I have a secured credit card which I got it when I came to US. Now i have unsecured credit cards. I want to cancel the secured one since there I have a secured deposite. what happens If I cancel that card. Will I be loosing all the credit history that has been accruded so far?
2007-06-12 07:18:08 · 15 answers · asked by rahul k 1 in Business & Finance ➔ Credit
Nope. Good credit history follows you as well as the bad credit does.
2007-06-12 07:43:10 · answer #1 · answered by thezaylady 7 · 0⤊ 0⤋
No. You will not if you have used the card. If you don't use the card whatsoever then it could affect your credit history. How long have you had this credit card? Are you using it most of the time? Using a credit card makes your credit history look great because it shows payment history (make payments on time everytime) just don't go over half the limit then it goes down from there. If you have used this card for over a year with great payment history then cancel you are safe. Still worried? Get your credit report and take a look for yourself. You can get one free every year.
2007-06-12 07:24:07 · answer #2 · answered by Fashionista89 1 · 0⤊ 0⤋
Canceling the card may reduce your credit score a little, but it's probably worth it to get your money back. Your credit score will be fine as long as all your other accounts are in good standing. And you don't need a high credit score anyway unless you're planning to borrow lots of money in the near future.
2007-06-12 07:22:09 · answer #3 · answered by rainfingers 4 · 0⤊ 0⤋
One of the criteria for giving you a credit score is based on the longevity of credit accounts you have. Even if you rarely used this card, the fact that you have had it for several years is in itself a big plus. Losing a "big plus" is the equivalent of gaining a minus. If this company considers you a good customer (not a late payer, not in default, etc) you should probably not quit it just yet. I suggest you call the credit card company and ask them to waive the annual fee. I can almost guarantee they will if you ask them to.
2016-05-18 02:21:42 · answer #4 · answered by arla 3 · 0⤊ 0⤋
No, your credit history will still show up on your credit report. If you pay off that card and keep it open and just cut it up then it will raise your credit score, so you may not want to cancel the card.
2007-06-12 07:22:07 · answer #5 · answered by smiles 3 · 0⤊ 1⤋
Your Credit Card history will stay on your Credit Report for at least 7 years-even if it is paid off. The creditor does not update frequently, unless of course you owe them money. The Credit Bureaus do not delete the information just because it is paid.
2007-06-12 07:21:49 · answer #6 · answered by Grandma6 1 · 0⤊ 1⤋
No, you will not loose the credit history on that card. You will stop building the length of credit for that particular card. One of the factors for determining your credit score is the length of credit on each account. The longer the better, but it only takes to develop that on another account.
2007-06-12 07:21:31 · answer #7 · answered by User103443 3 · 0⤊ 1⤋
Your credit history stays on your credit report for seven years. If you use your new cards wisely, their strong track record will serve you well even if you cancel the original card. I would check with a credit reporting agency like equifax, experian or transunion to get more information. All are online.
2007-06-12 07:21:31 · answer #8 · answered by alcoh71 2 · 0⤊ 1⤋
if it is a prepayed credit card yes you will lose all of that credit remarks. But i would make sure that you apply for a non prepaid while you have a prepaid. This will show the credit card company that you have credit. When you have switched it will not affect you as long as you pay your bill.
2007-06-12 07:22:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No, the credit history is already reported and will remain a part of your credit file.
2007-06-12 07:25:59 · answer #10 · answered by The Real America 4 · 0⤊ 0⤋