Canceling a credit card my have a negative effect on your rating if it has not been open very long. What lenders like to see is a steady and lengthy payment history. So it is a good idea to keep it open and keep the balances very low. After having the account for 2+ years I would say it is safe to cancle only if the card is bad for you, for example it may have annual fees, high APR, low credit limit etc.
Canceling your card can hurt your credit score..... SORRY!! You should not cancel even if you intend not to use it. One credit secret is the more available credit not in use the better you look. I.E. percentage of revolving debt compared to available-it helps reduce that and increase your number.
Maybe, maybe not. It would depend upon the rest of your current credit situation.
Yes. Any new credit account or loan will effect your rating.
Yes, your credit rating is based upon all forms of credit, not just your credit card. For example if you have a telephone on a plan, this is a form of credit and that will add to your credit history which increases your credit rating.
No. There is no time set for a credit card. It is issued at the pleasure of the CC company, and used at the pleasure of the customer.
No, you're using your own money.
Canceling your card can hurt your credit score..... SORRY!! You should not cancel even if you intend not to use it. One credit secret is the more available credit not in use the better you look. I.E. percentage of revolving debt compared to available-it helps reduce that and increase your number.
Maybe, maybe not. It would depend upon the rest of your current credit situation.
Yes. Any new credit account or loan will effect your rating.
oh yea
No..but it will effect your current and future Insurance rates.
Yes, your credit rating is based upon all forms of credit, not just your credit card. For example if you have a telephone on a plan, this is a form of credit and that will add to your credit history which increases your credit rating.
No. There is no time set for a credit card. It is issued at the pleasure of the CC company, and used at the pleasure of the customer.
Credit card bills affect the credit rating in that the late payments will show on the report and points will be counted against you. Once you have paid, make certain that the three credit reporting companies note that it has been paid; eventually the account will age and become a positive for you. This is since it will show available credit that you are not using.
In order to build up a credit rating one has to obtain a credit card first. Every time one uses a card, loses it, is being refused to get a card, pays a bill late the information is being gathered and turned into one's credit rating. Building up a credit rating can be done by using a 'Secured Credit Card'. One has to use the card regularly and pay off the bills monthly.
Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.
Sure, but to have the card and not use it does NOT improve your credit rating. If you amass too many credit cards - even if you never use a single one of them - it decreases your credit rating because you have "too much available credit potential".