2007-08-21 03:34:59 · 5 answers · asked by Arsalan A 1 in Business & Finance ➔ Credit
Unless it has a yearly fee it's better to keep the account open and just not use it. It gives you a higher amount of available credit which is good for your score.
2007-08-21 04:52:52 · answer #1 · answered by LB 6 · 0⤊ 0⤋
Bad idea. (Without any explanation of why you want to do this)
One thing that gives you points is a low utilization of revolving credit lines. If you close an account, you lower the size of your total available credit and thus increase this ratio.
Two other things that give you points is are long credit history and many credit histories. You are reducing your available credit history on which points are calculated.
2007-08-21 10:46:25 · answer #2 · answered by Ted 7 · 0⤊ 0⤋
No, provided the account is fully paid off. You cannot close an account if there is an existing balance owing.
2007-08-21 10:43:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will lower your credit score some but I wouldn't expect it would lower it more than 10 points.
2007-08-21 11:07:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you close it with a balance on it, yes it will. If its been open for a while with a zero balance it will not affect you negatively.
2007-08-21 10:42:37 · answer #5 · answered by julez 6 · 0⤊ 0⤋