kisme86
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The more credit cards you have that have a 0 balance, the better. It's actually bad for your credit if you cancel a credit card. It makes the debt to spending limit ratio go down, so your credit score goes down. |
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dharmenderkumars
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yes |
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Jack
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No, that is fine. |
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webjnke1
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no .... it shows you're able to keep them paid off |
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Richard H
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if you pay them off it SHOULDN'T, but I am not an expert in personal finance. Check with the experts. |
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spot
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It's perfectly fine. They look at your total available credit vs. total debt. Less than 50% (of the total credit) used is good. Make sure you use them sometimes for they could freeze your account after a year or so. |
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lcritter55118
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I just asked this question not to long ago when I was reviewing my credit report. It is a negative for you because if you had financial troubles you could charge them all to the limit. I have been advised to close the credit card accounts that I do not use and just have one or two for emergencies. |
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carolinagrl
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No, but having a zero balance doesn't help it either. To improve credit scores, you need to make purchases and pay your bill on time. Not the minimum balance either. If you charge say six things in four weeks for a total of $500, try to pay $100/mth till its paid off, or at least pay 20% over your minimum. Your credit will sky-rocket this way! |
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js
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If you have several credit cards, expect a negative credit rating soon, you will get alittle too comfortable with your cards |
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cloothe
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The more debt you *could* incur, the more any future creditor is at risk. So yes, having credit cards out there lowers your credit rating, even if there is a zero balance. If you don't use a card, write to the company and ask them to close the account. Don't just stop using it, because no one else will know that the credt card can't be used any more--it's the account, not the card itself, that matters. |
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sir COPE
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as long as they have zero balance they shouldnt but you might consider consolodating because having too much open credit might be seen as a risk |
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ilovedorks
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no, but it always helps to charge soemthing small and then pay it right off if you have the money to do so cause that helps build your credit. |
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mercredi_a
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The trick is to use them once in a while and pay them off immediatly.
Having several credit cards with a zero balance usually does not affect your credit score negatively in the US (different in Canada). It's like adding blank space to your credit page, without using it... The greater the difference between the potential and the actual, the better. It shows that you are not likely to over extand yourself.
I would not however advise to get a bunch of cards for that reason, it could backfire in the long run. |
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mrsingu
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yes, it pulls down how much credit you can be responsible for through "debt to income ratio". |
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Shopaholic Chick
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they can because they show your capicty to create an instant deficit |
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.
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No, in fact they can help if they've been open for several years. They lower your overall percentage of credit IN USE and the length of time you've gone with no missed payments. But if you want to get a new CC from the same bank, you might ask that bank first to LOWER the credit line on the card you never intend to use again. |
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susanmarie
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It shouldn't....but the safest thing to do would be to close all but one. You need to have at least one in order to show you are responsible with credit. |
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chaselake220
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If they have a zero balance and you plan not to use them in the future it will help your credit score to close some of them because you lose points for too many open accounts |
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