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Posted in Credit Cards
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Question By
RIBBET61

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0 People Helped
I have credit cards I never have used or don't use should I cancel them or will that hurt my credit

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Top Contributor
3050 Contributions
3114 People Helped

Helpful to 125 out of 136 people

Use them.  Closing them will hurt your credit.  Use them once a year for something small and pay it right off, your scores will increase.

2 Contributions
53 People Helped

Closing Store Cards

Helpful to 29 out of 35 people

I have an old store card with a store that sells clothing in larger sizes that i no longer fit.  I have not used it in over two almost three years.  The amount of credit is $500 I think.  Will closing this acount do anything to my excellent rating?  I currently carry low 790's for credit scores.

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Reply by
Jensetter04

453 Contributions
90 People Helped
Helpful to 0 out of 4 people

Get your credit cleaned with the help of a reliable personnel Fico and Ex Transunion agent! He's tested and trusted. I had a very low credit score (around 520) and it was ruining my life. I needed help. I was very depressed because of it and had been trying to repair it but It just seems nothing was capable of getting my score raised quickly. I needed something done fast. I had read a lot of good things about this hacker online which gave me a go ahead to try him out. I almost gave up my search for a real agent because I kept meeting fake people who are not capable enough and who are always after the money, I've been conned by them. this programmer is not about the money but about attaining a good reputation at always satisfying his customers. My credit score is now 780, 790 and 820 on all big 3 bureaus and it was 100% confirmed by FICO. This is my way of showing appreciation for a job well done on my credit report. Reach out to him for help at sgiacalone03@ g m a i l . c o m. He’s affordable and always at your service.  

1 Contribution
30 People Helped

credit card i'd like to cancel

Helpful to 30 out of 43 people

I opened up a credit card in david's bridal because my mom was getting married, I paid off the credit balance already but I know I won't be using this credit card anymore because it's a wedding store. Should I cancel it or keep it?

1 Contribution
5 People Helped

Too many old credit cards

Helpful to 5 out of 8 people

I have way too many credit cards, 35 to be exact between me & my husband. We don't use suite a few of them, should we close what we don't use or request they lower the available credit, our credit lines on some are very high?

1 Contribution
31 People Helped

Cosing Credit card

Helpful to 31 out of 43 people

Yes closing the account would hurt your score. As long as the monthly fee is small (<$10 or so) keep it open but pay it offf and review it again later. Wit a higher score later it may hurt as much. I closed 3 accounts a few years ago and lost well over 100 points. It has taken me 3 years and 2 consolidations to get above 700 since.</p>

Reply by
chemistry100

1 Contribution
36 People Helped
Helpful to 36 out of 43 people

What if I have multiple credit cards which I dont need and close them. I still have my main card to use, can I close the other cards?

1 Contribution
25 People Helped

Pros and Cons

Helpful to 25 out of 33 people

There are tradeoffs to think about when choosing to close a line of credit.

The pros:

You don't have to worry about  service charges anymore.

You don't need to keep track of extra cards you're not using.

Cons:

Less availble credit will hurt your score by decreasing the overall amount of credit you have and at the same time increasing your utilization %.

If its your oldest credit line then the length of credit history will take a hit, (however if its a more recent line of credit closing it may accutally help a bit depending on the scoring model used).

Best advice is to keep those extra lines of credit around and only nomilaly active (use for gas or groceries once every few months) until you get to a place where you are comfortable with the credit tools you have (get a good rate on a loan if your looking for one, and a harder to get Credit or Charge Card) then dump the excess credit balast, take the hit, and let the damage repair iteself over the course of a few months or years (shouldn't be more than 2 years max, but it all depends on your indiviual situation).

Reply by
apparu

2 Contributions
57 People Helped

I recenlty paid off several cards and was wondering if I should close some of them that I don't use and I can see from comments that it's best to hold onto them and charge once in awhile so the card company won't close the account. I like the idea of using them to buy gas, etc. So I rotate charging gas, etc., on them and pay them off accordingly.

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Reply by
Jensetter04

453 Contributions
90 People Helped
Helpful to 0 out of 1 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

2 Contributions
1 Person Helped

Closing a credit card I accidentally...

Helpful to 1 out of 1 people

Would closing a credit card I accidentally accepted hurt my current credit score? Once I received it the mail I cut the credit card in half and didn't want to deal with a 4th card. I logged in credit karma and it showes I have that credit card open.

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Reply by
Jensetter04

453 Contributions
90 People Helped
Helpful to 0 out of 3 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was (sgiacalone03@ g m a i l . c o m) is the programmer's email address. I wish you good-luck. Y’all can thank me later.

3 Contributions
6 People Helped

Closing credit cards

Helpful to 6 out of 9 people

If you close all your credit cards your score could suffer.  Part of your score is based on "available" credit, if you only have accounts with balances (especially over 50% of the available credit) and no available credit on MC, Visa, etc - not store cards - then it looks like your debt is more than your credit which causes you score to remain lower than it could be.  Keep a few but not too many to balance out your debt, even though you don't use them.

Top Contributor

Reply by
gryf

22 Contributions
29 People Helped
Helpful to 2 out of 2 people

Enter Your Reply:  If you've got open cards to pad your score because your other balances are a high percentage, recomend paying that balance down first.

I did this once, and it worked GREAT!  with that extra line of credit my score went up...and then I was tempted to use that other card as well.

Decided I was better off to close that other card and use the pinch on my score to motivate me to actually PAY DOWN my debt!

Top Contributor

Reply by
Jensetter04

453 Contributions
90 People Helped
Helpful to 0 out of 3 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

1 Contribution
6 People Helped

Credit pros

Helpful to 6 out of 12 people

Has any one heard of credit pros they are someone that helps u cleanup your credit score 

Top Contributor

Reply by
Olfar

15 Contributions
48 People Helped
Helpful to 16 out of 16 people

NOBODY can help you clean up your credit but you.  Scammers offer help but you end up owing them as well ... further hurting your debt level.

1 Contribution
3 People Helped

CLOSING NON ESSENTIAL

Helpful to 3 out of 6 people

I have a few credit cards with less than 6 years of history that effect my credit rating and carry 0 balance.

Originally got the cards to get a discount off the service or merchandise and have not used the cards since.

If I cancel the cards will my credit score increase or decrese?

Top Contributor

Reply by
gryf

22 Contributions
29 People Helped
Helpful to 1 out of 1 people

Enter Your Reply:  Axe them!  They're just a liability.

Top Contributor

Reply by
Jensetter04

453 Contributions
90 People Helped

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

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