 What should i do get a loan or a credit card? |
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 Can someone buy a house without owning a credit card? |
I heard that in order to get a mortgage, you need to have a credit card (not for buying, but for the credit). Is it true?
Additional Details
but that's what i mean, is it possible ... |
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 Should i forge my mom's signature for a credit payment? |
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 My first credit card...need help claculating payments? |
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 Does having a credit card help your credit rating? |
| Even if it's the Barclaycard 40%apr job or one of these Vanquis cards. If i just put one tank of fuel on it every month and paid it off without accumulating any interest would it repair my ... |
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justsomeone | I have a credit card i dont use and probably never will,,,cancel it? |
Additional Details
i like the answers.. the card has a low limit and i have other open revolving accounts too (high limits)..so i fell its useless to me
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Joy R
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It's hard to answer that without knowing your credit situation and plans for future purchases.
If you don't have any/many other cards and need to establish credit or raise your credit score, then keeping it and using it and making payments consistantly is probably a good idea because it will help build your credit. Mortgage lenders, for example, like to see that you have credit, that you use credit, that you have had the account for a long time, and that you make payments on time every month. Just keep the balance under half of your credit limit.
If you use other credit cards, then yes, cancel the ones you don't use. Too many open accounts isn't a good thing. |
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John T
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I agree with some of the posts....... Don't Cancel It
Only cancel it if you have another credit card/revolving account
If it is relativly new (I'd say within a year or less)
If you meet both of these then you can cancel it with little impact to your credit.......
However if you have had it for years Don't Cancel It as this would remove a revolving account and some of the positive credit from your report. Also having too many credit cards also hurts your score as well..... So it is a tough call
I would keep it unless you have alot of credit cards open.... put it in a locked file drawer take it out a couple months.... purchase like a tank of gas or about $20.00 worth, put the card back in the drawer and repeat about every other month to keep the account showing as active - DON'T forget to pay the bill when it comes in though..........
for more info..... contact Suze Orman at http://suzeorman.com I know giving her props....... but she is good......... |
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robinwagner22
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I would say don't cancel. You see, your credit score is a cummulation of different things, and a couple of those things are:
1. Having revolving accounts open (meaning credit cards)
2. Having revolving accounts for more than 3 years
2. Having a good credit to debt ratio
3. Having a at least one major credit card (VISA, Mastercard, etc.)
The credit to debt ratio means that the more credit you have compared to your debt, the higher your score. This is why it isn't good to consolidate debt onto one card then cancel all others. You lose revolving accounts, and have a bad credit to debt ratio. BUT if you consolidate and then keep the credit cards open but dont use them often, your score increases, beause your credit to debt ratio better.
Example:
You have 3 credit cards. One is maxed out at $3000, one is almost maxed out at $2500 (credit line is $2600), and one has $3500 of $5000 charged. Your credit equals $10600 and your debt equals $9000. That means you have 85% debt.
Now lets say you take out a $9000 consolidation loan with a fixed payment over 2 years. Its not a revolving account, but it does increase your credit to $19600. With a $0 balance on your 3 credits cards, you now have 46% debt, making your FICO credit score MUCH higher. You shouldn't cancel the 3 cards because then you'd be back to 85% debt. But even worse, you'd have no revolving accounts and no major credit cards. This makes your score LOWER than it was before you even took out the consolidation loan int he first place.
Bottom line, keep the credit card open. Make a small charge on it every 1 or 2 months and pay it off when your bill comes in. Then watch as your credit score gets higher. Especially if you keep this card for more than 3 years. |
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CarMan
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Actually, unless you have other cards or revolving accounts, having the active card account will help your credit score. It would help to charge to it a few times, then pay the balance without being late. Good credit scores are very important to getting loans, car leases, home mortgages, car insurance, and some jobs. |
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luislrc
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I read somewhere that canceling credit cards hurts your credit score. I have a bunch of credit cards I never use anymore, but I have not canceled them yet because of that. I just keep them at home for safekeeping.
I don't remember where I heard that though. |
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Lelia
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An extra card is also good as a backup in case your other card is stolen or you just can't find it. If you need it for any reason it is there. |
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My heart is the worst!!
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cancel it!! |
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marketplacesoftware
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If you never use it, it is doing you no good... only payments on a credit card build your credit. So, especially if there is a fee, you should cancel |
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Brave
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Yes. Cancel it and improve your chances for higher credit line in future. |
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edthespartan
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Yes, cancel it in order to eliminate the risk of someone stealing your identity and running up charges on it. |
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moneywise
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I would say cancel it AND get rid of the revolving credit lines. Don't buy something you don't have the cash for. If you ever were to lose your income (job loss, disability, etc), then your whole life won't fall apart. A reasonable mortgage is one thing, but I wouldn't charge ANYTHING else. See the link below for some really good articles and information on debt, credit cards, and how to spend almost nothing on cars for the rest of your life. |
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