2006-11-03 02:06:01 · 10 answers · asked by Simbalion 1 in Business & Finance ➔ Credit
I believe it helps your credit
2006-11-03 02:07:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It depends. Part of the credit score compares the ratio of "available credit" to "credit used". If the credit card has no posted limit, that isn't good, because.... that would mean that if you only had a no limit credit card, your available credit is zero, but if it had a balance of $10, you are looked at as being over your limit.
This kind of thing, evaluating credit is a pretty confusing thing. If you're contemplating a big purchase soon like a house or car where your credit score can make a huge impact, talk to someone that really knows, like a mortgage broker.
2006-11-03 10:12:10 · answer #2 · answered by open4one 7 · 1⤊ 0⤋
It can. All available credit goes against your credit score. So if you have a charge card with a $1,000 limit but a zero balance, the $1,000 limit will be used when figuring your credit score because you have the ability to go right out and charge that much.
2006-11-03 10:07:37 · answer #3 · answered by kja63 7 · 1⤊ 0⤋
I say no.
If you have a low 'debt to credit ratio' chances are you're a good credit risk.
I was told to pay out my credit cards but do not close the accounts for this reason. High available credit with low actual debt.
Just because you have a credit card doesn't mean you're inclined to use it.
Your debt to earnings rato should be 40% or lower and the lower the better.
2006-11-03 10:17:44 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It does not really HURT it, but it also does NOT help it. If you have too many lines of credit, even if you are not using them, it is still open-credit and too much of anything is not good.
It is best to have one or two really good lines of credit with major credit cards, like VISA or Mastercard....the department stores are not as good....not to mention their RETARDED interest rates.
2006-11-03 10:10:16 · answer #5 · answered by brandiejs1979 4 · 1⤊ 0⤋
It depends. Sometimes they look at the amount of money you potentially could go out and spend as well as what balances you're carrying. If, at the drop of the hat you could go out and charge 60k and you're only making 20k and carrying balance of 5K, that might make them go hmmmm.
If you don't use those cards it's better to call and close them. Have them recorded as closed at customer request.
2006-11-03 10:10:14 · answer #6 · answered by parsonsel 6 · 1⤊ 0⤋
It can insofar as it is credit that you have available and that has to be considered if you are seeking a bank loan. If you are not using these cards you should cancel them.
2006-11-03 10:08:01 · answer #7 · answered by Anonymous · 1⤊ 0⤋
No, because you are using a lower portion of your available balance and you are increasing your average account age if you keep it open.
2006-11-03 21:30:25 · answer #8 · answered by Mariposa 7 · 1⤊ 0⤋
Actually it good for your credit
2006-11-03 10:08:42 · answer #9 · answered by Luckys Charm 4 · 1⤊ 0⤋
its a good thing as long as you had no late payments
2006-11-03 16:38:30 · answer #10 · answered by barbara w 2 · 1⤊ 0⤋