Alane Antes: To Cancel a card does not affect directly to your score. However, it does stop whatever effect keeping the account open was having on your score. This could be good or bad.
Alden Soldano: It can.Your debt to credit ratio makes up a full 30% of your score so if you have other cards and are carrying balances on them and you cancel this card your debt to credit ratio will increase and if it exceeds 30% usage your score will take a hit.You would be better off to pay the card off and simply use it about once every 3 months and pay it off in full just to keep it active and increase your score at the same time....Show more
Clark Lachowski: Don't cancel them, arrange to pay to full amount by direct debit when the bill is due(that way you pay no interest). Rotate the cards use a different one each month. Also arrange to have them request the money (from your account) within a week of you salary that way you know that there will be sufficient funds to pay t! he credit card bill. If you are really smart you will use the current card for all your shopping, in effect getting an interest free loan. The credit card companies hate it when you do that but there is nothing that they can do about it. The other advantage is that your credit rating soars, you are using credit but managing it sensibly. This little trick was taught to me by a bank manager....Show more
Aldo Decurtis: Cancelling a card does not directly affect your score. However, it does stop whatever effect keeping the account open was having on your score. This could be good or bad.
Karl Samiec: pay it off and let it go dormit. If you close the account it will decrease your score between 80-100 points.
No comments:
Post a Comment