 Why are banks in america are going bankrupt?? ? |
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 I keep asking this ques but no one is giving me an answer or understanding my question..? |
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 Can I declared Bankruptcy? |
| I am thinking about declaring bankruptcy. I have about 10,000 in credit card debt. I am a full time student and I will be very involved on campus next semester. Is it a good idea to declared ... |
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 I have a credit card i dont use and probably never will,,,cancel it? |
Additional Details
i like the answers.. the card has a low limit and i have other open revolving accounts too (high limits)..so i fell its useless to ... |
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| How likely will a debt collector sue? |
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 To get credit card? |
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 I have $6,000 in credit card debt, what's the best thing to do? |
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 Is it Illegal? |
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 Why file for bankruptcy when your credit rating is already bad by not paying up in the first place? |
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 What should i do get a loan or a credit card? |
I need about 800-1200 ASAP to pay off college buy books and other things.
what can i do to get the money fast with less fees ect.
what do you ... |
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 I am very frustrated, I cannot purchase a home because of my credit scores.? |
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chica | Will canceling the credit cards that I dont use affect my credit? |
I have about 10 credit cards that I dont use anymore they are activated but dont have any balances and I was just thinking of canceling them but dont know if I should would that affect my credit in a good or bad way?
Clueless in Texas. |
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mycredit wealth,com
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If they have fee's get rid of them. If they don't shred the cards and don't worrie about them, they will close them for you after a wile.
Also no one needs 10 credit cards, don't worrie about hurting your credit. And if they are department store cards defiantly close the accounts. |
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SPIFIMAN1
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It can.
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 cancel these cards the history will still show but you will lose all of the available credit which will make your debt to credit ratio rise which accounts for a full 30% of your score.
Any time your debt to credit ratio exceeds 30% your score takes a hit. |
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mcmdcak
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Yes - your credit score will drop.
Simply destroy/lock-up the cards and leave the accounts as they are. After many years of dis-use, the companys will eventually close the accounts from thier end (usually 4+ yrs).
If you want to re-activate later, you are just a phone call away from doing such.
The longer you have an account, the better it reflects on your credit score. |
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nanizm
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Dont cancel them as it will drop your credit score. A big portion of your credit rating is the ratio between the balances on revolving debt vs. the available credit on those revolving debt. If you close them it the ratio will go down. |
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cramsib
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good question...i did that once, and i can't recall what happened to my score...fico scores are measured very strangely. logic says that you should be no worse-off credit wise, but you have to check with a third party on this and not the company you have the credit card with because their answer will always be self-serving.
on 2nd thought, the time that you've had a credit line in good standing plays in your favor when it comes to your credit worthiness. so it might not be a good idea to cancel a credit card account. maybe just keep it in a safe place and try not to be tempted to spend on it. availability of credit lines and not using them is a great PLUS for you and wrt your future would-be lenders. it shows financial restraint and maturity. |
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Classy Granny
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Don't cancel them. Just cut them up. Canceling makes you look like you have less available credit which can lower your score. |
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adrianne
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Yes, it will reduce your available credit on paper, which can negatively affect your credit. If you're applying for new ones, cancel some of the old ones. |
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doc_up72
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yes |
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matt
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Yes, cancel all of them. This will improve your credit tremendously. |
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SuperCactus
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No, in fact it could improve your score. You would have less credit available, which will be a good sign for many who are checking your ability to pay. |
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marie
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i would just say to cut them up!!!!!!!!!!!!!!! |
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