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| *Ostroff, Fair and Company>>>Financial Services |
Help with credit score? |
Does our credit score get hurt when we cancel our old cc? cancelling credit cards can lower you score by a few points here or there, simply because you are lowering the amount of credit you have. if you have a card you don't use, it shows on your credit report usually as an R1 meaning that you have a revolving loan that is paid on time (keep in mind i am assuming you are carrying a 0 balance on this card and have maintained minimum payments every month). so even if you don't use the card, it can help your credit score, because it shows you have established credit. my advice, keep it open if you are worried about your score. if you have a decent score already and don't need the card, then get rid of it. hope that helps It depends. Usually they suggest that a person not cancel, as you would have a higher credit limit overall by keeping it open. One of the factors in your credit score it the percent of debt to amount credit available. Also, frequent opening/closing of accounts lowers the credit score. experience It can,if it is an old credit card.The older your credit is the more of an impact it has on your score. You are better off lowering your credit limit to about $1000 and only using it once per year.Maybe for gas or something. Good luck Usually, it would get helped by canceling old cards. If you don't have a lot of credit, you might want to keep it open, but if you have a lot, your score would most likely get better |
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