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After paying down a credit card, should I cancel it to benefit my credit report? |
After paying down a credit card, should I cancel it to benefit my credit report? Absolutely not!!! The more credit line you have available to you, the better your credit score, and other creditors are going to see that other places have entrusted you with credit, therefore, being more likely to grant you with credit and higher credit lines!!! It is my advice to never close a credit account and keep them open so you can have a longer credit history and that many more good points on your credit No canceling cards Hurts your credit...just cut the card in half and leave the balance at zero I wouldnt. If you have no self control and will ring it up again then yes you should. However if you can use it on occasion and pay it off when the statement comes then do that. It will help your credit that way. Just remember to always pay it off every month Keeping the account open and active increases your revolving limits, which is used to calculate your capacity. Capacity= Balance/Limits. Capacity accounts for 30% of your credit score. www.myfico.com |
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