2007-08-05 12:57:02 · 10 answers · asked by anand_bbb 1 in Business & Finance ➔ Credit
If it is a credit card that you have had for a long time, then you do not want to cancel it. It can cause more harm to your fico score to close it than to leave it. Length of credit history can make up 15% of your fico score.
2007-08-05 13:02:39 · answer #1 · answered by Boots 7 · 1⤊ 0⤋
How many credit cards do you have? How long have you had that credit card that you want to close? If you have too many then it's OK to close it. BUT, how long have you had that credit card? Is it one of the longest credit card that you have? Lets say you have 8 credit cards, which is WAY too many. You have 2 of them for 3 years, 5 of them for 1 year, and 1 of them for 8 years. If I were you I would close 5 of those credit cards with 1 year, keep the 3 years and the 8 years cards. You don't have to use the credit card but keep it in the safe box. Good luck!
2007-08-05 13:09:51 · answer #2 · answered by Caitlyn 4 · 0⤊ 1⤋
No do not cancel it if you have had it for years and even you don't use it much if you close it then you are deleting all of the credit history that you have had with the company. Which could affect your credit score.
2007-08-05 16:22:59 · answer #3 · answered by Nenita 2 · 0⤊ 0⤋
No.
A big part of your credit score is the age of your active accounts. Another part of your score is the amount of your available credit.
Closing this account will damage your score on both counts.
Keep the card, use it a couple of times a year, and pay the balance in full each time.
You will keep your credit score high.
2007-08-05 13:04:17 · answer #4 · answered by ascendency2003 2 · 1⤊ 0⤋
As long as it is paid up, it is a benefit to your credit score. Use it every once in a while and pay it off on time. It will aid you if you ever need to finance anything, eg car, house, furnishings, etc. It may keep your interest rates down.
2007-08-05 13:06:28 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I would say keep it open to show your good credit history. Call your creditor and have them reduce your available credit so that it lessens your available credit which will help with your credit score.
2007-08-05 13:05:30 · answer #6 · answered by ? 3 · 0⤊ 1⤋
mmm may be a change of CC
I found interesting information about your answer Here:
credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!
2007-08-06 02:36:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes, because on your credit report open accounts are viewed as potential debt even with a zero balance.
2007-08-05 13:02:30 · answer #8 · answered by Suzy 5 · 0⤊ 1⤋
Unless the card is charging you with annual fees or gives you penalty for non-usage, NO.
Since it has good history, it should work for your advantage.
2007-08-05 13:08:28 · answer #9 · answered by M*R 2 · 1⤊ 0⤋
no, if there isnt an annul fee then just keep it.
2007-08-05 13:04:27 · answer #10 · answered by SaRAh 2 · 1⤊ 0⤋