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 Does closing a credit card account hurt your credit in any way ? |
Got my first credit card the other day and was wondering whether to cancel it.
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nelv's | Would cancelling credit cards I no longer use affect my credit score? |
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Scott F
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Your credit score could be negatively affected by closing these cards. What many people do not understand about credit scoring is the multitude of factors that go into your score. How many open accounts is only one facet as is how much you have on your cards. One of the biggest factors people do not understand is that your credit score is also contingent on your length of credit. You could have five open cards for less than a year all in good standing and your score would be lower than if you had two for more than 5 years all in good standing. If you feel you do not need them all cancel the ones that either A have the highest interest rates or B you have had for the shortest time. Keep the oldest lines open as long as possible to continue to show not only a good credit history but also a lengthy one at individual institutions. |
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StephanieS
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yes...usually not a good idea |
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Jake L
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THE REAL ANSWER.... strange as it may seem if you keep the cards with a $0 balance it will actually improve your score. The reason is that credit bureau's look at "available credit" as a factor to the score. If you have no debt on your Credit Bureau (CB) but lots of available credit the thinking is that you are responsible and someone else already felt so but you take care of debt so you don't really need the money. This can not always be the answer though becuase if you have alot of other debt and only one or a few credit cards with $0 then the inverse would be true. |
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Frances E
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They say that if you have a credit card in good standing and they have nothing but good to say in your credit report, it is to your advantage to keep it, but if you believe its not to your advantage to keep it, get rid of it. Your credit score can only go up if you have a card that is in good standing. |
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lilpuppy6
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nelv's,
Keep them open, BUT charge just a few dollars on each card every month, pay it off every month to boost your scores. Good luck. |
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Tobias Maximus
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Yes, this will affect your credit score. Keep them open but don't use them......good luck! |
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Tim S
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Maybe.
If you carry little or no debt on credit cards, have a large number of cards, and have a pretty high number (say 5 or more) with long histories, closing a card or two probably wouldn't have too much effect.
Credit score does look at length of credit history and % of avaiable credit used. So say you close a CC with a 10,000 limit and no balance... that would lower available credit and could possibly raise the % and lower your score. But if you don't carry much debt anyways, raising from 5% to 7% or something isn't very impactful.
There's a lot of "ifs" to these scenarios. The short answer is if you're planning to apply for a major line of credit in the next 6-12 months (i.e. mortgage), it probably is safer just to leave them open. But if you have no immediate plans for your credit score it might be worthwhile to close them if it helps your peace of mind. |
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hljadds
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Yes - keep them, but don't use them. |
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Wayne L.
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Listen, cancel them if you don't use them. I canceled 3 of my cards that i don't use or just because the APR is too high. And, I am telling you, that, well you can say that it could lower your score or make your score higher. I canceled mine and i don't see that my score any lower, as a matter of fact, its boost up like crazy(I lower my debt too)! The advantage of canceling a card is that, it clearly tells/shows your potential credit card issuer that you can get out of a credit card anytime you wants ! And oh yea, remember if you cancel 'several' credit cards - Don't cancel them all together, cancel 1 a month. |
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Jon B
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The fact is that cancelling credit cards no longer in use can positively impact your score. Lenders look at the amount of available credit when making lending decisions. If you already have a decent score, say above 680, eliminating unused credit may actually improve your overall credit worthiness in the eyes of the lender. Having too much "unused credit" will often result in a boilerplate message at the end of your credit report, such as, "Available credit exceeds expected guidelines" |
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beauty s
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if u had them for awhile I don't think so |
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Accent International Traders
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GO TALK TO A BANKER! If you get a card because they gave you 0% APR for 12 months and than you cancel it after the 12 months it will hurt your credit score. However, if you have had it for a while and just don't want it anymore, cancel it, do not horde your credit cards. Example: Lets say you have 10 credit cards each with a cap of $5,000 (Below average) and you want to take out a loan for a house. The bank will see that you have $50,000 that you could potentially owe someone else and this can deter them from approving your loan. Just be smart about it. Having lots of cards doesn't build credit. Like I said though, just go talk to your banker because they are your credit reference and will be able to tell you exactly what they look at.
If you just want to build your credit, save up $500 and go to the bank and take out a $500 loan. You will give it because you have enough cash assets to cover it. Pay it off over the next 6 months. You will lose a negligible amount of money in interest but that bank will also become a fabulous credit reference. |
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nabeels
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yes it will affect ur score
ur credit score increases with less cards.
so if u cancel some, u will be better off |
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Linda P
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Having too many lines of credit open is bad for your score.If you are not using them cancel them.I would keep one or maybe two open. |
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Gothic Rose
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Yes, it would improve it. It is good to have something that you are paying on credit though because it should that you can make payments, but most credit cards just take up your available credit which ends up lowering your score. |
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Susan
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The only problem with not using your open charge cards is the store may close them because they are inactive. I opened a Dillards card in 1981, and when the local store closed I didn't have a chance to use it again and after 2 years they closed it. If they had even sent me a letter to let me know they were going to close the account I would have ordered something online just to keep it open. So it might not hurt to charge a few dollars every so often. |
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