2007-01-16 06:30:08 · 5 answers · asked by Dama 3 in Business & Finance ➔ Credit
Depends on whether you owe or not. If the card is paid up, you will still get monthly statements. However, some companies require you to make a certain amount of purchases over a year or they will charge you a yearly fee - some companies its around $35 or so. Check the back of your last statement to see the rules.
Having a card at zero balance is a unique thing in these days - congratulations!
2007-01-16 06:39:42 · answer #1 · answered by sagegranny 4 · 0⤊ 0⤋
In most cases, it will just sit there waiting for you to come spend money on it again someday.
Some banks will "purge" your account if it's not active for a few years, as it costs them money to maintain the account. This will show up on your report as "account closed by grantor". That code may or may not have a negative impact. I just don't know for sure.
Make damn sure there's no possibility of an annual fee or any type of charge that could pop up on the card. If you aren't using it, you won't be watching the bills when they come in. If anything was charged on the card, like an annual fee, if you don't see it and aren't expecting it, you might not pay it in time and have late payments on your credit report. I've seen that happen to many people.
The longer your accounts have been open, the better your credit rating is, so ultimately, just letting it sit open for years could help your scores. But it also leaves the account open to fraud, since you won't be monitoring the account.
Bottom line, if you have zero expectations of ever using the account again, just close out the account and cut up the card, and remove all risk of having this account bite you in the rear some day.
2007-01-16 15:24:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nothing. Your credit score is determined by available credit and the length of your relationship with the creditor.
No one seems to know for sure if closing an account will help or hurt your score.
2007-01-16 14:35:36 · answer #3 · answered by jbowler 3 · 0⤊ 0⤋
Nothing, but my financial advisor says that closing an account is a negatively viewed when asking for a lorge amount of credit saya a house a car etc. . . . b/c they associate it with inability to pay large debts. They think that you may not be willing to commit, even if you payed it all back.
2007-01-16 14:41:49 · answer #4 · answered by Marian 2 · 0⤊ 0⤋
it just sits there, buy if you owe money and you get up and leave you will get thrown in jail
2007-01-16 14:34:37 · answer #5 · answered by Dan P 1 · 0⤊ 2⤋