Okay, I am thinking of cancel two of my credit cards, which i've already paid off. My question is, will it damage or cause my current score go lower? **I barely use that 2 credit cards**
2006-11-16 19:57:45 · 11 answers · asked by a9113257311 3 in Business & Finance ➔ Credit
if theres no money owed to them, DO NOT CANCEL THEM but take them out of your wallet or purse and put them in your safe. (if you have a safe and you can get a SMALL one for 30 bucks) HAVING credit cards EVEN if you arent using them looks GOOD on your credit report. I have numerous credit cards with NO money owed to them, sitting in my safe. I keep 1 in my wallet that is still on its 0% APR in case of an emergency. BUt dont cancel them, it will look better to creditors if theyre listed on your crdit report as PAID AS AGREED and it will show your balance available for each card. This will show prospective creditors that you have "money" available to pay off anything that you might "borrow" from them buy applying for a loan or another card. But if you have no cards, they will think youre not as apt to be capable of making payments. Trust me, its like having more than one bank account, creditors LIKE to see that you have accounts at more than one bank for the SAME reason, the better liklihood of you being able to pay your bills.
2006-11-16 20:06:36 · answer #1 · answered by . S 3 · 1⤊ 1⤋
yes. when evaluating your credit score they use a formula based on the amt of $ avail for you to use and how much you actually use. So if you have a credit limit of 30000 on all your cards and only charge 500 at any one time you'll have a higher score. Now if you get rid of 2 cards and now you only have a 10000 limit that 500 dollars is a bigger percentage of credit avail
2006-11-16 20:02:21 · answer #2 · answered by uknowme 6 · 1⤊ 1⤋
No, it will not harm your credit score, but keep at least one credit card account open.
It is both good and bad to have multiple credit cards.
Good, for building credit score, bad, credit card companies only mean business, they're not human in a sense, they careless about our problems.
Also, it is the opportunity for them top rip us off with late fees, interests, etc ...
Personal experience.
2006-11-16 20:11:04 · answer #3 · answered by Jeison Iyasu 2 · 1⤊ 0⤋
Cancel them, to remove any possible temptation of using.
Whether you cancel or not use them at all and keep them, will still have the same effect on your fica score.
Your score is based on your credit worth and the ability to pay back that debt in a timely fashion.
So to cancel or to keep and not use, has the exact same effect.
2006-11-16 20:05:27 · answer #4 · answered by Staci C 3 · 0⤊ 1⤋
It is good for your rating to have something you pay on routinely, like a car, house or a credit card, but one is enough and good to have for emergencies.
2006-11-16 20:09:32 · answer #5 · answered by BLR 2 · 1⤊ 0⤋
Never Ever Ever cancel your FIRST credit card. it is always good to keep them open. cut them up and dont use them. it always looks good on ur credit reports that you have multiple credit cards.
2006-11-16 20:02:02 · answer #6 · answered by Molly 2 · 1⤊ 1⤋
NO IT ACTUALLY WILL WORK TO YOUR ADVANTAGE BECAUSE IT SHOWS YOU DON'T HAVE ALL THIS CREDIT AVAILABLE TO YOU THAT YOU CAN USE UP AND WON'T BE ABLE TO PAY YOUR DEBTORS.
BUT DO KEEP 1 (ONE) CREDIT CARD FOR IN CASE OF EMERGENCY.
AND CONGRATULATIONS ON BEING ABLE TO SUCCESSFULLY MANAGE YOUR FINANCES AND GOOD CREDIT HISTORY,
2006-11-16 20:17:46 · answer #7 · answered by Anonymous · 0⤊ 2⤋
No, in fact the less revolving credit you have, the better it will look on a report.
2006-11-16 20:01:12 · answer #8 · answered by The::Mega 5 · 0⤊ 2⤋
why even have two credit card if you cant pay one!
2006-11-16 20:02:20 · answer #9 · answered by ahelp 1 · 0⤊ 2⤋
always keep one open dont close everything its good for your credit rating
2006-11-16 20:01:56 · answer #10 · answered by flavorlicious 2 · 0⤊ 1⤋