2007-11-21 10:35:33 · 8 answers · asked by ladybug 1 in Business & Finance ➔ Credit
yes it will lower it
2007-11-21 10:38:30 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Yes, it will.. It will effect your credit score because it's based on how long you've had that card to how well you've established it (late, not late, 30, 60, 90 days, etc). Just keep it at a zero balance for now, and use it every so often but pay it off. That will help increase your score.
Good luck!
2007-11-21 18:45:48 · answer #2 · answered by Cherry_Blossom 3 · 2⤊ 0⤋
Yes. One of the factors that make up your score is average length of credit history. If you close an account you've had a long time, it shortens that, and will lower your score.
I just ran my Equifax report and FICO score. It said my longest active account was 21 years and my average account length was over 6 years.
2007-11-21 18:40:55 · answer #3 · answered by Uncle Pennybags 7 · 1⤊ 0⤋
Canceling any kind of credit or loan will leave a mark on your credit, but once you have it all paid off, your score will improve.
2007-11-21 18:40:47 · answer #4 · answered by ? 4 · 1⤊ 0⤋
It will lower your score, possibly lowering your credit history, and raising your debt to credit ratio. You're better off cutting it up and not using it. Just periodically check the balance in case of identity theft.
2007-11-21 18:39:14 · answer #5 · answered by Kyle B 4 · 2⤊ 0⤋
Yes it will on the positive side, your credit score will go up as less credit is available to you.
2007-11-21 18:39:37 · answer #6 · answered by beachloveric 4 · 0⤊ 3⤋
yes credit score will see the bankers it should be.
2007-11-21 19:47:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes
2007-11-21 18:38:29 · answer #8 · answered by pinkykeegz 2 · 1⤊ 1⤋