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 Does Bank of America have a right to close my credit card without a notice? |
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loribean2003 | Is it better to close a credit account or leave it dormant? |
i am working to pay off my debts, and i am unsure if it is better for you credit score to close those accounts i will no longer be using, or if i should leave them alone. i am also concerned about someone getting that "dormant account" info and using it without my knowledge. |
 |
 
dream
 |
Well, the experts say that it's better for your credit score to keep the account open, especially if you've had the card for a long time. One thing that the credit bureaus look at, is how much credit you have versus how much credit you are using. It's best not to use more than 30% of your credit. If you close an account, you lower the amount of credit you have available, and therefore raise the percentage of credit that you're using.
It's great that you are paying off your debts though. What I would personally recommend is keeping the account open if you've had it for a long time (more than 2 years), especially if it was your first credit card (then it will have a long credit history on it).
If it has a small credit limit (less than $1000), you haven't had it for a long time, and you have a number of other credit cards (more than 5) consider closing the account. You can also wait awhile (6 - 18 months) before closing the account, after you have paid off more debt (on the other cards), so it won't affect your "credit usage percentage" so much.
Make sure to monitor your credit card though, even when you're no longer using it, to make sure that no one has stolen your number. You can usually check your account on the internet. |
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Evelyn S
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It is my understanding that you should close all credit cards you are not using. With open accounts "out there" your potential debt is high. That makes other creditors (house, car loans) nervous. You should close those accounts, but you should do so in writing. You also should make the CC company add to account notes "closed by customer request". This comment will be reflected on your credit report...which is a good thing. |
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FRANK
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Credit history and credit scors will definitely be better if you leave account open. History of open accounts is reviewed for mortgage loans. Use the cards, at least one in a while. Do not close. ( I am mortgage broker.) |
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jeimz m
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It would work to your favor if you did not close it. this is why- one of the factors determining your fico score is your credit utilisation in a way that you should use less that 40% of your credit limit. so if, say, you have a credit limit of $1000, you should not use more than 400. in your case, say you have 5 cc's with a total credit limit of $5k, you need be using like $2k to be in the safe zone. so if you have paid two of your cards fully leaving you with a balance of say $3k and you decide to cancel the two paid out cc's, you will still be maxed out but if you leave them open you will be using 60% of your credit limit which is definitely better that 100% usage. and when you finish up paying all the cards and need arise and u use say $1k, that would only be 20% of your credit limit.
What i'd advice you to do is cut the paid up c.c's in two and throw them in the garbage this way you will not be tempted to use them again.
about someone getting hold of your info, this is why there is credit reporting and it is adviced to be checking your credit report once in a while.(some companies offer free credit reports in a yr - www.freecreditreport.com |
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charisma
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when you close an account, you raise your credit debt ratio... leave it open and forget about it. Having a good credit debt ratio is great for your fica score. |
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Daniel K
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The previous answers are incorrect. To better your credit score, you ought to leave it open. One third of your credit score is based on the ratio of your total credit balances vs. the amount of available credit you have. If you close an account, you are shrinking your available credit. This will hurt your credit score.
edit - Charisma is right, she posted just before I hit "submit" |
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julesoriginals
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Leave it open and only use it sparingly to create a payment history.
Your credit score is built on a lot of things - one of those things is having available credit that isn't used, or is used sparingly. That will show that you are responsible with money and can be trusted. It will ultimately raise your score.
the caveat - make sure that you don't have "too many" or "very large" lines of credit open - you have a maximum amount of credit you are eligible for, and you don't want it used up by your credit cards. |
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kapn
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Close it...then its gone... |
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Denise S
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You should close them. There is the fraud risk you mention, but also having too many accounts (available credit) can negatively affect your credit score. |
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SHELDON D
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deffinately close it. If you dont you might have the urge to use it again |
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