We have a few unused Credit Card accounts that will remain unused because of high interest rates. If we cancel them it will mess up our credit score. whay shoulds we do , just sit on them?
2007-09-09 05:29:52 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
If you aren't paying any fees (annual or monthly) keep them and let them continue to help your scores.
Just because they have a high rate of interest does not mean that you cannot use them. As long as you pay in full when you get the statement, the interest will not affect you.
Use them for something minor that you would normally pay cash for (like - gas, a hamburger, etc) and set the cash aside until you get the statement.
2007-09-09 05:43:57 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Find your card or report it 'misplaced' and ask for a replacement. Check First as there is a possibility that if the card has not been used for 6 months or more the issuers may want to do a refresher credit check. If so this will show up on the national database. One should try NOT to have a credit search done more frequently than bi-monthly as it can be seen as a way to fraud. If you find or replace your card use it even for a small purchase 3 or 4 times a year. It looks better on credit database and your payment record is recorded. Providing you are not getting in bad debt keep it.
2016-05-20 05:18:39 · answer #2 · answered by erminia 3 · 0⤊ 0⤋
I put mine in the little fireproof box with the insurance policies .
Never know when a disaster might strike and they could come in handy .
Plus , having all the 'unused' credit motivates other companies to give you really good rates or cash back cards and stuff .
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2007-09-09 05:43:41 · answer #3 · answered by kate 7 · 1⤊ 0⤋
Cancel all or most of them-- keep one if you have no other credit cards. The number of open accounts you have impacts your credit; too many open accounts will bring your score down even if there is no outstanding balance.
2007-09-09 06:06:31 · answer #4 · answered by dcgirl 7 · 0⤊ 1⤋
If you have too many 3 or more that you don't use then I would close them. Credit bureaus look at if you have too many open. If you feel that you may need them one day then keep them open. If you have a good score 700 or better then keep them open.
2007-09-09 08:05:28 · answer #5 · answered by SandraD 3 · 0⤊ 1⤋
Francis:
Echo is one of the top two contributors for the credit forum of Yahoo answers. As usual, her answers are correct and helpful. Check out her profile. She provides many good links to help people understand how credit works. She definately got my vote here.
2007-09-09 07:25:47 · answer #6 · answered by Anonymous · 0⤊ 1⤋
I say that even if you don't use them, keep them open so that the credit bureaus have some history to evaluate. I'm in the same situation.
2007-09-09 05:38:58 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Just keep in somewhere in your wallet where you cant see it everyday, so you forget about it. I mean you dont like to see it everyday when you dont use it, but you may need that in some emergency.
If you not using them, dont worry about it. Forget it.
2007-09-09 05:46:08 · answer #8 · answered by bharatmani777 1 · 1⤊ 0⤋
cancel the cards and cut them up. If they're canceled out
it will improve, not harm your credit rating.
2007-09-09 05:50:26 · answer #9 · answered by Anonymous · 0⤊ 4⤋