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If you have a credit card you never use is it better for your credit rating to cancel the card or to just keep the account open but unused?
Wiki User
∙ 18y ago
The answer to this question depends on your overall credit scenario and your specific goals. Having a unused credit card account can damage your credit over time. It might be a good idea to cancel the card if you don't plan on getting a loan. The rule is, only get additional credit if and only if you need it! Why don't you charge something like 5 bucks on that card every month to keep it active?
Wiki User
∙ 18y ago
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Does it hurt your rating to cancel a paid off credit card?
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.
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.
Will opening a new credit card affect your credit rating?
Yes. Any new credit account or loan will effect your rating.
What does 09P mean on credit report under rating?
This is the rating of your account. A R09 basically means that it is a charged off account.
Where are the best credit card rates in the nation?
Credit card rates are not based on geographical location,but are based on individuals credit rating. The higher the rating, the better(lower) the interest rate.
Does it hurt your rating to cancel a paid off credit card?
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.
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.
Will opening a new credit card affect your credit rating?
Yes. Any new credit account or loan will effect your rating.
What does 09P mean on credit report under rating?
This is the rating of your account. A R09 basically means that it is a charged off account.
Should you cancel inactive credit cards?
Yep, other wise you might have to continue paying fees and having an unused credit card lowers your credit rating.
Will having a negative balance in an unused checking account affect your credit rating?
No, having a negative balance in an unused checking account will not directly affect your credit rating. However, if you fail to pay off the negative balance and the account is sent to collections, that could potentially have a negative impact on your credit rating.
Will using a HSBC offshore account ruin your credit rating?
People using an HSBC offshore account are being heavily investigated to prosecute for tax evasion - in addition to this risk it may harm your credit rating.
How do I get a credit account for my small business?
Credit for your business depends on how your business is set up. Generally, your own personal credit rating will come into play unless the business is well-established and has its own credit rating.
When bad credit expires does the credit rating go up?
No. Your credit rating will remain the same long after the bad credit has expired. In order to get a better credit rating, you'll have to obtain a credit card or loan of some sort. Making monthly payments and staying within the credit limit will gradually improve your credit rating over time.
I don't know who using my credit card and withdrawing money out of my account i did a investigation of my account for a while i know i use the card on the computer to buy stuff so the investigation we?
First thing you should be doing asap is to call the CC company and cancel that credit card. You may be liable for all current charges before making that contact call. Do it now to protect your credit rating and history.
Where are the best credit card rates in the nation?
Credit card rates are not based on geographical location,but are based on individuals credit rating. The higher the rating, the better(lower) the interest rate.
What is the average interest rate on personal loans?
This all depends on how good your credit rating is. The better your credit rating, the lower the interest rates. https://www.lendingtree.com
