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♥ThEoThErMe♥ | Is it better to leave credit cards open after u have paid them off? |
i have a mc which im keeping open and activily using and also an old navy card that im using i just paid off my target and gap card and i also have a victria secret that i have never used and im not going to so thats 3 credit cards i have open that have no balance and i cut them up so should i leave them open or close them what will look good on my credit report??? |
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Cheryl W
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YES! most people would say no, but they are wrong. Leave them open, then you have a lower debt ratio.
Let's say you have $5,000 in available credit and you pay it all off. If you leave the cards open you have a $0/$5,000 debt ratio. If you close them you have a $0/$0 ratio. It is always best to have a large gap between what you owe and what's available to you. Good luck! |
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Well...
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One of the bigger mistakes people make it consolidating 4 cards into one and then closing the other 3. Now the one has a high percent of credit used versus credit available.
If you have 4 cards with a limit of 10K a piece, your total available credit is 40K. If you have 2.5K on each card, you percent credit used is 25%.
Now you pay 3 off but basically move that 7500 onto the first card. You close the 3 other cards. You now have a percent credit used of 10K divided by 10K or 100%. A 100% credit used score will impact your credit score by more than 80 points.
You want to optimize to make sure you keep the lower percent credit used score.
(In the example above if you truly did pay the 7500 off and not transfer it and still closed the other 3 cards, the percent used would not have gone up. If on the other hand you had done this and left the cards open, you credit used score would have dropped from 25% to less than 10%, 2.5k/40K) |
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LB
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Agreed. The more available credit you have that you're not using the better. As long as none of them are charging you monthly or yearly fees. I did hear once that major credit cards like mc and visa and amex do more for your credit score than store cards though- but I can't confirm that info |
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IHaveAQuestion?
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Keep them open or at least keep the one open that you've had the longest. if the vs has never had any activity it may be ok to close that one.
It's a careful balance your credit score considers the length of credit history as well as your overall used vs. available credit. Keeping them open makes these areas look good.
But your cs also considers how likely you are to get in debt and having more open cards increases this b/c you could max all of these cards out (theoretically) causing a high debt ratio |
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singlemom2
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Leave them open, having credit but not using it seems to be the way to go. I am currently working on improving my credit score and the was told not to close accounts after I pay them off. |
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bajinay
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store cards don't do much for your credit report so if you're not using them or if you're having a hard time paying them off once you use them, close them. the more credit cards you have the more risky you look, choose a few (maybe 3) cards that you use regularly and close the rest, even if they've never been used. using the same cards and establishing good credit with them will definitely help your credit score. |
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jessicas127
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Close them, What if someone steals your account info??? |
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Scorch
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Close them. You are "penalized" by how many open accounts you have. If you pay off and close them, your credit score will increase. However, I wouldn't recommend you close all of your accounts, but if you are keeping your MasterCard and your Old Navy card, close the rest. I paid all of mine off and closed all but the one card I've had the longest, as my credit report will show several years of perfect payment history and I didn't want to lose that good credit. See the following link: |
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bin there dun that
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Unless you are getting a monthly charge whether you use them or not, keep them open. Your credit rating is already established, so why start over. But do check things out and make sure there is no monthly charge. |
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zizi
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if you have paid the cards off and have cut them. then just leave it open. Having credit is good for your credit scoring. this helps to build your credit history. I would advise you to use one of your credit cards (not the store cards) actively. the secret about credit cards is, use them to pay your bills and then pay off the balance at the end of the month from your chequing account. If you are not disciplined with your spending, try not to use credit cards for shopping, please note this. use them only, ONLY TO PAY BILLS you would have normally paid using your chequeing account, then repay the outstanding from your chequeing account.
it is important to maintain an active credit life. by doing this it shows you are spending on your credit card (in a way) but still paying it off. |
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WILLIE
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Credit cards are the worse. To tell you the truth is better to have somthing on your credit card and to keep paying. B/c if you have paid off a credit card and are not doing anything with it, that messes up your credit. And it is also hard for you to apply for another one if you wanted to. |
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$m¤¤v¥ £¤¢¤
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Leave them open, closing accounts shortens your payment history, available credit and if you've established them longer than 3 years that takes away seasoned accounts that you've established already. The main thing to do is to use the cards LIGHTLY to where the balances are a combined 30%or less of your available credit. I posted a link to an article backing up what I'm saying if you don't believe me. |
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