I've paid off a credit card and don't plan on using it any longer. The credit company is sending me mailings about how they are decreasing my credit limit and crap because of "deliquency" and other things but I have not used the card in over 7 months and there is no activity on my account. They are pissing me off and I just want them out of my hair at this point.
2006-10-02 09:52:45 · 16 answers · asked by Anonymous in Business & Finance ➔ Credit
Make sure that your credit record reflects your payments accurately, don't let them get away with false delinquencies!
The only way it could hurt you would be to lower your available credit to debt ratio. A portion of your credit score reflects the difference between credit available and balances.
2006-10-02 09:57:17 · answer #1 · answered by Jenyfer C 5 · 0⤊ 0⤋
First I would call them and make sure they have your card at a $0.00 balance before I did anything else. Now closing a credit account does hurt your credit score some because it decreases your available credit. After you talk to them though, if they still are you harassing you, I would file a complaint with the Better Business Bureau and close the account.
2006-10-02 09:58:23 · answer #2 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
surely do not cancel your credit enjoying cards! which will decrease off your credit historic previous, that's so considerable in retaining your scores extreme and evidently lots extra valuable for any destiny creditor. Please understand that your solid credit historic previous with a creditor is to not be taken gently and decrease off. for this reason your spouse is surely superb. i'm a loan broking provider and that i've got seen human beings cancel enjoying cards and disqualify themselves from loans. In a house own loan maximum folk of classes require a minimum of three trades that have been open and lively for no less than 2 years. Rember, an element of having extreme scores potential which you realize the thank you to handle the duty of having the credit lines and paying them whilst they are due.
2016-10-15 10:58:00 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes!
I was doing a radio show in Chicago and the host had just paid off all his cards and closed them all. His scores dropped 160 points.
You can call the companies and ask them to reopen the cards with the same account # and ask that your credit history be restored to the credit reports.
2006-10-04 20:03:46 · answer #4 · answered by supercreditguru 3 · 0⤊ 0⤋
as long as your credit report shows that the balance due on the card is zero, then cancel it. if it does show a balance then it means that your creditor did not update your report to reflect that you paid off the entire amount. if you close it with a balance due, then it will look bad on your report. however if you close it by your own account and the balance is paid off, then it won't matter. just check your credit and see what the report says about your card in question. you need not fear your score dropping simply bcuz you check it. there are soft and hard hits on your credit. only the hard hits, like from dealerships, cell phone companies, mortgage companies etc, will affect your score. soft hit is essentially YOU checking your own credit and does not impact your score unless you check it everyday for a month straight. then it will affect your score.
2006-10-02 10:57:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It can be. Your credit rating is based on a lot of things, one of them being the ratio of what you owe vs line of credit.
So, if you have three credit cards that look like this:
1. $500 balance on $2000 limit
2. $1000 balance on $3000 limit
3. 0 balance on $3000 limit
then you owe a total of $1500 with a limit of $8000. If you cancel your 0 balance card - then it shows that you owe $1500 with a limit of $5000. Your credit rating may dip a bit because your debt to available credit changed.
check out www.clarkhoward.com
2006-10-02 10:05:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋
It depends on several factors:
Overall utilization: If you have no balance on this account but higher balances on others-- this account is HELPING your score by lowering your overall utilization ratio.
History: If this is one of your older or mid-range accounts, closing it could actually shorten your average account history.
You better double check this "delinquency" thing-- beucase if they are recording late payments on your credit you need to get that straightened out. Some companies DO have annual/monthly fees, and so just becuase you HAD a 0 balance and haven't charged doesn't mean you still dont have a payment.
2006-10-02 10:07:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Its actually not good to have a lot of open credit cards on your credit report... AND if you do have a few cards open, they should be spread out a little, not all the debt on one card... I just cancelled a few of mine, its good to get that off of there once and a while ... they could look at it like OK that person has the ability to charge that much!
2006-10-02 10:01:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Obviously if you are being hassled, you either don't have a zero balance or have not paid some of the fees that these companies add on at any excuse - annual membership fees, phony late fees, phony over limit fees, etc.
So you can't cancel it without paying what they say you sill owe, and expect to have improved credit. if they are running a game on you, don't pay anything - but either way, your credit is going to suffer.
2006-10-02 10:23:46 · answer #9 · answered by Grist 6 · 0⤊ 0⤋
As far as your credit report, it is better to keep the credit card open, but if they are going to reduce your limit, well that can't look good either. I say open a new one and then close the old.
2006-10-02 10:00:26 · answer #10 · answered by familysport 2 · 0⤊ 0⤋