mvpwarner13
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One aspect that is considered when assigning a credit score is percentage of available credit that is being used. In other words if you have 10 credit cards, each with a $1,000 credit limit and you have balances totaling $5,000 you have used 50% of your available credit. If you close 5 acounts that have no balance, you now have $5,000 in available credit and have used 100% which will lower your score. It might actually hurt your credit score if you close accounts with a zero balance. |
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Ted
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As long as it is reported that they were paid as agreed, then I would leave them. |
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Sharon F
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just leave them open with zero balance
it will eventually close but in the mean time it helps your credit score |
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GinaBella Is having a GIRL!!!
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Credit also looks at how long you have accounts open so even if you don't use them and there is no balance it looks good on a credit report to have accounts that you have had open for a long time |
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rockyfella25
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if there isnt a balnce on it, just leave them on your credit because your in good standing with them..Postive thing |
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Fat G
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I would not suggest closing the existing account. If you have an account that is with you quite some time is an indication of your long credit history. |
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niquey
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you should not close any of your credit cards, that will definitely bring your credit score down.keep them open and cut up your credit cards to prevent fradulent activities since you are not using it.. |
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cashdoctors07
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As long as they are paid off and you are no longer in debt it is best to leave them on there. The more GOOD credit history you have, the more likely you are to be approved when it comes to applying for mortgages etc.
A good credit history is better than no credit history in the eyes of credit providers. |
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$m¤¤v¥ £¤¢¤
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Ok, and now for the REAL answer. You may not think that you have any intentions on ever using them again, which leads me to an old saying, "The best laid plans of mice and men, often go awry", meaning that you may plan on not ever using them again, but in this day and age, you can plan a picnic, but you can't predict the weather. There's always the chance that you may very well need them later on down the line. not to mention, if your credit has benefitted from you paying those accounts on time, your credit can suffer by closing them. Credit is taken into account more and more when determining insurance rates, and even some jobs. I know that you don't plan on using them, but it's safe to say that you're going to have to pay bills of some kind. What my suggestion would be to keep the accounts open pay your recurring montly bills, and no more, then pay the cards off completely on time every month. This way, you're showing activity, while paying what you would've normally paid anyway. |
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donald e
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just leave them after a period of time they will disappear, however, closing an account shows up and will reduce credit scores for a short period, doing nothing is best. |
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wildnights
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Its best to have them closed but keep like a major visa or m/c open. When you apply for something that needs to look at your credit score, that company is not going to care that you have 5 accounts with zero balance that nothing has been put on them in years. They want to look at which ones are active...being used.....that's how they tell if you are paying on time, late fees, etc. Your zero balance on the accounts that you dont plan on ever using again, they arent going to look at them so why have them? Too, having "too much credit" can hurt you.
I say get rid of them but keep a good one for credit history purposes. |
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elitesouthwest
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Leave them alone...and hope a Democrat gets elected this Nov. !! |
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Jeff
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If you leave them open, you're vulnerable to identity theft.
If you close them, you'll lose a few FICO points, but not enough to justify the risk of being taken to the cleaners. |
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kiyah
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Call and close them, if someone sees them open they will think you have something going with that company and that is information they use when trying to determine credit decisions. |
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wyrmwyrd1
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Close them. An open account is an account that may be used and can count against your credit score. An account "closed by consumer" gets a better rating. Contrary to some comments, open accounts don't "go away" - although they may stop reporting on them.
Also, open accounts leave you open to identity theft. Especially if you move and the company suddenly does a mass mailling of "transfer checks" or a new privacy policy, etc. and it goes to your old address. |
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Scoozie
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close them...there might be annual fees |
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