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Once and for all, if I cancel a credit card I'm not using, how does it affect my credit report?.? |
Once and for all, if I cancel a credit card I'm not using, how does it affect my credit report?.? It shows up on your credit report as Paid in Full and Closed BUT,I believe the question you are asking, is how does it affect your credit score? This all depends on all your other debt, but as a general rule, DO NOT CLOSE THE CARD. Closing the card will 1)increase your debt-to-available credit ratio and your credit utilization rate, both will lower your credit score (30%) 2)Erase length of credit history of that card. Having a credit card (in good standing) for long periods of time increases your credit score. (15% of score) If you are trying to raise your credit score, I recommend Identity Guard (see below). Not only do they monitor your report on a regular basis, but they have credit scenerio tools that allow you to imitate situatins, and see how it would affect your credit score, based on your real credit history. Source(s): www.identityguard.com www.fico.com http://www.bankrate.com/brm/news/financi... http://www.bankrate.com/brm/news/credit-... it doesn't really, but if you order a new one to replace it - it does. If you have no balance on it, it should not affect you at all. It depends - do you have any other credit card debt? If you don't have any other revolving debt and you have another credit card open already - then it won't affect it. However, if you do have other revolving debt and you cancel this one, it can bring your score down. You should never have any one credit card over 50% of what is available on it to keep a high credit score. Just as well if you happen to have one that is say 70% charged up and you cancel this one it will change your credit/debt ratios which will drop your score. It hleps it because if you closed it , it shows you dont want any revolving or open credit, if the company closes it, it could have been for negative reasons. if you leave it open, then it shows that you can always start charging more. its an open line of credit If you were using the card and had a good payment history then cancelling the card will not affect your credit history at all. |
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