:33 · answer #5 · answered by homeschoolmom 5 · 0⤊ 0⤋
Keep the card idle. Closing established credit relationships can take points off your FICO score.
2006-06-05 11:32:32 · answer #6 · answered by kentata 6 · 0⤊ 0⤋
You should cancel it because it is no longer in use and it wont hurt you to cancel it, you can always get another one. And whats the point of keeping one with credits that can still be used; some one can swipe it easy and make you pay.
2006-06-08 08:33:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Keep the card. I know it seems weird, but it will shave some points from your FICO score.
2006-06-05 17:28:25 · answer #8 · answered by atmjay 3 · 0⤊ 0⤋