help with credit score?

Question

Does our credit score get hurt when we cancel our old cc?

Answer 1

cancelling credit cards can lower you score by a few points here or there, simply because you are lowering the amount of credit you have. if you have a card you don't use, it shows on your credit report usually as an R1 meaning that you have a revolving loan that is paid on time (keep in mind i am assuming you are carrying a 0 balance on this card and have maintained minimum payments every month). so even if you don't use the card, it can help your credit score, because it shows you have established credit. my advice, keep it open if you are worried about your score. if you have a decent score already and don't need the card, then get rid of it.

hope that helps

Answer 2

Cancelling your oldest credit card does have a negative impact on your score as the average credit history age lowers down. Credit card is a important factor for improvising the credit score as your monthly payments gives a boost to your score. To know more visit the below link

Answer 3

Your credit score could be affected by closing a credit card if

The card still has a balance.
It still has available credit when your other cards don't.
It was the first card you ever opened (though this won't matter for about 10 years)
You don't have any other credit cards

Answer 4

It depends. Usually they suggest that a person not cancel, as you would have a higher credit limit overall by keeping it open. One of the factors in your credit score it the percent of debt to amount credit available. Also, frequent opening/closing of accounts lowers the credit score.

Answer 5

You can get authorized without a credit score, however you're going to get raped on curiosity bills. Debit card won't aid. Get a bank card, make the per thirty days repayments in complete if in any respect viable and preserve a low debt to credit score ratio. Get a father or mother to co-signal your first car mortgage. That approach you'll be able to begin to construct your credit score without the 20-30% curiosity cost.

Answer 6

Usually, it would get helped by canceling old cards. If you don't have a lot of credit, you might want to keep it open, but if you have a lot, your score would most likely get better

Answer 7

It can,if it is an old credit card.The older your credit is the more of an impact it has on your score.

You are better off lowering your credit limit to about $1000 and only using it once per year.Maybe for gas or something.
Good luck