I have a card wiht a department store. They no longer have stores in my area. I paid off the card. Should I leave it active or cancel it? Which is better for my credit? (I have a bankrupcy)
2006-12-05 06:30:42 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
It is the only card I have, I'm currently unemployed and can't get any more cards
2006-12-05 06:40:40 · update #1
Having a credit card that looks like you can use it will show that you have some active credit. That is a good thing.
2006-12-05 06:39:43 · answer #1 · answered by redbull_photo 4 · 0⤊ 0⤋
You almost HAVE to have a credit card these days, even if you don't actually buy anything. Most hotels won't let you book a room in advance without a credit card even if you're going to be paying by cash. Same with renting a car. I don't think it'll make a lot of difference in your credit right now whether you keep the card or not. Just keep it safe.
I've had my identity stolen and believe me, it's not funny. It's been over 2 years and I'm still cleaning up the mess they made of my credit. It's not as easy to fix as some of these commercials would have you believe. I just love the citibank ads. They make it sound like you're protected in case of fraud. NOT. Wow, I really got off the subject here didn't I? Sorry.
Anyway, having one credit card with a zero balance looks pretty good but doen't look great so you could go either way with it. Whatever makes you feel more comfortable.
2006-12-05 14:49:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends: Having lots of credit cards can adversely effect your credit.
voluntarily, cancelling credit cards can adversely effect your credit.
Still, I would get rid of a card I was no longer using. Even if the conditions I mentioned before cancel each other out, you still leave yourself open to idenitity theft. Besides, studies have shown that people that use credit cards spend more than people that use cash. Handing over cash squeezes our stingy gland more than using a little plastic card that you don't have to pay back for months.
2006-12-05 14:38:51 · answer #3 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
Keeping it open will give you additional credit availablity. Since you're not making purchases, your credit usage rate will be lower. It's an open account in good standing. You will also have a longer average account age, which is also calculated into your score.
2006-12-05 14:41:03 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
Don't isten to most of thses idiots...they are clueless. Keep it open as a positive Trade line, if there is no annual fee leaven it open...maybe order something every 6 Months to keep it alive...you need this credit with your BK..ALSO open new accounts for when your BK falls off
2006-12-05 14:47:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Having open lines of credit is usually better than closed lines.
2006-12-05 14:33:10 · answer #6 · answered by missyhardt 4 · 0⤊ 0⤋
I think its better to keep it. Might help you to get other ones. Cancelling it should not affect your credit though... Call your credit company!! Ask them.
2006-12-05 14:39:40 · answer #7 · answered by Virus 4 · 0⤊ 0⤋
I would cancel it out
2006-12-05 14:39:35 · answer #8 · answered by elizabeth_davis28 6 · 0⤊ 0⤋
It does not matter what you do, it is not going to change a thing either way.
2006-12-06 23:58:48 · answer #9 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋