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Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.

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โˆ™ 2007-01-21 07:57:05
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Q: When should you close unused credit cards and will this hurt or help your credit score?
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If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?

You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.

Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?

No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.

What is a trustworthy company that provides secure credit cards?

There are many trustworthy companies that provide credit cards. Some companies that provides secure credit cards are American Express, Chase, Capital One, and Bank Of America. You should find a close company near you and ask more information about it.

Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?

It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.

You just finished paying off your credit card should you close the account?

Closing the account will remove the temptation to spend up the cards again but, closing the account can actually lower your credit score. You ought to take that question and your private credit information to a credit counselor for a better answer. By the way, CONGRATULATIONS on paying off the cards!

How do you close credit cards without affecting your credit scores?

If you are responsible don't close your credit cards off, but make a purchase every month to keep it active. You could buy something for $10 - $30 dollars and put it on your credit card and pay that $10-$30 off the next day. If you don't trust yourself with credit cards then just close your account. You must get plenty of ads in the mail from credit card companies offering you different interest rates so there will be no problem reactivating any credit card.

Should you close paid off cards or keep them open?

If you're not going to use them again, close them out! Even if your balance is paid up, active CC accounts appear in your credit report, and could be counted against you if you need to take out a loan or line of credit again.

If a person has high available credit on cards they will not use again should they close those accounts?

It would probably be in your best interest to close the account(s). You will be protecting yourself from identiy theft/credit card fraud. And depending on your credit terms, annual or semi-annual fees, that can be assessed whether the account is used or not.

Should you close all credit cards since that FICO score is not needed to buy a house?

I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.

Are bank cards affected by being next to another bank card?

The magnetic strips on the back of bank cards and credit cards can be affected by strong magnetic fields or being close to weak magnetic fields. When you keep credits cards in a wallet with magnetic strip touching or being very close together, it is possible for the magnetic strips to affect each making them unreadable. Even so, the credit cards can still be used by manually keying in the credit card number.

Can you keep one of your credit cards if you file chapter 13 bankruptcy?

Yes; however, the issuer is not required to continue to extent you credit (can close the account).

What is the interest charged by Chase credit cards?

Like almost all credit card companies, Chase offers a number of different credit cards. The interest charged by Chase ranges from only a few percent to close to a standard rate (20% at most credit card companies).

If you have central air conditioning should you close the vents in unused rooms?

yes it would save money :)

Will it help your credit score if you lower your available credit limit?

ABSOLUTELY NOT!! This is VERY important! No one has yet been able to determine exactly what the 'credit scrore equation' is. But it is known that the most important aspect relating to how credit cards affect your credit score is actually, read carefully, "The ratio of total balance to total credit limit." The way I interpret that, it is extremely foolish to lower your available credit line with a credit card that you intend to keep. *more pointers* You should make ALL payments on time. The longer you've held your credit account, the better it will contribute to your score (ie. Payoff and close your NEWER accounts first!) Department store cards should also be a top priority to payoff and close

How do you preserve magnets?

Do not drop magnets frequently. Do not keep magnets close to CDs, credit cards computers, television.

Does having cards in an iPhone wallet case damage the cards?

Holding your credit or debit cards in an iPhone wallet case should not damage the cards.

Are there any credit cards that won't negatively affect my credit score?

Your best bet would be to close those older credit cards. While it may take some time, your credit score can be improved. However, opening a new credit card, even if it doesn't affect your credit score may not be the best way to go. I am unsure if there is a credit card that wouldn't affect your credit score.

How do you raise credit score?

Pay your bills on time, keep the balances on your credit cards low, establish a long length of history (don't close old accounts).

Is there a way to close a credit card while theres still a balance on it while avoide late and overlimit fees?

Be careful when you close a credit card account. It could drop your credit score considerably. The way to avoid late payments and over limit is to stop using the card and make payments on time. If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner's Credit Bible. You should find valuable information on credit cards and improving your credit.

Should you close a credit card before getting a car loan?


Should you close unused bedrooms to save heat?

Yes, but open and air them out occasionally to avoid damp building up.

How much will your credit score increase if you pay off a debt for under a few hundred dollars?

part of your credit score is based off of the percentage of credit. So if you max out your credit cards it will have a negative impact. If you have 40% of your credit used paying it off will not have such a great impact. But what ever you do after you pay them off, don't close all of them. for example if you have credit lines to 20,000 and 7,000 in debit and you pay off and close most of your cards and now you 5,000 in credit lines and 3,000 in depit you went from to 35% to 60% of your credit lines used. That will drop your credit score through the floor.

If you have three credit cards would it hurt your credit score to close two out of the three cards?

It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.

Do closed accounts affect credit score?

Closed accounts aren't deleted from your credit bureau till 6 years has passed. All it will show is that the balance is nil and the DLA (date of last activity) will show what month/yr, you had a nil balance on your statement. If you close all your old credit cards and keep your new ones, that might not be good either because the age of your credit cards are part of your score. it's best to keep and maintain your old credit cards and get rid of any unused new credit cards. Things to think about re:credit score is: maintaining good long established credit history, making sure your balances are low and not using more than 30% of your line of credit, and reducing the number of credit cards you have. My suggestion is to have 2 credit cards (one visa and one m/c) and maybe 1 extra card for emergencies only (make sure you use the emergency credit card every 6 months so it not considered inactive). This will help, so you don't have so many bills and you keep track of your purchases. And lastly, pay your bills in full and on time so that you're not charged the daily interest.

How long does bad credit ned to improve to get a mortgage?

Obtain a credit report with your score on it--you will probably have to pay for it. One credit reporting company should do it: try Experion. Your best mortgage rates are going to be if your credit rating is 700 or more. If you pay everything on time, and catch up any old bills and keep things paid over the next two years, you should see improvement. Pay down the highest interest rate credit cards down first. Don't close the accounts, just stop using them (cut up cards) after you have paid up since the old accounts will help your rating. You should have two credit cards in good standing; store cards should be used minimally. In addition, your score reflects how much credit you are using, so do not go out and buy a new car at this time. You want to be using less than half of your available credit. You may want to visit a non profit credit counseling company for help if you are snowed under and follow their advice.