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Trish | If I pay my Credit Card off, and then cancel it, can that screw up my credit? |
I'm considering completely paying my credit card off and cancel it. I rarely use it, and it's just been collecting interest for a few months. Before I do so, I am wondering if that mess up my credit at all? Or will it help?
Additional Details
Alright thanks :) I think I'll continue to pay monthly payments on it until it expires in January 09. I've had it since I was 18 (two years ago) so I suppose I can go another few with it. I just wish it didn't charge $5-10 every month. |
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$m¤¤v¥ £¤¢¤
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No, it will hurt it, and this is why:
1. Payment history- 35%
2. Total debt owed to available credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
If you close the account, you lose the payment history that you worked so hard to build up, not to mention the available credit which gives the appearance that you don't have the ability to borrow what you're capable of. Also, you never know when you may need to use it for dire emeregencies. My advice to you would be to pay it off and keep it open. Even though you've been paying interest, you've been building credit at the same time. Make tiny purchases ($10-20max) and pay it off on time every month to continue building credit. This way, you won't have to pay any interest if you pay it in full every month. |
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rayt721
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Definately pay it off but unless you have an annual fee, there is no reason to cancel it. Just don't use it. You want to keep a credit history open on your credit report so just cut up the card and leave the account alone or use it every couple months and pay off the balance to keep it active so the credit card company doesn't cancel it. That history will someday be important to you for needing credit. After it's paid talk to them about lowering the interest rate and if there's an annual fee have them waive it. |
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Rigo
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Having a history is a good thing to establish credit, so keeping it open would be a good idea. You don't have to use it alot, just enough to keep some activity going and paying it off at the end of the month to prove you're a responsible borrower.
Closing it won't help in continuing a good history. |
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Joseph, II
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Paying off your Credit Card is GOOD- but you want to keep a line of Credit Open, so that other Companies see that you're a good "Risk..."-so don't Cancel it. Just put it away in envelope somewhere, & keep track of it... You NEVER KNOW when it might come in handy... |
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Alex
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Just Cut It Up And Don't Use It. But Keep It Open. |
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muraledh
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No U don't screw up anything. Go ahead, do it & try a Debit card my dear. |
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tcpersbiz
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No.
Just ensure that it is recorded on credit profile as;
"account closed by consumer."
T.C. |
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Jacqueline W
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paying it off will help your credit and canceling has nothing to do with your credit. |
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nursebekki82
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It will help your credit by paying off the outstanding balance. Canceling your credit card will not do anything to your credit. |
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dolphin
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Paying it off will look GREAT on your credit history. Having too many open credit accounts looks bad on your credit, so choosing to close it is not a bad idea...it just won't affect your credit positively like paying it off will. |
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Walter C Vaughn III
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1. Pay off the CC or leave an amount that you can pay off if needed. Having a balance is a credit builder and that is what you want.
2. As long as this card does not have some type of monthly fee, keep the card active with a small balance and or something you can work with.
3. Call in once a month or so and seek a credit increase.
4. Take something you had or would pay in case and use the card, set aside the case so that when the bill comes in you can pay almost all of it off. You always want something on the card so that it report and show whats going on in your life.
5. There are many factors that are not on the table when somebody talks about credit. Amount you used, how much was left after each payment, how much the lender made off you, and a few other things I can not think off the top of my head. This in turn is almost another credit score of which you never see.
What you looking to do is to build a story for the lender to read. You want said story to be enjoyable and fun to read. Bumps along the way only show that you made a mistake and you stepped up and had taken care of it as well. Most of the friend I know keeps cards open and each month call in seeking a credit increase or every three months.
Having a card with 20k limit with a zero balance says something at such a young age. |
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~::JAEL::~
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it'll help it by payin off your credit card im in the same situation because of tryin to get a house if you're tryin to buy something a house or car or somethign i was told pay them off to a zero balance but keep them open because it looks better to the bank but if your not then close them if you had it for longer than a year. and it'll help your credit |
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