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weber9152000 | Pay off credit card question..close account ? |
Im going to pay off my Washington Mutual credit card this afternoon, ( esp 2500.00 ) after i pay off and get to a zero balance, should i close the account and cancel the card or just cut up my card into a million pieces so i wont use the card again??
yes, i do have another credit card threw Bank Of America, which i only use it case of emergency use only
the reason i ask i DO NOT want to hurt my credit score, i only want to improve it because my main goal is to buy a home this coming year any great advice would be awesome, thank you and have a great day
plz if you do not know the answer to this question, dont answer : ) |
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SPIFIMAN1
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Do not close that card.
Credit scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
If you really want to improve your score use both cards for everyday things that you would normally pay cash for, never exceed 30% of your credit limit and pay them off in full before the due dates.
I have done this with 3 cards and not only raised my score over 150-points but earned several hundred dollars in cash back rewards for using someone elses money for free. |
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bdancer222
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Don't close the account. Keep it open and use it about every 3 months or so to keep the account active. Closing the account closes the history. Even tho the closed account will show on your credit file for about 10 years, it won't count as much in your score. |
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Stina Lady
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Keep your paid off account open, don't close any good accounts. Use the card to buy small stuff like a tank of gas or whatever and pay it off immediately. Your credit to debt ratio will be really good and keep your score up. |
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eskie lover
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I don't advise closing the account. According to the financial pundits on CNBC and Your Money on CNN, it will hurt your credit and fico score right now. The financial institutions are re-evaluating consumer credit, income, percentage of credit lines used and reducing limits, closing accounts and changing terms on those who they deem most likely to default. Further, congress is considering a new piece of legislation which will limit their ability to change terms and interest rates which is expected to pass, so they are all in hurry to complete these reviews before it does. All of the financial pundits are recommending that when you pay off your balance to retain the card as an open line of credit AND to occasionally use that line of credit and pay off the balance which will show the creditors that you are responsible with the lines of credit you have and can manage them. |
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mjghunter
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Dont close it unless it has an annual fee. |
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Judy
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Don't close it.
You need to establish a long credit history.
Just stop using it.
/ |
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Tim
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It won't really affect your score if you cancel it.
If you don't have the self control, cancel it. Otherwise leave it open as a second emergency card. |
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Harry
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Since you have another card that you will be keeping then you can close the card. It is convenient to have a credit card available, assuming you will be paying it off in a short period of time. Never simply cut the card up without closing it. If you want to keep it, but will be tempted to run it back up, then you can always request that your limit be lowered to say $1,000. |
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