If the credit card is in good standing it is best to keep it open because it gives you a credit history if you close it then it eases the credit history you had.
Hi andy, This all depends. What you do not want to do is close off any old cards that have a good payment history. These cards are great for your credit record and can keep your score up. If you feel you have too many cards and do not want to juggle all the responsibility that comes with them then I would try closing out the newest lines of credit since they are not worth as much to your score. A newer card does not show enough credit history and although it helps it does not do as much as an older card. You have to watch having too many open because you will run into a debt to ratio problem. Even if the cards are paid they still count for what ever credit limit is on them.
How old is this credit card? If it is an old credit card account to which you have been paying properly, then why do you want to close it. Closing the credit card account after paying does not always push your score up. Rather it might affect your credit negatively. Remember a good score largely depends on how long you have been paying your debts properly. Hence, closing down old running accounts is not advisable. As Firey mentioned, if you are stuck with several cards then, you can close down the newest one on the block.
If you would like to close you creditcard account, You must have to pay off all credits related with this credit card to close it other viz it will harm to your credit score. In case if you want to keep your account open you have to pay off credit before due date.
James Orr
________________________________________________________ Secure credit card will help you to improve your credit score faster.
We paid ours off and we wanted to close the newest ones because I feel there are to many open lines of credit. Is the bank correct advising me it will not hurt our credit score? I have dealt with them for years and have not been steered wrong. I am hoping this information is correct so we can get some closed.
Probably wise if you can not be disciplined enough not to use them. It is probably not good to have too many open accounts, it is good however to have a variety, car payment, credit cards and mortgage is a good mix, making the payments on time and trying to keep the balances low will benefit you greatly.
Hi andyth,
If the credit card is in good standing it is best to keep it open because it gives you a credit history if you close it then it eases the credit history you had.
Hi andy, This all depends. What you do not want to do is close off any old cards that have a good payment history. These cards are great for your credit record and can keep your score up. If you feel you have too many cards and do not want to juggle all the responsibility that comes with them then I would try closing out the newest lines of credit since they are not worth as much to your score. A newer card does not show enough credit history and although it helps it does not do as much as an older card. You have to watch having too many open because you will run into a debt to ratio problem. Even if the cards are paid they still count for what ever credit limit is on them.
Hi andyth,
How old is this credit card? If it is an old credit card account to which you have been paying properly, then why do you want to close it. Closing the credit card account after paying does not always push your score up. Rather it might affect your credit negatively. Remember a good score largely depends on how long you have been paying your debts properly. Hence, closing down old running accounts is not advisable. As Firey mentioned, if you are stuck with several cards then, you can close down the newest one on the block.
If you would like to close you creditcard account, You must have to pay off all credits related with this credit card to close it other viz it will harm to your credit score. In case if you want to keep your account open you have to pay off credit before due date.
James Orr
________________________________________________________
Secure credit card will help you to improve your credit score faster.
We paid ours off and we wanted to close the newest ones because I feel there are to many open lines of credit. Is the bank correct advising me it will not hurt our credit score? I have dealt with them for years and have not been steered wrong. I am hoping this information is correct so we can get some closed.
Probably wise if you can not be disciplined enough not to use them. It is probably not good to have too many open accounts, it is good however to have a variety, car payment, credit cards and mortgage is a good mix, making the payments on time and trying to keep the balances low will benefit you greatly.