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Additional Details
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Mad L | I want to cancel 2 credit cards...? |
There are no balances on these cards and I have others. A friend mentioned that if I do that my Fico Score will go down. Is that true?? |
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Proud to be APBT
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No your score will not go down, with open credit lines your score can go down. |
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tjcald11
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there is a kernal of truth in what your friend has told you,but it is probably wise not to leave inactive cards open.as long as you have active cards, there will be very minimal damage to your credit score |
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snbg@sbcglobal.net
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YES, your FICO score will go down. I was in the process of buying a house and I thought I should pay off and cancel my credit cards to show that I didn't need them. Big mistake! It dropped my Fico score and made my interest rate on the home loan I was wanting go up! If there isn't an annual fee for the cards, then just leave them open, but don't use them. Good Luck! |
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hot rod
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Cancelling them will make your score go down. Just do not use them or cut them up and dispose of them if you wish not to use them anymore but leave the accounts open. The reason it makes your score go down, speaking from experience and then researching it, is the way they see it----if you have 5 credit cards, say 3 have 0 balances and have balances of 500 each and 2 are maxed one at 500 and one at 1500. That is showing that out of 3500 limit all you spend is 2000 which makes you look good at managing your money but if you were to go close those 3 cards with no balances and kept the other 2 open, you would now have 2000 balance with a 2000 limit. |
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daisy
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Just don't use them. Cut them up and throw them away. Then the temptation would be gone of using them. They are already listed on your credit report if anybody needs to do a credit check on you. |
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CEESONE
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Yes it will. How much depends on how long you had the cards. Also your debt ratio goes up also I would suggest leaving these cards open! If there are no balance on either card its showing you are being responsible with your debt.. |
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whitecloud
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does it matter get rid of them if you dont need them why keep them as they are the one thing that get many people into trouble i think you are very sensible ,,,you dont need this crap |
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richardwales79
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No you score should be ok if you dont need credit though what are you worried about! |
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ihave5katz
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No, it will not have any effect on your credit score. Your credit report will reflect that the account was "closed at the card holder's request." If anything, creditors look at this in a positive light because (1) You have decreased the amount of debt you have the possibility of accruing because you've closed the account, and (2) The account was closed by YOU with a zero balance, the account was not canceled by the company. (3) It shows the credit reporting firms that you don't need the extra credit and are managing your money without the use of that specific credit.
I've done this many times, and my credit score has never reflected negatively. The best way to do this, is to cut your card in half, tape it to a letter to the customer service department requesting the account be closed. This way, they have the cards back, and you can have a copy of it for your records. Most of the time, you will just get a bill the next cycle showing a zero balance and the account closed. |
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*****
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Ridiculous. The only way you can lower your score is if you make late payments, or don't pay at all on your bills. |
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just curious
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call the credit card companies and cancel them...the thing is when you have open credit cards with no balances when you go for a loan they consider these just as if you have the full balances on them because you could run them up to the limits after you get your loan. also you want to cancel them to help protect you against identity theft and make sure you check your credit report online every 6 months or so. i am pretty sure you have one free one per year... if you go to clark howard's website and follow the links it will tell you how to get that. (clark howard is a consumer reporter, he has lots of great info on his site ) |
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Jfranc1
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This is not true. Just make sure when you cancel the cards you tell the operator that this is at the customer requests. This is not a negative to your fico score. Just ensure that the remainder of your credit is good and that you still have some other open active accounts. |
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?
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No.. As a matter of fact.. You score should go up. It will say canceled by user in the notes. With a zero balance, that means you no longer wanted the care. Plus you have less possibilities on running up debt. The score should go up! |
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PG1626
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No your score will not go down as a matter of fact too many open lines of credit can affect your ability to get car or house loans. Your credit report will show the accounts were closed by you not the company. If you haven't you should make a charge on them and pay them off right away so you get an R-1 rating on your credit report. This makes you look even better. |
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