I usually get credits cards with 0%apr on purchases for one yr. And then after the one yr of use. i make sure it's paid off and cancel the credit card. Does this affect my credit at all? Credit gets bad?
2006-11-20 10:15:14 · 7 answers · asked by Stevek 2 in Business & Finance ➔ Credit
here is my advice to you and it's true,keep your credit card open for a long time ,don't close it.this will be good for your credit history and make sure you only use 50% of your credit.example you have a credit limit of $1000 only use $500 and don't go over that.this will dramatically increase your credit score.
2006-11-21 00:04:54 · answer #1 · answered by ? 2 · 0⤊ 0⤋
Cancelling credit cards and applying for new ones to replace them will lower credit score, as length of time credit is established is one of the factors that the score includes in calculation. If you are applying for new credit, or have opened new accounts, your score will be lower than if you keep the same accounts for a very long period of time.
2006-11-20 10:32:02 · answer #2 · answered by RedSoxFan 4 · 0⤊ 0⤋
Age of accounts has an impact on the score. Also, closing accounts that have available credit limit changes your limit - debt raios which also affects scores.
Here is some additional info. Hope this helps.
2006-11-20 10:42:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its better to leave the cards open for your credit history, just keep the available credit relatively low. The longer your credit is open, the better your score will be. (assuming good payment history)
2006-11-20 10:32:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That is bad. Part of your credit score is the average length of time your accounts have been open. The longer they better. By closing the accounts, you are shortening your average account age.
2006-11-20 13:53:42 · answer #5 · answered by Mariposa 7 · 0⤊ 0⤋
when you consider which you haven't any longer any stability on your enjoying cards, why could you choose for to cancel them, then get yet another card? The APR will only impression you in case you do no longer pay off the stability each month. as long as you pay it off, you will no longer pay any pastime on your card. every time you stick to for credits, your credits historical past could be affected, so word of that. only save the enjoying cards you have, and pay off your balances each month (pay them a minimum of a week in the past they are due, to avert previous due expenditures). Doing which will save your credits interior the astounding selection. <*)))><
2016-11-25 21:48:20 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Don't cancel cards. This establishes good credit for you.
2006-11-20 10:25:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋