0
I have 3 or 4 credit cards i don't use want to close how should i do that so as not to hurt my credit score?
If you have them paid off, then cut them up and destroy them. Don't call and cancel them, but look over the statements every month to make sure the balances remain zero and that you arent being ripped off. If you were to close these accounts, then it would negatively affect your ability to obtain credit. If they aren't paid off, you can still destroy the cards, but make sure you pay them and check for unusual purchases as usual.
: I disagree with the answer provided above. If you do not cancel the credit cards you will still be liable for fees. Which if forgotten about (as you are not using your card) will accumulate into more debt. You also run the risk of your 'still active' card numbers being used in a fraudulent manner. You also run the risk of using the cards yourself which may not be helpful to you in the long run. : Just cutting them up may stop you from using the card(s) for those spur-of-the-moment purchases but that is all it will do. : Canceling the cards with a zero balance will not affect your creditability. On the contrary, as it shows a higher degree of financial responsibility especially since you have paid them off! I take it you are intending to keep one?
What else can I help you with?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Should I get several credit cards?
Having a large credit limit can help your score but do not apply for several cards at the same time. Doing so can hurt your score and make you unable to get any new credit offers.
Is it bad to close credit cards?
Closing credit cards can have both positive and negative effects on your credit score. It can potentially lower your credit utilization ratio and reduce the number of accounts on your credit report, which may have a negative impact on your credit score. However, if you have a good payment history and low balances on your remaining cards, the impact may be minimal. It's important to consider your individual financial situation before deciding to close a credit card.
How to improve my credit score?
Credit score is essential element in any transaction concerning financial history such as applying for additional credit card. In order to improve credit score, the settlement of financial obligations should be on time. When owning credit cards, these cards must be maintained at a minimum basis. There should be a regular checking of account in order to monitor any erroneous transactions that may affect the credit score.
What should I do with a high credit score?
With a high credit score, you can qualify for better interest rates on loans and credit cards. It's important to continue managing your credit responsibly by paying bills on time and keeping your credit utilization low. Consider using your high credit score to apply for rewards credit cards or negotiate better terms on loans.
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.
