2006-08-22 12:54:37 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
I have cero balance
2006-08-22 13:09:00 · update #1
There is a couple reasons why u should not cancel cards: 1. because your debt to credit ratio will go down and lower your score and 2. depending on how old your credit has been established could be one of the older ones on your reports and that really will drop your scores. My older sister did it thinking she was doing good without talking to me and her credit score went from 805 to 777.
:)
2006-08-22 15:40:12 · answer #1 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
It will affect your credit score... it's best to leave them at zero balance and not use them. If it's too tempting for you to use them though your best bet is to cancel them. The only way having them open and at a zero balance will affect you negativly is if you're applying for a line of credit (ie: car, home... ect) is that they look at the amout you 'could' charge on that card and that could be potential debt in the future for you, but if you pay your bills regulary that shouldn't be an issue really. The longer you have an account open, and in good standing, helps your credit score.
2006-08-22 13:28:41 · answer #2 · answered by starsmoak 5 · 0⤊ 0⤋
It will most definately! It's better to zero balance your cards then sock drawer them. If at all possible try not to close credit accounts. The open credit is a plus for your debt to credit ratio.
2006-08-22 13:08:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Don't cancel any of your cards! Keep it open with zero balances and build established credit. If you cancel the cards you will lose established time and a lot of creditor's look at that. Keep it open and just don't use them if you don't want to.
2006-08-22 15:13:19 · answer #4 · answered by bella_4624_19 4 · 0⤊ 0⤋
Yes, part of your credit score is your average length of time an account is open. If you close the accounts, you lower your score by lowering the amount of time the account was open.
2006-08-22 14:44:18 · answer #5 · answered by Mariposa 7 · 0⤊ 0⤋
Probably, yes. It's better to leave a zero balance. Your credit line should always outweigh your debt.
2006-08-22 13:00:13 · answer #6 · answered by I'm alive .. still 5 · 0⤊ 0⤋
Yes That Happened 2 One Of My Friend So..Leave It Like That And Dont USE IT..THTAS BETTER..
2006-08-22 14:31:08 · answer #7 · answered by ❀Mother Of 2❀ 6 · 0⤊ 0⤋
Yes, probably for the worse, because your "available credit" will decrease.
2006-08-22 13:31:18 · answer #8 · answered by justagal 2 · 0⤊ 0⤋
Yes, in some way, but I am canceling some of mine
2006-08-22 13:00:37 · answer #9 · answered by Nelson_DeVon 7 · 0⤊ 1⤋
If you still owe on them, yes. I wouldn't take the chance. I'd just cut them up so I'd have the positive rating, but not the temptation.
2006-08-22 13:00:22 · answer #10 · answered by Jessie P 6 · 0⤊ 1⤋