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No, you should always cancel them out if you have plans for them. It is viewed as a bad thing when there are more cards available to you. The more cards you have the more can can go into debt. There fore the less is better from a credit rating standpoint.

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โˆ™ 2005-10-03 01:19:34
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Q: Does it hurt your rating to cancel a paid off credit card?
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Can keeping inactive credit cards hurt your credit rating?

It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.


Is eliminating a credit card bad for your credit?

Yes. Eliminating a card will hurt your credit, not help it. If you have to get rid of a card, cut it up and stop using it, but don't cancel it.


Does it hurt your credit if you cancel the card after it opens?

Yes, it will have a negative affect on a credit report, usually temporary perhaps 90 days.


Does canceling a debit card account hurt your credit rating?

No, you're using your own money.


When a credit card company raises your rate and you opt to cancel the card to stay at the lower rate does that negatively affect your credit rating?

It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.


Can opening and closing credit cards hurt your credit rating?

NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.


Does a credit card with a high credit limit adversely affect your credit score?

It will depend on the way you use your credit card. Having and using a credit card wisely can be beneficial to your credit rating. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt. However, if you're constantly applying for new credit cards, it can hurt your rating.


Does canceling a new credit card hurt your credit score?

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.


Does canceling a credit card after having it for a short time hurt your rating?

Maybe, maybe not. It would depend upon the rest of your current credit situation.


Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.


Is there a difference between a balance on a credit card or a loan from a financial institution in terms of credit history and credit rating?

AnswerDo you mean does a loan balance impact your personal credit differently than a credit card balance? Your rating and score are both contingent upon your pay history. The loan company is irrelavent.will a deliquent credit card hurt my other creditors or ruin my credit history


Does applying for a credit card hurt your credit score?

Having and using a credit card wisely can be beneficial to your credit rating. However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them. Applying for too many credit cards, in a way, shows that you don't have enough capital to afford your cost of living on your own income. And if you're getting turned down by creditors, it's an indication that your credit standing just isn't up to par, and other creditors will weigh these rejections against you.


Does it hurt your credit score to apply for a credit card then not accept it?

yes


Can a secondary card holder's credit rating hurt the primary card holders credit?

No. The secondary cardholder's credit history has nothing to do with the primary cardholder's. The reason for this is even if there are two cards, there is still only one account for both cards which the primary cardholder is responsible. Jags


Does credit card application denial affect credit rating?

Having and using a credit card wisely can be beneficial to your credit rating. However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them. Applying for too many credit cards, in a way, shows that you don't have enough capital to afford your cost of living on your own income. And if you're getting turned down by creditors, it's an indication that your credit standing just isn't up to par, and other creditors will weigh these rejections against you.


Is it bad for your credit to cancel credit cards?

If you have no forms of credit, then it can hurt your credit rating. Your rating is determined on your use of credit facilities - if you do not have any forms of credit then your record will drop. That said, it's unusual not to have some kind of repayment obligation such as a mortgage or car loan, all of which show a track record of credit and repayment. Having too many credit cards can be a poor signal on your credit record. Depending on your income and your existing repayment obligations, having too many cards shows a possibility of incurring a credit burden you cannot afford to repay, so cancelling some of the more expensive APR cards and/or consolidating balances onto a single card may improve your credit rating.


If you close a credit card that has a balance on it will it hurt your credit score oppsed to waiting until the balance is paid in full?

Canceling cards usually does lower your FICO or credit score; if you have a balance on a card, pay it off or transfer the balance to a lower-interest card. Then take scissors and cut up the old card (and any new ones they send you in the future). But then you don't need to actually cancel it.


If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.


Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?

No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.


Say I make a purchase at a store and later on have to return the item. Does it hurt my credit if I return the purchased item Does it matter if money is credited on card or returned in cashstore cr?

No, it does not hurt your credit. No, it doesnt matter, when you return an item that you purchased on credit, they ask for your card and return the money onto your credit card!


Dose it hurt your credit if a cosigner files bankruptcy on there car?

If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.


How would RV repo hurt credit rating?

How could it NOT hurt your credit rating? I'd say that you could easily slide 200 points having an RV repo on your record, and it could take years to recover from it.


If you did not sign the promissory note but you did sign the deed of trust and if the property is foreclosed upon will it hurt your credit rating?

Anytime you default on a loan, it will hurt your credit. If there is no public record that you owe the money, it will not hurt you publicly.


If authorized user on credit card claims bankruptcy will it hurt primary card holder's credit?

No, presuming the credit card holder makes all the payments he is supposed to...the user is not liable for the debt on the card, and it is not part of his BK.


Will buying a car with your Visa hurt your credit rating even if the Visa bill is paid in full and on time?

No, your credit will be fine.

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