The existing credit cards were not being used for quite a while... so i thought might as well cancel it.
2007-01-20 02:46:21 · 13 answers · asked by Hobs 1 in Business & Finance ➔ Credit
It won't hurt to have account closed by consumer, if the balance is at zero anyway, there should be no effect other than lowering your available credit.
2007-01-20 02:49:59 · answer #1 · answered by not4u2c_yet 4 · 0⤊ 1⤋
Yes!!!
This is something I never knew until I started reading books and trying to improve my credit. It is important to have credit cards that have been open for long periods of time, it shows that you are responsible with your credit.
If you have quite a few that have been open for a long time, cancel all but the one you have had the longest.
Remember that when you go to apply for a loan, the bank will look at your debt to income ratio, as well as your available credit. It always looks good to have credit available to you, which you are not using.
2007-01-20 10:54:28 · answer #2 · answered by The Sweetness ASU 5 · 2⤊ 0⤋
I sounds like it would be a good idea to cancel, but it's not for some reason. I have cards that I haven't used in years. I guess when you have the credit available and you don't use it all, it makes you look responsible.
2007-01-20 12:29:04 · answer #3 · answered by Classy Granny 7 · 0⤊ 0⤋
I wouldn't close all of them. I will keep one that is acceptable everywhere such: American Express, Visa or MasterCard for emergencies or the like. Your credit will not be affected, however if you want to have a great credit rate because you are going to make a big purchase do the following: Minimum six months or up to one year pay with credit card and as soon as bill comes in, pay all of it. Keep in mind that every time you ask for a credit report some points are minus to your credit rate, so do it wisely. If you are to keep one, I would limit my credit line for precaution and additionally I would send $10.00 with a letter stating to block all my credit information to each and all three different credit Bureau's. This is a measure additionally to protect yourself from identity theft. Credit cards are excellent. However they are like a loaded gun, you have to know how to use them and be carefully all the time.
2007-01-20 10:57:36 · answer #4 · answered by Abby 4 · 0⤊ 0⤋
It was stated on the world news last night that you should not cancel a credit card, it will affect you credit rating. Just cut it up and don't use it.
2007-01-20 10:54:55 · answer #5 · answered by ruth4526 7 · 0⤊ 0⤋
It does not hurt your credit score to close accounts BUT most companies have requirements other then just the score if you go to look for a loan. Some require that you have at least 3 open trades happening at the time.
2007-01-20 10:52:26 · answer #6 · answered by darin s 4 · 0⤊ 0⤋
Yes it will hurt your credit score. History is a big part of scoring. Dont cancel them. Just don't use them.
2007-01-20 16:43:41 · answer #7 · answered by J C 1 · 1⤊ 0⤋
No, not if you paid your balance and have another credit card. If it was your only credit card, then it might raise a flag.
2007-01-20 10:55:27 · answer #8 · answered by strong_perkasa 2 · 0⤊ 0⤋
I watched the news last night and they said that it does, so just snip your credit card in half. But I'm only a kid so you might not want to listen to me. I'm really not sure.
2007-01-20 10:49:34 · answer #9 · answered by hello 3 · 0⤊ 0⤋
If you have a zero balance and are not using it, then cancel it. If you need it for potential emergencies and it has a decent interest rate, then keep it.
Dave Ramsey is right!
2007-01-20 11:19:16 · answer #10 · answered by Bad Samaritan 4 · 1⤊ 0⤋