These are revolving accounts such as department stores, etc. I am not carrying balances on any of these accounts and they have been opened for several years.
2006-09-09 09:08:45 · 9 answers · asked by Nina N 1 in Business & Finance ➔ Credit
Take the time to visit http://www.myfico.com
This is the home site of the folks who developed the FICO scoring system. It gives lots of consumer advice and tips.
For starters, it's recommended that you have between 3-5 cards. Seven may be a bit high. But the main thing that hurts your score is having a very high available credit limit. As long as your cards only carry between $500 and $2000, you should be very safe. It's when people have several cards with $10,000 that the creditors begin to get nervous.
The other major factor on your credit score is credit history. I would strongly recommend that you keep these cards if you have established credit over several years.
So I do not recommend that you cancel any of the cards. But if you do, here is some advice.
Canceling cards will have a negative effect on your credit score, but only for a short time. So if you are planning on any major purchases that will require a good score, hold off canceling the cards.
When you do, only cancel 1 card every 3-4 months. This will minimize the damage to your score. After a few months it will improve.
2006-09-09 09:31:46 · answer #1 · answered by Anonymous · 3⤊ 0⤋
No! Closing a bunch of accounts actually hurts your credit score. It does no harm to keep zero balanced cards on your credit report. In fact, it establishes good credit. Close a few if you have to, but not all. Keep your longest credit card, for sure. Remember, try to never go over 1/3 of your credit limit on a single card.
2006-09-09 09:14:37 · answer #2 · answered by hisprincess 2 · 1⤊ 0⤋
No .. actually closing those accounts will HURT your credit score (hard to believe eh? This is totally the opposite from what most of us were taught growing up).
You can, however, cut them up so that they can't be used.. (either by you, or anyone else that could get a hold of them)..which is what I've done w/ a couple of my cards.
2006-09-09 14:13:39 · answer #3 · answered by CactusFlower 4 · 0⤊ 0⤋
It would probably be wise to close all but one. Use the one then occassionally, being sure to pay for whatever is on it in full each
month. This will improve your credit score. Having the cards for
any other purpose only will open the possibility of identity theft.
2006-09-09 09:16:12 · answer #4 · answered by Anonymous · 0⤊ 1⤋
I don't believe it hurts your score, but, keeping them open can lead to problems if your purse or wallet is stolen and somebody begins to use them..
Also, make sure that they ARE still open.. They may have been closed due to inactivity.
My wife didn't use her atm card for about 3 months, and they deactivated it and she had to call in and get it straightened out.
2006-09-09 09:15:07 · answer #5 · answered by chuckufarley2a 6 · 0⤊ 1⤋
yes definitely, as in the end you still end up paying things like rental for the unused credit cards, after like a year or so of their free "rental paid packages"!
2006-09-09 10:03:56 · answer #6 · answered by Nandan S 2 · 0⤊ 2⤋
read tips on credit and credit scores on this site
2006-09-09 09:17:42 · answer #7 · answered by Anonymous · 0⤊ 1⤋
If you are not using them then close them...they count against your debt to income ratio.
2006-09-09 09:14:39 · answer #8 · answered by me myself and i 3 · 0⤊ 1⤋
leave them open
2006-09-09 23:11:53 · answer #9 · answered by cali909boy 2 · 0⤊ 0⤋