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tommy_hammonds40517 | Is it a bad idea to cancel a credit card after you pay off the balance? |
I have four credit cards and someone told me that if I cancel one after paying it off, it would hurt my credit score. Just wondering if that was true. |
 |
 
Will
 |
Yes you can hurt your credit score.
Your credit score is based on the amount of AVAILABLE credit you have. So if you have a lot of available credit and are not using it your score is better. |
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EchosOfAngels
 |
It would be better to keep the account open and keep a close eye on your credit reports. Also maybe every month use it for something like gas and then pay it off when you get the bill. This will improve your credit. If you are too tempted by the card then just cut it up, but always monitor your reports! |
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gabykawa
|
Depending on who estimates your score. One criteria is to check all your approved credits and that includes credit cards. The one with more gets a higher rating.
But it doesn't mean that your rating is going to get hurt. You're going to get a couple points less than the guy who still have the four cards.
But you can get a positive score with no credit at all. If your credit story is good (always paid), you have no loans impossible to pay with your income, etc, etc.
Don't get crazy about scores. Each bank has its own stupid policies. I had an integrated account once with a bank with a superb score and couldn't get a small loan for the most stupid reason. The bank re-evaluated my credit score, my score went high and they re-evaluated my credit allowance. They spread all of it between my checking account and my two credit cards. When I asked for the loan they said that I couldn't get it because all the credit I had allowed was used. I told them that it was ridiculous because that credit was too much, I wasn't even using 5% of that. In fact I never use credit from my credit cards or the checking account, the rates are too high. As you can see, sometimes too good is TOO good.
I moved to another bank where they were more than happy to get all my business including the loan. |
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Baby Raptor
 |
nope I have no credit cards and have gotten my house and last two vehicle loans approved in minutes!! |
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KAT
|
yes i have heard that if you don't use it after the balance is paid that it goes against your credit score. |
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Bald Eagle
 |
No. Contact the credit card company, cancel the card and ask them to report to the major credit agencies that the account was closed at your request. If you just shred the card and ignore the account, someone could clone the card and start making purchases without your knowledge. |
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Frank Castle
 |
Yes. |
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*Bangin' Chi Chi*
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why dont u just shred it and not use it again?? im not sure if thats true about the credit score thing, but just to keep from spending and using it again u should cut it up |
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cypherkin
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lol not that i know of. It should not hurt your credit score - if you already paid off all that you owe (IN DUE TIME as well - if you are late - then it does affect your score). |
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nj2pa2nc
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if the credit card is new or only a few years old then it is ok to cancel it. keeping long established cards are good to keep but not too many. |
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Meldamor
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I wouldnt think that it was a bad idea to cancel a credit card after you pay it only because when you go for more credit they actually see that youve payed something off. |
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curmudgeon
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no. the only thing that hurts your credit is not paying on time. |
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