i have a credit card and owe like 5,000 on it, can i cancel it and just keep making payments on it.........will this lower my credit score?
2007-11-27 13:25:07 · 3 answers · asked by hmls 1 in Business & Finance ➔ Credit
Yes, you can. You still owe the money but, you can and should cancel it.
Dont obsess with the I love debt score.
pay as you go and live on less than you make and you will win with money.
Of course the bankers on here are gonna tell you different.
but,
Debt free is the way to be!
No payments = cash in the bank,
2007-11-27 17:25:58 · answer #1 · answered by heybulldog 5 · 0⤊ 0⤋
The important factor to consider is what percentage of your card credit limit does this balance represent. If it is more than around a third of your limit than it will lower your score. A $5000 balance on a card with a $20,000 credit limit would give you a good score. You don't want to close a credit card because that will reduce your overall available credit and that $5000.00 balance will hurt you.
2007-11-27 13:56:08 · answer #2 · answered by Ronald D 4 · 0⤊ 0⤋
Well, you can cut it up and not use it any more. You can't close the account until it's paid off.
2007-11-27 13:29:07 · answer #3 · answered by Judy 7 · 1⤊ 0⤋