Paul A
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It depends on many factors. Do you have other credit cards without late payments which are older than this card ? Does it have annual fee ? I would payoff the card and will not use it instead of cancellng it. |
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teamlessbear
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Yes, because your 30% of your FICO score is based on your Debt to Credit Ratio
In other words, the more available credit you have, the better your fico score |
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Keith W
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Yes it can damage your credit. Keep the card open and use it infrequently with small charges and pay them off immediatly when you get the bill. Doing this will show a good credit history and it will help your credit score |
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Kaleigh
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Yes it will hurt your score. If you don't want the credit card anymore just keep it but don't use it. |
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stephenweinstein
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Cancelling your oldest card hurts, because it reduces the (chronological) length of your credit history.
Cancelling any credit card lowers the total of your credit limits, which may help or hurt, depending on the credit limits on your other cards. Having too high or too low a total of your credit limits is bad. |
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dave48617
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credit, what credit? |
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rivasj27
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If you paid it off it is in your best interest to leave the account at a zero balance but leave the account open. Closing credit card accounts hurts your credit. |
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Grey Man
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Don't cancel your credit card after it's been payed off. It WILL hurt your FICO score. |
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PuccaAI
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one of my professors said it does, but i don't know why |
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etiegs2
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No not if you haven't used it.
It can't hurt you if it's paid off!!!!
check out this site
www.annualcreditreport.com |
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Jen
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If you have open credit that you are not using it is good for your credit score, so in that sense yes, it could hurt your credit. You will not be "dinged" or lose points however if you close the account and you have paid it as agreed. |
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Jezebel!
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yes. 30% of your FICO score is based upon your "debt to credit" ratio. if you have 5 credit cards with a $2000 limit each, you have $10, 000 credit. the more you pay off, while keeping the cards open, the higher this ratio becomes, boosting your score. if you close a card after paying it off, your $10,000 becomes $8,000 and the ratio drops with every card you close. pay them off and keep the accounts open! |
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Gizmo
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So what if it does. Better to get shot of the cards. Think of the potential for fraud on credit cards with a zero balance. Finally get working on a credit free life and you will soon have so much more money and satisfaction. Just the relief of not having to pay credit cards is like brilliant. Don't have unless you really need them. Then look at the homeless folks on the street and ask yourself do you really need that Prada bag. Only your conscience can tell you. |
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cassie
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no it shouldnt but make sure its not a frequent thing and that you pay all the money you charged (i know you already said you did but i just wanted to reinforce it lol ) |
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low_hd_rider
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it doesn't hurt your credit if it is paid up |
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rock on
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no it does not |
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