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jubajason | If i close a credit car account in good standing does that lower my credit score? |
my bank offered me a credit line 1500.00 w an excellent interest rate the other company i only have a 250.00 limit w very high interest rate if i close that account will that lower my credit score? |
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maxmom56
 |
Yes, it will because the length of time you have a card is factored into the score. Since the card has such a small credit limit, there's no real reason to close it. Just keep it open and leave it dormant. |
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Marc 5558
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Once of the ways you are judged is by lenth of time you have credit. If you don't pay yearly fees and DON'T use your $250 card, then who cares about the interest, so keep it open and take advantage. A card of that magnitude won't help a great deal, but it does help overrall. Don't use it for high interest charges, get rid of it if large yearly fees. Otherwise, have a good record with it for 6 months or so and ask them to reduce the interest and increase your balance. |
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komodo_gold
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It'll hurt your score initially, but since it's not a high amount (like say $2000+), then it won't matter that much. Reason being is because they look at the total of all your credit cards, then they look at how long you've had them for, how much you owe, and are you paying them on time.
Lets say you had another credit card that had a balance of $750 on it. Your total would be $1000, which is good (for this example). Then lets say you canceled the $250 card. Your max, as far as credit ratings are concerned, is now $750 only, which means you have slightly less credit, and it means that your score goes down a little too now (I'm not sure how they calculate it exactly, but it works like that). Then when you open the new card, it'll add $1500 to it, for a total of $2250, which means your credit rating will go back up (and stay up assuming you don't miss payments).
Credit ratings is a nasty beast. On one hand, it can be your worst enemy if you don't pay them off in a timely manner. But you can't be "trusted" as much if you don't have a credit rating, or at least a good one. As dumb as this sounds, bad credit really is better than no credit. But conversely, having too many credit cards is risky too, because they're going to wonder why you have so many cards if you don't make a ton of money.
One or two cards is fine, but don't get like 5 or 10 of them unless you work a good paying job. |
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Mr. Perfect
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Yes, it shouldn't but it does. |
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Joe M
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yes it will--just pay it off and leave it open |
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niquey
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Yes, but being that it's only $250.00, it will not be a drastic decrease in your credit score. so just leave it open and it up the credit card so you will not accidently use it. |
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Almond
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the higher your total credit line and the least amount you owe will increase your credit score. So, keep you credit line high. But do not use more than 75% of that credit line. |
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bdancer222
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When you close an account, you close the history. If you've had this account for a number of years, don't close it unless it has annual or monthly fees. Use it occassionally and pay it in full just to keep it active. It will help you score to have two active revolving credit lines. |
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Anjell
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Yes do NOT close it the account ! Just cut up the card if you don't want to use it but closing the account will lower your score because all the positive payment and length of account history will be gone.
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