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Additional Details
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Additional Details
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karespromise | Which one reflects better on your credit score? |
If you have six open revolving accounts in which two of them are paid off and four of them have balances but have never had a late payment - is it better for your credit score to close the two paid off accounts or to leave them open but with no balance? |
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sweetbeesma
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Open |
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ascud2000
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One of the biggest factors is total duration that you have had one account open. So if I were in your position, I would figure out which account has been open the longest and keep it open. Ask for credit limit raises, pay it on time. I may keep 1 other account open, but for sure don't close the one account you have had the longest.
If you look at the credit scores of people in the 800+ range they are 40+ years old. This is generally due to more stable income/ paying off their credit cards. Also they have most likely had the same credit card/ account open for 20+ years.
Good Luck! |
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XoxoxoxoX
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Definitely leave them open. Especially if they are two oldest accounts that you have. FICO score calculation take into the time of your credit history into consideration. There is also this debt ratio. Which is the total amount you owe (with all accounts that you have) over the credit limit available to you (all accounts again). So if you close those two accounts, this rate goes up and it does not look good on your credit. Because your debt amount is too close to your credit limit (if you close those two accounts). Keep them open... |
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lt_gunz
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That depends on what you're looking for as an end result. Any account that is open (doesn't matter if it's never been activated, never been used, or is currently inactive) is considered to be available credit. So, if you apply for a limit increase on one of your cards, a loan, or a mortgage, you may be declined because you already have those 2 limits available.
My question is: do you really need 6 credit cards? At the most, you probably need only 2, maybe 3. One for daily purchases, and one for emergencies (low limit, maybe $1000, only if I'm stranded, or need to book a rental car/hotel room). Really that's all you need. Then, close your other accounts, which will free up credit that can be used elsewhere. It will take a little while to reflect (2-6 months), but you'll probably be able to get a higher limit on one of your other cards. |
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stephenweinstein
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Always keep your oldest account open, to keep the length of time for which you have a credit history from decreasing.
Also, if your debt as a percent of credit available is too high, close nothing, as closing anything would decrease your credit available.
If your debt as a percent of credit available will be low even after closing the accounts, and they are not your oldest accounts, and your total credit available is too high, then close them to reduce your total credit available. |
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KG
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As most said leave them open, but use them here and there so they look like they are in use.
FYI: my credit score is around 860 and I am 29 years old!
I have a car loan and several student loans. My bills have never gone to creditors and I pay more than I am suppose to on my credit cards because if you pay the minimum you are only paying interest and it will take forever to pay off your credit cards. |
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SACRAMENTO
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AGREE WITH NIKKI B-- WORK FOR CAR DEALER FOR 7 YEARS- MAX CORE I SEE IS 810 |
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gvfdwife05
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leave them open...I had one closed not to long ago...And my credit is just now coming back to normal |
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Nikki B
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I have worked in the finance business for 5 years now. It would help your score if you just left them open with a 0 balance. BUT-- if income is a problem for you, then you would be better off to close them out completely. When someone looks at your credit, they also look to see what kind of income you have coming in, and then they look at what bills you have going out. If your bills outweigh your income, close the accts out.
Also- I don't believe a credit score can be any higher than 810 |
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