2007-01-28 12:54:16 · 10 answers · asked by Nola 1 in Business & Finance ➔ Credit
Yes, but it will be very difficult. Their customer service will try to convince you NOT to. That's their job. You should not say it's because you are not going to USE it. Say you are unhappy w/ the interest rate and you are opening an accout w/ their competitor!
2007-01-28 13:06:27 · answer #1 · answered by Mee-OW =^..^= 7 · 0⤊ 0⤋
You should not close the account unless you have numerous other cards or your credit history is older than 10 years. Your credit rating is based on the percentage of credit used. For instance if the combined limit of all credit cards is $10,000 with a total balance of $5000, is better than $5000 total limit/$5000 recently closed limit and an outstanding balance of $5000.
Keep the card and monitor the card to detect usage. Just because you are not using the card does not cause it to be more vulnerable than an actively used card.
2007-02-01 06:43:07 · answer #2 · answered by plum_oasis 1 · 0⤊ 0⤋
It depends on your motivation for this question. If you are asking about credit score, part of your score is determined by how long you have had credit. If you have had this credit card for a while, it might increase your score even to leave it open with a $0 balance.
If you are asking from some other motivation, I do not see any reason to have credit accounts I do not need. I usually do not keep mine open. However, I don't use credit for any other purpose than buying online where I don't want to compromise my debit card account.
I hope this helps.
2007-01-28 14:15:33 · answer #3 · answered by DisneyMom92 2 · 0⤊ 0⤋
no, definitely don't cancel it. just pay it off and get rid of the card if you want to, but canceling it will show as a closed account and won't do anything to help your credit. just leave it open, even though you aren't going to use it.
2007-01-28 13:02:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes. Your credit is affected by how much money you have access to, as loan or credit; the more available, the higher risk you are to run up bills, thus your rating is lower.
2007-01-28 13:04:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, don't cancel it, especially if you have a long history with it. Just cut up the card.
2007-01-28 14:55:39 · answer #6 · answered by dallas_darling 2 · 0⤊ 0⤋
Why not? You don't want to take that chance of paying it off and then falling back on it. You would be in that same hole all over again.
2007-01-28 13:02:38 · answer #7 · answered by Skinny 2 · 0⤊ 0⤋
Yes because someone else could end up using it.
2007-01-28 13:02:52 · answer #8 · answered by Jim C 6 · 0⤊ 0⤋
Yes if you dont you will use it again
2007-01-28 12:59:50 · answer #9 · answered by ? 6 · 0⤊ 0⤋
YAHH i WOULD JUST iNCASE......
2007-01-28 13:01:31 · answer #10 · answered by tylers_baby 1 · 0⤊ 0⤋