does closing a credit card account with a zero balance affect your credit score?

Answer 1

Closing a card shows as a ding on your score just like an inquiry and opening several cards at once does. Leave it revolving with a low to 0 balance to get a higher score and a low income to debt ratio.

Answer 2

It is not proper to close a credit card even if the balance is zero, because the other credit card companies will concern why did you close your account. the best way is don't use it any more, and keep in your mind to have a credit card it gives you more credit.

Answer 3

If you've had the credit card for a long time, keep the account open if you have a good record of paying the card on time, etc. This establishes a long-time history of dependability in making payments and usually raises your credit score.

Close out short-term zero balance accounts instead.

Answer 4

Never close a credit card account. This is one of the major factors in determining your credit score. The older the account is, the more points it adds to your credit score.

Answer 5

Yes, it does. It factors into the ratio of debt as a percentage of credit available to you. This is a newer scoring model than they used to use in the past.

Let's say you have five credit cards with $1000 of credit available on each of them, but you only have a $500.00 revolving balance on 1 card.

The total credit available to you on all cards is $5,000, so you are using 10% of your TOTAL available credit.

If you were to close the 4 cards you don't use, you would reduce the credit available to you to $1,000. Now, that $500 balance means you are using 50% of all your available credit.

A higher percentage of debt to available credit results in a lower credit score. You are better off leaving all the cards open and not using them. Cut them up if you want, but don't close the accounts.

Answer 6

in the previous you shut them, evaluate that an older account has extra weight on your history than a presently opened one. So keeping older debts at 0 stability is properly worth it in case you propose to borrow later. i comprehend that's virtually in no way the case, for the reason that all of the hot taking part in cards you get comprise 0% APR and all of the previous ones carry some godawful APRs like 17.ninety 9%, yet on the final concept i do no longer close an previous mastercard till it has annual or inaction value.

Answer 7

Yes, it does you should check out www.lifeafterbankruptcy.com. Some of these other answerers have no idea what they are talking about. What you should do is not use the account and the the creditor close it.

Answer 8

WHO CARES?!?!?!?! You only need to concern yourself with your "credit score" if you are planning to go into debt & stay there your whole life! Learn how to live debt-free.

Answer 9

I don't think so as long as everything is already paid and you don't owe anything then your credit will be fine.

Answer 10

ljay has the right answer. That's the REAL answer!