twinkieqt
 |
Cancel it if you don't plan on using it. Even if you have a zero balance on the account, credit companies view that as POTENTIAL debt because the credit line is already open and readily available to you. My Godmother has been a real estate agent for 20+ years and she recommended that I close all unnecessary credit accounts (including department stores) before purchasing my home. I followed her advice, had excellent credit scores, and bought my house about half a year ago. |
|
sharriaries
 |
I work for a credit card company and can tell you that any credit cards you have, whether they are charged up or not, count as debt or POTENTIAL debt. To get the absolute highest loan...close the card because that is less potential debt against you
If its a small card it won't affect your home loan much at all. In that case, what I would do is this; call and make sure the account has no annual fees...if so, get rid of it cause who wants to pay a yearly fee for a card they don't use? Also and most important, report the card as LOST!! If someone gets that card number....you can kiss your home loan goodbye. Honestly, do you want to risk having someone you know or a friend of a friend finding that card? I know I wouldn't risk it...if someone charges on that puppy, you will have months of mess to clean up.... |
|
Pure Ownage
|
yes since other people can (maybe) access ur account without ur knowing. so the point is... CLOSE IT!
hope i helped |
|
Jeff
 |
If the card is misplaced, close the account immediately.
The risk of an identity thief taking you to the cleaners is worth a lot more than the 3-5 FICO points you'll lose. |
|
Darby
|
Nope, just leave everything as it is. That card could be like a base line account that the credit bureaus would use to determine the length of your credit history. I just checked out my credit on www.myfico.com. It offers 3 credit reports, but one cost $15+. If you are going to buy a house, you'd find it interesting how your credit rating affects the interest rates the mortgage companies offer. |
|
DubbleBubbleX
|
Don't close it!!! It will hurt your credit to debt ratio, thus leaving you with a lower credit score. You see, if you have-let's say 3 credit cards-each have a thousand dollar limit on them. You have 300 dollars on each. That means that you have 900 dollars out of your 3000 dollars used. If you pay off the one credit card and that balance becomes zero and you close it. You will now have 600 dollars out of 2000 used. A bigger credit to debt ratio!! BUT, if you just let that card sit and don't add anything else onto it your credit to debt ratio will be 600 dollars out of 3000 dollars! You have more credit than you have debt and that's a GOOD thing! |
|
Jake K
 |
I would close it, because you are probably being charged monthly fees and your not even using the account. Hope i helped! |
|
baseballguy
|
You want to close it out. If it ends up in anothers hand, then they could screw up your credit. Just call and cancel it so you have no worries. Make sure to use the other one and pay it off in a timely manner to build your credit score. |
|
lacesd
 |
if it is a misplaced credit card yeah you should have canceled it along time ago so no one could get their hands on it. but if this is the credit card that you have owned the loongest it may not be a good thing to cancel it. you should call the cc company and report it missing so they can send you a new one it wouldent hurt to use it once in a while if you know you can pay it off in the same month ro get more credit. |
|
Lou A
 |
leave it there. |
|
David E
|
From what I understand.... leave it open. You want to have a good ratio between your potential debt and your actual debt. So if you owe $10 and have 2 credit cards, one with a credit line of $10 and one with a credit line of 90$. If you keep them both open, your debt to credit ratio is 10% (good), if you close the unused $90 credit card, although you still only owe $10, your deby to credit ration goes to 100% (terrible).
Ask the people in the bank, they should help you. And if you are getting a house, get pre-approved and talk to your loan officer there (it is free), they will want you to have the best credit possible, so that you can borrow more money, so they will give you an honest answer in this respect.
Good Luck |
|
La dee dah ..
|
Close the account if there is no balance, you gain more credit points this way. It also prevents someone just throwing something on there that you don't know about . |
|
Dixon
|
Find your card or report it 'misplaced' and ask for a replacement. Check First as there is a possibility that if the card has not been used for 6 months or more the issuers may want to do a refresher credit check. If so this will show up on the national database. One should try NOT to have a credit search done more frequently than bi-monthly as it can be seen as a way to fraud. If you find or replace your card use it even for a small purchase 3 or 4 times a year. It looks better on credit database and your payment record is recorded. Providing you are not getting in bad debt keep it. |
|
Dani
|
If u are not using an account why leave it open, the question is are you getting any benefits out of holding onto this account? and is it costing u? If u dont use it u really dont need it so get rid of it |
|
Jane
|
You should leave the account open. I have read that closing old accounts will hurt your score, rather then helping it. Best to leave it open. |
|
Princess Myfaeia
|
Why keep something you do not use?!?! So I yes close it. |
|
da_e_knows
|
paid off - close it. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
