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andyth
Joined: 03 Oct 2009
andyth's page
Posts: 32
1237 Magic Points
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Subject: credit cards
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Wed Oct 28, 2009 4:47 pm
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| When in credit card debt, once you have paid off one of your credit cards is it smarter to close the account or keep it open? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Wed Oct 28, 2009 5:01 pm
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Hi andyth,
If the credit card is in good standing it is best to keep it open because it gives you a credit history if you close it then it eases the credit history you had. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Thu Oct 29, 2009 2:14 am
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| Hi andy, This all depends. What you do not want to do is close off any old cards that have a good payment history. These cards are great for your credit record and can keep your score up. If you feel you have too many cards and do not want to juggle all the responsibility that comes with them then I would try closing out the newest lines of credit since they are not worth as much to your score. A newer card does not show enough credit history and although it helps it does not do as much as an older card. You have to watch having too many open because you will run into a debt to ratio problem. Even if the cards are paid they still count for what ever credit limit is on them. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Oct 29, 2009 5:37 am
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Hi andyth,
How old is this credit card? If it is an old credit card account to which you have been paying properly, then why do you want to close it. Closing the credit card account after paying does not always push your score up. Rather it might affect your credit negatively. Remember a good score largely depends on how long you have been paying your debts properly. Hence, closing down old running accounts is not advisable. As Firey mentioned, if you are stuck with several cards then, you can close down the newest one on the block.
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All the Best 
Justin |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 45
Location: Maharashtra
186 Magic Points
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Thu Oct 29, 2009 8:26 am
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If you would like to close you creditcard account, You must have to pay off all credits related with this credit card to close it other viz it will harm to your credit score. In case if you want to keep your account open you have to pay off credit before due date.
James Orr
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Secure credit card will help you to improve your credit score faster. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Mon Nov 02, 2009 10:57 pm
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| We paid ours off and we wanted to close the newest ones because I feel there are to many open lines of credit. Is the bank correct advising me it will not hurt our credit score? I have dealt with them for years and have not been steered wrong. I am hoping this information is correct so we can get some closed. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Tue Nov 03, 2009 12:45 am
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| Probably wise if you can not be disciplined enough not to use them. It is probably not good to have too many open accounts, it is good however to have a variety, car payment, credit cards and mortgage is a good mix, making the payments on time and trying to keep the balances low will benefit you greatly. |
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