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list your banks and % rates
do they ALL rob us blind?
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Hello,
I make around 40k per year, i currently have a visa card with $11,500 limit (i owe around $4,500 on this card), i just got a AMEX blue card the other day.
How many cards can i ... |
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Additional Details
I have no credit card debt, all my bills are on automatic pay from my checking account, and my car is paid for. Good income and I have saved 15% for the down payment.... |
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 Was I robbed at Mcdonalds? |
| I cant tell. I tried using my debit card to pay for a meal but it was declined, the guy let me take it out and out it in another 2 times but it was still declined. I went outside and got some cash ... |
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johndeerechick | Does cancelling credit cards hurt your credit scores? |
I have a regular visa credit card that I have paid in full. I have heard that cancelling the card will hurt your credit scores...is this true?
Also, I have a store credit card that is also paid in full. If I cancel this one will it hurt my scores as well?
I have been told to just cut the cards up and leave the credit lines open. Could someone please help me with this? Thank you! |
 |
 
Mimi
 |
**That "someone" who told you was absolutely right...
**Do a math, let us say:
--Card 1, limit $40 (for example)
--Card 2, limit $30
--Card 3, limit $30
**Total you have $100 for 100% debt free...you have $100 avaliable for you to use...
**If you cut off 2 of them, according to credit card co., you still able to spend $100.
**If you cancel your card 1 and card 2, you would only able to charge $30. With ratio they are looking at, your credit availibilities just droped big time...
**Think for yourself... |
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Scooter Girl
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Your best bet is to keep them open, charge a small amount every month or two and pay them in full every month this will give you an excellent credit rating. |
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Snagelfritz
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Credit scores are based on people being in Debt. No debt, no credit score. If, the cards not charge you an Annual Fee I would keep at least one active and use it very seldom, maybe by your Gas and then pay in full when the bill come. What I did when I had credit was when I buy Gas I put that much cash aside and when the bill come pay with what I would have use in cash had I not used the card.
I worked for a Real-estate company years ago and we had to have continuing education to keep our license active, or, that how it was then. A lady from a local bank came and explained Credit and how the bank looks at it for a loan. She said that a person who makes good money and pays cash would most likely not qualify for a loan because they really have no established credit history. A person in debit up to their neck who has kept all their bills paid would qualify quickly for a loan. So, no debt, no credit. It sounds weird but, this how a bank knows a person is a good credit risk, when they can manage their debt. A person paying cash, they can not determine they can actually handle debt and pay their bill.
I should add; if you have any other debt, such as, home/car. That will keep your credit history going and the Credit Cards are not needed. You just need some type debt. Hope you understand. |
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Amanda H
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It would greatly depend upon the REST of your credit. If these are cards you've had open a long time (More than 2-4 years) or they are OLDER than your other accounts, you really dont want to close them-- it would actually shorten the average history of your accounts. If you MUST close somehting, choosing the most recent is always best.
Also, if you havea limited portfolio (just a few cc's and that's it) closing them would limit your abiility to create apositive history.
Also, utilization makes up to 30% of your score-- this is the balance to aviailable credit-- so closing two paid off cards could up your overall ratio if you have a balance on soething else.
You're better off keeping the balances at 0 and keeping them open. |
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bianca
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canceling the credit cards is not a good idea, if you pay them in full, just use them wisely, try always keep a balance below 40% and use them once in 6 mts, because if you don't - they will be reported like no active. time and your payment history building your credit history, so right now you doing everything good. |
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Ron Mexico
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Usually it doesn't hurt you credit score, especially if you have a few other lines of credit open. I would recommend leaving 3 lines open at a time. |
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KL
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Keep the balance at zero and leave them open. It does help your credit.
The reason you're getting different advice is the bureaus used to count this against you: having a bunch of open revolving accounts. A couple of yrs. ago they changed their scoring system to show this as a positive thing. |
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George K
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As long as there paid in full.They can't hurt you.But you do need to cut the cards in half and return them to the granter,with a letter stating that you wish to close the account. |
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Luckys Charm
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Yes camcelling the account would HURT your score. Especially if you had the account a number of years. Closing them could take away your credit history. |
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stopccdebt
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You are correct. Keep them open to continue to take advantage of your favorable payment history with them. If you don't want the accounts anymore, simply shred the cards. I recommend keeping the accounts open if they are more than 2 years old. |
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Harry W
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No as long as you pay your fine |
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Gussyellis41
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No it will not hurt your score to cancel a credit card. Credit cards are a risk to most lenders if you have other loans such as car loan or person loans as well as your credit cards. Sounds like your responsible though. It will not hurt your score to keep the Visa account opened with a zero balance either. I would say get rid of the store credit card because most likely that interest rate is 21%. Keep your visa balance paid in full each month and this will bring your score up..... Creditors look at history... they want to see a long payment history regardless of the account. |
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Tina
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Well, it depends on how long you've had your credit cards. My mom told me to not open a credit line and then close it a month later because it will hurt my credit score. It's best to keep them open and establish credit with your credit card company's and make regualr payments on them every month. That's gonna help your credit score. I hope I helped you sweety! |
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serenity_may
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yes you can cut them up and leave the account open the only thing is if you have any membership fees they will still apply its good to have one credit card for emergencys and it helps your credit closing a credit card account wont hurt your credit that much its onl when you close many at one time. |
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barter256
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The longer you have credit lines open, the better your scores. If you cancel you credit cards and have no other credit, it could hurt your score. |
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hunter6543
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It may hurt because you just ended the credit relationship with that bank. It also can hurt if you close out to many because then there wont be enough information to look at when you need a loan. |
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wrkey
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A reduction in credit line will not hurt your credit score. In some cases it could actually help. If you are tying to purchase a home, the mortgage company looks as your total available credit as a number to consider. If you have lots of credit cards with available balances, then the lendors see this a something you could possibly 'run up' after the loan from them is secured.
I would not 'cut up' the card and leave the account open. Close the accounts... you don't need to have some processing fee, non-activity fee or something like that creeping in.
Good luck and keep up the effort to be 'debt free'! |
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rand a
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it may actually help your credit scores to cancel them, the more cards you have, the higher the chance you could use them and go into debt, they look at it that way. You have the good credit history with the cards, cancelling them will nt hurt it. |
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