I've got three credit cards and I'm almost done paying them off and I truly think that I will never ever get a credit card again. I rather just deal with cash. If you have an answer or any good advice please fill free responde!
2006-12-08 09:47:42 · 7 answers · asked by DaQuiteGuy 1 in Business & Finance ➔ Credit
No. Your credit record will still list those 3 cards as being open and under your name, unless you close them. Then, they will still be listed under your name, but will be listed as closed - this means the credit lines on them will not really be a part of your available credit.
You need them to give you some sort of credit. Either don't use them or pay them off each month. Showing that you have open cards with little debt on them helps a credit score - as long as all your credit isn't taken up by them (too much credit extended)
Credit cards don't have to be bad - we spend thousands on them each month, but we pay them off each month and reap the rewards (airline miles, rebates, hotel points, etc). We use them instead of cash, not when we don't have the cash.
You also need them in case of emergency. What if your dog gets hit by a car tomorrow and it's $1000 to fix his leg? What if you daughter needs a new Tuba by monday? What if your car blows up?
Anyway, pay them off, keep them open, and if you don't want to use them, stick them in a drawer. : )
2006-12-08 09:59:01 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No. Paying off your credit cards, and even closing them, does NOT delete them from your credit report. Negative history stays on your report for 7 years. Positive history stays on indefinitely. However, an open account with a zero balance will give you a higher score than a closed account, so I recommend paying them off and leaving them open, unless a card has a high yearly fee that you don't feel like paying.
2006-12-08 17:57:07 · answer #2 · answered by ? 3 · 0⤊ 0⤋
No, but if you have paid them as agreed you want them to stay on your credit report. Why? Because paying a credit card on time increases your credit score which means if you go to finance a mortgage or car, the higher your credit score= the lower your interest,
2006-12-08 17:56:45 · answer #3 · answered by BritLdy 5 · 1⤊ 0⤋
No....but the perfect standing will remain.....do not close them, especially if you've had them for awhile....if you close them, you close the history and that has a negative impact on your FICO score.
Just cut up the cards and don't worry about them.
Unless there is an annual fee - you shouldn't pay a fee to have a credit card.
2006-12-08 17:50:49 · answer #4 · answered by Paula M 5 · 0⤊ 0⤋
no, they will stay on your credit report for 5-7 years, this is NOT bad though as long as you never missed payments/late payments etc
this is actually good, it improves your credit as long as you had no bad marks
2006-12-11 07:44:41 · answer #5 · answered by LetsGoMets 3 · 0⤊ 0⤋
No, you need to cancel those accounts if you don't want them to appear on your next credit report.
2006-12-08 17:55:16 · answer #6 · answered by Bunny 2 · 0⤊ 1⤋
no they will just have a zero balance and remain open unless you call the company and tell them to close the accounts.
2006-12-08 17:55:06 · answer #7 · answered by alwaysbombed 5 · 0⤊ 0⤋