I paid myoff my first credit card and they told me it would help my credit line, if I kept it open and never used it. I still have a zero balance. Besides any monthly fees of any kind, is there any harm in keeping it open?
2006-09-26 14:29:06 · 11 answers · asked by shamumusic 1 in Business & Finance ➔ Credit
as long as there's no fees, it's a great idea. keeping the card open will help you build established credit and you need that to have a good credit score.
2006-09-26 14:53:43 · answer #1 · answered by bella_4624_19 4 · 1⤊ 0⤋
If you are new in the credit game...welcome to the zoo. Closing out the "minor" or store cards, Sears etc, can affect your rating. Usually switching major cards will not. Don't do it to often and STOP paying a monthly fee. Get a free card and let it rot.
2006-09-26 14:32:40 · answer #2 · answered by Anonymous · 1⤊ 0⤋
NOT A PROBLEM !!
I have numerous credit cards and ALL have ZERO balance... My credit score is well into the 800's and I know it does not affect it !
Way to go on not having credit card debt * applaudes * : )
2006-09-26 14:45:40 · answer #3 · answered by Kitty 6 · 0⤊ 0⤋
Yes because it shows you have available credit and will increase your pay available percentage. To keep building credit, every once in a while charge something to it and pay it off right away. If you have a $500 limit, charge $200. It shows that you are not abusing your credit.
2006-09-26 14:40:03 · answer #4 · answered by indigonipple 3 · 0⤊ 0⤋
It will help more if there is activity on it. If you keep zero balance then no one knows if you are able to make payments. Charge one thing a month that you can pay in full when you get the statement. This will help more.
2006-09-26 14:33:36 · answer #5 · answered by ' 3 · 1⤊ 0⤋
If you keep it open, don't just set your monthly statements aside and think that since YOU aren't charging, you owe nothing.
Many companies offer 'protective' services with their statements. And many will automatically enroll you, requiring you to contact the credit card company to opt out.
Always read the statements they send you. If only to find that phone number you should call to cancel the services that you didn't want to subscribe to but ended up with anyways.
2006-09-26 18:12:33 · answer #6 · answered by buggeredmom 4 · 0⤊ 0⤋
shop them open and make one small $20 can charge a month that you'll truthfully pay off. no longer employing them will no longer help and mastercard organizations are remaining expenditures that are inactive for too lengthy. each and anytime you shut one you lose that card's credit decrease and also you're literally reducing the accessible line credit that you've.
2016-11-24 21:22:28 · answer #7 · answered by mcnear 4 · 0⤊ 0⤋
It helps your credit to keep an account for a long time, so if you keep it open that can add a few points.
2006-09-26 14:31:18 · answer #8 · answered by n0witrytobeamused 6 · 0⤊ 0⤋
Yes you will sleep better good night and let the higher scores bite.
2017-04-12 00:46:50 · answer #9 · answered by DP 1 · 0⤊ 0⤋
It shouldn't be a problem, unless you have a sucky card that charges nonusage fees. Check your fine print. You should be fine, though. It's certainly better than maintaining a balance.
2006-09-26 14:37:37 · answer #10 · answered by spunk113 7 · 2⤊ 0⤋