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| *Loan,banking and credit>>>credit score |
Will it increase my credit score if I close the account on my 10 credit cards that I do not use anymore? |
I already paid off all of my credit card bills which is $4000 all in all. I have 10 credit cards that I do not use anymore. So If I close them all.... do you think it will increase my credit score? My current score is 718 as of May 2007..... Some say that you should close all of them, while some say that you should close 陆 of them, but I say that closing any of them will do you more harm than good. About 鈪?of your score consists of payment history(35%) and utilization(30%). Closing those cards now, will definitely have an effect on that. You could roll the dice and close a few of them, but me myself, I wouldn't take that chance. I would use them lightly, a couple dollars here, a dollars there, to where I'm using far less than the 30% allowable of your combined available credit on all of the cards, and of course pay the minimum payment, which should be the total amount that's chraged as well. But hopefully, you'll make the right decision on what you want to do. no closing credit lines can actually lower ur score in some cases Sorry closing credit card does not increase credit score. If you have paid credit cards thats good use them little bit may be just $10.00 (Ten) and pay them off do it 6 months several times almost every month once or twice your credit score will go up. Keep them open and just don't use them if you don't need them. There are two benefits. The first, is they are available if you need them for emergencies. The second, is part of your credit score is determined by the length of your credit history, so if you close an old one, it could actually hurt your score. The only thing negative that could happen is MAYBE someday when you are trying to make a large purchase like a house, they may ask you to close a couple of them so that you have less available credit that could get you in trouble if you maxed them out. Cross that bridge if and when you come to it. Actually closing credit cards you do not use can help your credit. You need to have the companies note that the cards were closed at customer request. If you have this many cards open then that is the same as outstanding credit, that is, you could fill those at any time and many lenders see that as a potential problem. You do need to keep some credit open to show that you have borrowing ability, but you really only need one or two small credit cards. Credit card scores are partly based on your outstanding balance to available credit. So in many cases it can actually hurt your score if you were to close out your accounts because your outstanding balance to available credit ratio would be lower. Your best bet is to get a few credit cards with higher available balances in order to keep your current available balance relatively stable. if you currently have a ZERO balance it probably won't hurt you that much since as a percentage, it's always zero of whatever your available balance is, however if you use your credit card then you might hurt your credit score more than if you left them open. . |
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