Linwood Mccory: Possibly yes. When you close the card, you loose the good credit history associated with it (sometimes) AND the available balance. Therefore, your debt to balance limit ratio would get worse - but only if you have credit card debt.
Lawanna Livsey: It may actually help your credit rating: each card acts as if it were a loan or line of credit on which you've borrowed. Too much potential debt, even if the card is unused, hurts your credit rating. After all, a potential lender must look at each card as if it could be "maxed out", though you are not using it or have paid off all debts.If you don't use it, and you aren't likely to need it, close it.
Pei Heatherly: yes, any credit card you close is bad. just keep it and don't use it. or cut it up or something.
Adan Alipio: It lowers your credit score
Mitchel Demry: a few things will or can happen.1. you lose credit limit from your overall credit limit ratios. this will lower your score.2! . it's an old account with good history, and SHELL decides to remove your history from the credit agencies. They can do this...and it's not illegal. THIS WILL LOWER YOUR SCORE.3. if this is your oldest account...i wouldnt close it. just use it once a month...and pay it off. do not use more than 35% of the credit limit.4. closing the account will not lower your credit score IF you have other cards with high limits. if the creditor doesnt do anything to you then you have nothing to worry about....Show more
Corey Rohleder: yes because you are technically telling creditors that you had to cancel the credit card because you are not responsible enough to have open credit under your name. Your best bet is to keep the card without adding any balances to it so that you establish your credit history which in turn will increase your credit score and you will be able to in future qualify for great interests rate and homeowners programs that are available only for future and c! urrent homeowners that have great scores in the 700-850 range.! you should also check out the many financial websites that will give you the information that you need in securing your financial future....Show more
Gregory Dilg: "Length of Credit History" is 15% of your fico rating. Leave the oldest card open until it has an annual price. An annual price is in no way valued at this. Turn your considering round. For main purchases use your financial savings account. Not bank cards. Use a card for daily matters equivalent to gasoline and pay in complete each and every month while you get the invoice within the mail. This maintains credit score "alive". By paying in complete you in no way pay curiosity and also you increase pleasant credit score. Just be certain you get a assertion that claims $zero first. Often instances, after sporting balances you'll get an additional invoice with "left over curiosity". A bank card is a unfastened option to maintain pleasant credit score. Just in no way dare convey balances....Show more
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