Should I cancel my credit card?             Click here to Print

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#kumar - Says,

Hi,

I am trying to improve my credit score and I am curious about one item: My only credit card reports the account status as "Current, was past due 30 days"

I asked them about it on the phone and the rep said, even though my bill has been paid on time for years, that the status will always have that note on it. Should I cancel the card and get a different one to eliminate that note? Another way to state the question, I guess, is does this note have an effect on my credit rating? If so, then I will get a new card and cancel this one. If not, then I guess I will just keep it.

Thanks in advance for your knowledgeable replies.

#millatyme34 - Says,

Canceling can make your score go down as one of the key factors is the length you've had your credit card accounts open.Just stay the course, make purchases on your card and pay them off right away. Build up your creditworthiness. It's a long process but worth it.
#moniquec11 - Says,

Leave this card open. millatyme34 is right. just get back on track and keeping paying it on time. Length of time is very important...we all have had a hiccup now and then. The older the 30 day late gets, the better...just leave it be.
#bankruptcyonly12 - Says,

I have always heard that having a long-running relationship with a credit card company is a good thing. For that reason we have kept our two oldest credit cards open while closing all the others. We also occasionally purchase something on them and quickly pay it off – supposedly activity on them is better than no activity.
#dheyjim - Says,

Credit card company has many benefits, try to asked them your concerns and if they have other options to solve the issue then continue using it, if there's no possible way then you have no choice but to cancel it.
#bankruptcy12 - Says,

Though having one or more credit cards with you is an easy way to get some money urgently, remember your unused credit card can affect your credit scoring. Many people are not aware of this fact that their unused credit card will adversely affect their credit score. Closing your unused card will not wipe out your past credit history with the account but it will help you to reduce your open credit. But before you cancel your unused credit cards make sure that you are going to cancel the cards which you think you don’t want anymore. There are several peoples who used to cancel their credit cards just to increase there current credit score. But remember that doing so won’t increase your credit score. That is it is not a good idea to cancel your unused credit cards just as a short term strategy to increase your credit rating.
#sdchargers_63 - Says,

No..don't cancel your CC because you have a '30 day late' status on it. The older the debt (IE- 30 days late) the better it is. If you cancel your card, this may have a negative impact you if you try and apply for the same card. Also..yes..applying for credit does lower your score, as well.
#StephanieDobblfe - Says,

If you want to improve your credit score, then don't close your credit card. It will help you to raise your score. Because closing cc will affect to your credit score.
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#Phillips Kennedy - Says,

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