Will closing my inactive credit card or credit accounts help improve my credit score ?

Answer 1

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Answer 2

No, on the contrary it will give you less points for lack of credit, I would't close it if I were you, the way you get a high fico score is by keeping a few active accounts or more than a few, active, that is how your credit gets built, the 3 beaureaus base your good history on this, the number of open tradelines and how long active, and credit cards should never be maxed out, in order for you to get a high score you need to keep your debt at around 65% tops of the maximum limit, the most important thing is to make your payments before they are due, creditors love that and report you as an A+ borrower to the 3 bureus, not keeping your credit moving gives you a lower grade, if for instance your limit is $ 5,000.00 and you charge $ 1,200. or less and pay in full every month then you'd have a perfect score, (it's just an example)

Contrary to what some people say, as well as the previous answer, if you are looking to raise your fico score, it would never take a year, people would be out of business, especially lenders, I see fico scores go up in no time, by asking the borrower to pay off a part of the debt on a specific tradeline, or account and I've seen their ficos go up within 3 days by 60 points, even more, depending on what they do. You should always have a minimum of about 3 to 5 credit cards and keep them all with low balances, but preferrably 3, the way your score is generated is by seeing activity and the name of the game here is being responsible with your credit, if you only have 3 credit card tradelines, it's not enough at least to buy a home, if you have an auto loan it's ok, but do you see why you need more tradelines? they build your credit history, obviously you don't keep these tradelines to go out and get your credit cards maxed out you have them in order to create a good credit history, by knowing percentages, moderation and responsibility.

Hopefully this helps, but these are true facts. Ive worked in Real Estate finance for over 12 years.

Answer 3

If those are your in basic terms credit playing cards, that's recommended to think again final that Capital One account. Having one significant credit card could are available in available for issues like inn and motor vehicle reservations or emergencies. you will possibly could use the cardboard each and every 3 or 4 months to maintain it energetic. you may locate that the two those money owed are closed after a 2 years of state of being inactive. deliver a letter to close the account and request written verification that the account is closed and nil stability.

Answer 4

Yes, it will. If I were you, I would leave that credit card inactive. Simply don't use it and this might even raise your credit.

Well, here is a website with many articles on how to increase your score, plus what you should avoid...
http://www.freewebs.com/infosource100/credit/s2-dail.html


"Clean Credit Report: Easily Raise Your Credit Score 100 Points" and more

Answer 5

YES!!! Tho by inactive I would think they are already closed...? or you just dont use them? Anyways, I was able to raise my score 101 points in 12 months by closing accounts and paying bigger chunks off my debts. Even if you owe nothing but you have say 5 cards with a total available credit of $10,000 it can hurt you. The way they look at it you could go out tomorrow and max it all out. Keep one emergency card and get rid of all your store cards. Thats really all I did and I couldnt believe how my score went up.

Answer 6

It depends on whether or not you have a balance. Your score will improve by having a low balance, and paying your debts off on time. The best rule to go by is only purchse on a credit what you can pay for in full at the end of the months.

Answer 7

yes. One of the scoring processes is seeing how much credit you have available to you. THis includes all cards whether or not they have a balance.

Answer 8

If you are not using your credit card or credit account, then closing them does not make a difference.

But closing and unused credit card or credit account is good, as it can affect your limit when you apply for a loan etc, as even though inactive your credit accounts are supposed to be a liability.

Answer 9

If you close your inactive accounts or cards it will not really make a differnce to your history or credit score>but if the accounts have any past transacations and any history at all thne its better not to close it but to just leave it as it is.becuase creedit refernce agencys will have a deep look at your history and if you close it then it will not be possible and you will lost that part of it.

Answer 10

Whu are u worried by ur credit score from credit cards. Ur credit score is far better off when u do not have a credit card.

Answer 11

no actually it will hurt it because the % of available credit you have will go down. unless you have an excessive amount of credit cards. also, if you must close some, close the newer ones not the older ones.