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I am a senior credit counselor, and actually closing your cards will hurt your score, the way your score is calculated is by how much available credit you have in comparison to how much debt you are currently carrying. If you have the cards with zero balance and available credit on them, then raises your available credit to total debt ratio, thus increasing your score. However, after you have purchased your home, you might want to consider closing the accounts because of the risk of identity theft. Or look into the new credit monitoring services, they are very inexpensive and usually offered through the credit bureaus. They will let you know if anyone checks your credit or if any changes have occurred.
Actually, it can hurt your score. the FICO score looks at length of credit history (taking an average of all credit card accounts). If it is an older account, it would likely hurt your score. Closing a newer account would be best.
If you go to MyFico.com, you can look at what factors into your score. They suggest to leave accounts open. This of course varies from person to person. If you have 10 credit card accounts and wish to close one of the newer ones or if you would like to consolidate some of the cards, it might be a good idea......Someone with fewer accounts and a shorter history should keep them open.
Most important thing to remember.....everyone's credit score is calculated differently (i.e. based on the characteristics of their history). What is a good move for some, may not be for all.
What else can I help you with?
Is canceling credit cards a good or bad financial decision?
Canceling credit cards can have both positive and negative impacts on your financial situation. On one hand, canceling unused or high-fee cards can help you avoid unnecessary costs and simplify your finances. However, closing older accounts can lower your credit score and reduce your available credit, which may affect your ability to borrow in the future. It's important to weigh the pros and cons before making a decision.
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.
No open accounts you have no credit score how can you get a credit score?
Of course you have to open an account or a credit cards for you to be able to get a credit score. I personally get a credit cards and check my three credit report from different bureaus.
Do you have a credit score if you do not have any credit cards?
Yes, it is possible to have a credit score even though you don't currently have any credit cards. If you have ever applied for credit of any type then you are likely to have a credit score.
Will canceling your credit card hurt your credit?
Most likely it will. The credit agencies may not know whether you cancelled your account, or if it was taken away from you by the credit card company. If you are concerned about your credit score, then having 2 to 3 credit cards will generally raise your score, as it demonstrates that each credit card company believes you to be capable of paying their credit card bills. Only use those credit cards enough times a year that they will not be canceled due to non-use.
Is canceling credit cards a good or bad financial decision?
Canceling credit cards can have both positive and negative impacts on your financial situation. On one hand, canceling unused or high-fee cards can help you avoid unnecessary costs and simplify your finances. However, closing older accounts can lower your credit score and reduce your available credit, which may affect your ability to borrow in the future. It's important to weigh the pros and cons before making a decision.
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.
No open accounts you have no credit score how can you get a credit score?
Of course you have to open an account or a credit cards for you to be able to get a credit score. I personally get a credit cards and check my three credit report from different bureaus.
Do you have a credit score if you do not have any credit cards?
Yes, it is possible to have a credit score even though you don't currently have any credit cards. If you have ever applied for credit of any type then you are likely to have a credit score.
Does a business credit card affect credit score?
All loans and credit cards have an affect on your credit score. Failure to use your credit cards responsibly will reduce your credit score and increase your interest costs.
Will canceling your credit card hurt your credit?
Most likely it will. The credit agencies may not know whether you cancelled your account, or if it was taken away from you by the credit card company. If you are concerned about your credit score, then having 2 to 3 credit cards will generally raise your score, as it demonstrates that each credit card company believes you to be capable of paying their credit card bills. Only use those credit cards enough times a year that they will not be canceled due to non-use.
Does canceling one's credit cards affect one's credit rating?
This will all depend on how old the account is. Regardless, you will notice that your score will drop a few points, but it's nothing to worry about, since you can build it up over time.
How does having multiple credit cards affect your credit score?
Having multiple credit cards can affect your credit score in both positive and negative ways. On one hand, having multiple credit cards can increase your overall available credit, which can lower your credit utilization ratio and potentially improve your credit score. However, having multiple credit cards also means more opportunities to accumulate debt, which can negatively impact your credit score if you carry high balances or miss payments. It's important to manage your credit cards responsibly to maintain a good credit score.
When should you close unused credit cards and will this hurt or help your credit score?
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.
How do credit cards affect an individuals credit history?
Credit Cards greatly impact a credit score. In fact, 30% of your credit score is determined by how well you use credit cards. (Utilization Rate). You want to keep your Utilization rate at 20% or less of the credit limit.
Do NetSpend cards affect your credit score?
no
Is a 559 a good credit score?
I have the same score. Try applying for a couple of credit cards and increasing it
