My credit score is 712, I would like to bring it up to 800. Should I cancel unused credit cards?

Answer 1

or better yet make small purchases and pay them off. Credit score measure how you pay, not what card you have. Not using them does not really help your score. But, I do believe in avoiding debt, and over time it you do not have any late payments you score will improve on it's own, so make those payments on time...or early and wait it out.

Answer 2

Actually I am wondering why you would want to bring it up to 800. Generally anything in your range is considered very good. You can usually qualify for the best(or very close to it) rates on Homes and Cars with this score.

But what ever you do, do not cancel unused Credit Cards. This lowers your total amount of available credit and plays around with the amount used/open ratio which will lower your score.

Answer 3

right it incredibly is why canceling playing cards can harm your score, particularly. Your credit, aside from on-time bill money, is in accordance with 2 different variables: your earnings to debt ratio and your debt to credit obtainable ratio. for this reason, in case you cancel the playing cards, enable's say each card is granting you a minimum of a $5,000 credit decrease, you're reducing your obtainable credit by utilising very almost $15,000 on an identical time as your different money owed stay an identical. If on that final card you have it maxed out (which you're saying you do no longer, yet to illustrate), then yeah this might mirror badly. If inspite of the shown fact which you're able to do away with the stability on your fourth card, in line with danger even ask the cardboard company to enhance your decrease once you're questioning of protecting it and you qualify, then slowly cancel the different 3 playing cards one after the different, this would placed you in extra appropriate shape. nonetheless, the reality you had almost 4 credit playing cards on your checklist is going to chew you somewhat at last, yet credit does heal with time. in case you haven't any longer seen your credit checklist in a on an identical time as, i might try making effective you haven't any longer have been given any mastercard debt and cancel one among them. Then a month later, verify your credit checklist (you may get a credit checklist for unfastened as quickly as a year). See the place it falls. something above 650 is seen a great score, so once you're above that, i might think of you would be great to do away with the others too.

Answer 4

No, no, a thousand times no!

You'd be better off, actually, getting credit limit increases on your existing credit cards.

Personally I don't see the point of bringing it up to 800 as your goal since you can get all the best deals at about the 740 level if not lower.

To learn more go to http://www.creditboards.com/forums

Answer 5

that is excellent credit! bringing it to 800 would not make any difference. 712 is "A" credit and you can't go any higher than an "A".

Answer 6

Canceling card would LOWER your score because it is based on the ratio of your debt to your available credit.
If you close up your available credit, then your debt / credit would be higher so they lower your FICO.
Improve your FICO by keeping low debt and an excellent payment history. Owning property doesn't hurt either.

Answer 7

No, that is a common myth that is not true. By keeping your cards active, your credit balance that you are using compared to your available credit is higher, as well as your average account age.

Answer 8

try to use the credit cards and pay the bills on time...

Answer 9

Do you own property?

If you have a loan on real estate that helps your rating as long as you pay it on time.

Answer 10

It takes 12 seconds for the YAnswers page to load for me to be able to click on the [add your answer] box. does this mean my laptop is slow?