WinterBorn
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From what I understand it's better for your credit to leave them open with the 0 balance. |
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Claudia F
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For how unbelievable it might sound, it could hurt your credit! |
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JOANN H
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I have heard it is better to just cut up the card and not use it than to close the acct. out !!!
Have heard that from many people! |
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Evil Red
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Did you pay them off to have a zero balance? It always looks good on your credit report to have credit yet a low balance. I would leave it open to establish credit. |
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Wondering Mind
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yeah its better it also shows better on your credit report even with a zero balance they see it as a debt and when its closed it shows it as completely paid. |
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stevesherri
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even if you owe money you can close it. closing only means you can no longer use the card - but you are still liable for the debt.
i had an old open card i never used - and suddenly i started getting billed an annual fee!!! i called at once to cancel the card.
its wise to keep ahead of your finances.
good luck! |
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SPIFIMAN1
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It depends.
If you have several and the ones you are thinking about closing are ones that you have not had a long time then yes, it's OK.
If on the other hand the ones you are thinking about closing are ones you have had the longest, then no it's not OK. This will hurt your credit score.
You can always use them for everyday things like gas and food and pay them off in full every month. This way you will still show activity and not pay interest. |
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mister ed
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if there is no annual fee i would keep them and use them as a debt card maybe ever other month or so put a small amount on like food or gas and pay the balance when the bill comes in. |
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Jay P
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You may close your accoutns but in reality it helps your credit rating to leave them open if you have a good history with them. If you close an acocunt, the history of payments eventually comes off of your credit report. Part of having good credit is showing good long term use of debt. By closing these accounts you lose part of your history. If these are accoutns that you have had bad incidents with (missed payments, overdue balances, etc.) then by all means close them. |
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dukefenton
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You can close a credit card account at any time. It's actually best if it's zero balance; otherwise you have to pay off the remaining balance (if any), or try to get a check for any credit (good luck, they'll spend years keeping that from you). |
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jimobasa
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When you say "close" do you mean returning the card to the card issuer? Theoretically it is a sensible thing to do, but a time might come when you regret it because a situation has arisen where you really need the facility of a credit card. In a credit score context, it is better to possess a credit card that is not currently being used rather than not possess a credit card at all. The possession of a credit card is beneficial |
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Christie
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Simply put, yes. It's fine to close an account with a zero balance, especially if you don't need it. You don't need a lot of open lines of credit showing up on your credit report, because they will detract from your credit score. Close any accounts for cards you no longer use, and reduce the spending limits on other cards. |
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aug m
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If you have had the credit cards for a long time, it may affect your credit report and score. From http://acreditlibrary.com |
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Chels
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you want to wait at least a year to close them cuz it will actually hurt your credit rating if you pay them off and close them right away. I dont know why but i listen to Clark Howard on am talk radio and thats what he tells people all the time!!! |
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blapath
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If no future payments are due than it is OK |
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beauty s
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yes, its ok. |
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Keith W
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Of course it is. Unless you have 0% interest on it, i would suggest transferring your balance from another credit card. |
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jeff w
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Yes, but if u owe money they will get your *** for it. and if they owe you they'll send a check and refund it to you. |
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luminosa
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Sure it is. |
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Renee
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If you have no plans to use them, then you should!!!
It will raise your credit score. |
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hottotrot1_usa
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Yes. Absolutely. If you don't want them or won't use them, cancel them. |
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