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| *Ostroff, Fair and Company>>>Credit |
I have a couple of un-activated credit cards that I want to cancel or destroy...what affect on credit rating?? |
I have a couple of un-activated credit cards that I want to cancel or destroy...what affect on credit rating?? none It won't affect your credit rating. You initially had an inquiry set on your credit, which might have dropped it a little, but there shouldn't be additional degradation of your credit for canceling them. If you decide to keep them, unless you use them, it will do no good for your credit. So just keep that in mind. If you have a stable job with a good source of income, you might be able to apply for a loan through a website called Prosper. This site is a People-to-People (P2P) lending site where individual borrowers join in on the loans to help fund yours. http://www.prosper.com/groups/group_home... I HEARD THAT YOU SHOULD MAKE THE BALANCE ZERO, THEN CUT THEM UP. BUT DO NOT CALL TO CLOSE THE ACCOUNT. THIS LOOKS GOOD FOR CREDITORS. KEEP THEM OPEN WITH A ZERO BALANCE If you have any credit history with these accounts at all (meaning you have had a balance or made payments) then if you cancel the cards you will erase all of that history from your credit report. If you have no history with these cards then there will be no effect whatsoever on your credit. It is never a good idea to erase credit history from your report because it shows creditors that you are responsible in making payments on time and paying off balances. It is also never a good idea to have a balance on more than three major credit cards or have a balance of more than 50% of your total available credit. If you no longer want to use the cards and have a history with them, just destroy them but don't cancel the accounts. They are unactivated? They shouldn't have any effect. I destroyed mine ... right through the company shredder. I left them active though. it, will be bad to close them, u need history.. just don't use them or just buy gas or food with them and pay off at the end of the month |
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