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| *Loan,banking and credit>>>credit report |
Should you pay off and close a credit card that you have had for 2 yrs since the credit limit reports 0? |
Capital One to be exact. They don't report your limit. The account has been paid in full. no, don't close the account, that will close down 2 years of credit history, as well as negatively influence your debt to credit ratio. your fico score will go down, so don't do it! Source(s): own xperience Never close your CC. You can cut them and freeze them, but don't cancel them, specially with no balance on them. Good Luck! might not want to close it, juse use it now and then but always pay it off. helps your credit score to have accounts open for a long time. I just got my credit report, and it lists all the credit cards I ever had, even tho I have never used most of them. My cards limits were on the report. I don't think it's a good idea to have more than one of each kind of card; If I were a lender, I would think a person with so many cards could get in over his head very fast. On the other hand, I keep a VISA, Mastercard, and Discover, because there have been times I could not write a check, and the business did not take one or the other. if you close a credit card, it hurts your credit score because they calculate your credit balance compared to you available credit. Say you have 2 cc's with 1000 limit on each and a 400 balance on one. you're using 20% of your available credit. If you close your 2nd card, now you're using 40% of your avail bal - huge jump - bad. hide them, lock em up, don't use, excepot for extreme emergency I would not close them unless you have a bunch of them. I see no need to have more than a few depending on how high your credit limit is on them. http://creditmaintainance.info/... |
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