2007-09-25 07:24:40 · 5 answers · asked by jeff c 1 in Business & Finance ➔ Personal Finance
The real answer is: It might.
How disappointing. Well, it can both help and hurt, and here's how:
How it can help: reducing the amount of available credit.
How it can hurt: reducing the length of your credit history, making your percentage of used credit (just because you pay it all every month doesn't mean that's the # that gets reported to the credit agency) go up (if it is over ~25% it starts to negatively affect your credit).
Cancelling all of them would end up hurting you as you don't have revolving credit on your file any longer.
Good luck!
2007-09-25 09:37:40 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Yes, it will hurt your score, especially if it's a card you've had for a while. You want to establish a stable credit history, and closing a card is not a good sign. Even if you don't use the card, don't close it, just keep it open. When you close cards, you are increasing your debt to credit ratio.
2007-09-25 09:19:08 · answer #2 · answered by anonymous100 3 · 0⤊ 0⤋
This would actually help your credit score eventhough you don't carry balances. Part of the equation for your credit score is determined by how much credit you have that is available to you.
2007-09-25 07:28:54 · answer #3 · answered by Michelle 3 · 2⤊ 0⤋
It helps it...doesn't hurt it. Too much open and available credit...even if you don't use it or pay it off each month...lowers your credit score. Cut out what you don't need or use.
2007-09-25 07:32:53 · answer #4 · answered by sweetassgal 3 · 0⤊ 0⤋
Doesn't hurt your credit at all to do that.
2007-09-25 07:31:55 · answer #5 · answered by Lex 7 · 0⤊ 0⤋