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AnonymousRabbit
Comrade


Registered: 01/10/08
Posts: 8,993
Last seen: 1 year, 5 months
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#12194785 - 03/13/10 12:04 PM (13 years, 11 months ago) |
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Edited by AnonymousRabbit (05/19/22 12:51 AM)
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Adden


Registered: 06/04/03
Posts: 39,201
Loc:
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Re: Closing credit card accounts and credit score? [Re: AnonymousRabbit]
#12195085 - 03/13/10 12:57 PM (13 years, 11 months ago) |
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Pay em off and keep em open.
Never know when you'll need 5.1k again.
Also, the score adjustment is minimal.
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,373
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Re: Closing credit card accounts and credit score? [Re: AnonymousRabbit]
#12195179 - 03/13/10 01:12 PM (13 years, 11 months ago) |
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Obviously, the outstanding balance will affect your score the most.
One thing I found out during my last credit check was that even if you have an outstanding payment history, owing money affects your score. I have two credit cards. I have paid off each card in full, every single month for about 5 years. I have never been charged any interest whatsoever. Not once.
With that said, I usually spend about 2k/month between the two cards. It showed up on my report as "high outstanding balance" (or something similar) even though it was paid off in full 3-4 days later.
A new card may show up as "length of time account has been established".
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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Almond Flour
...get off my lawn!


Registered: 12/26/08
Posts: 11,340
Last seen: 8 years, 4 months
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Re: Closing credit card accounts and credit score? [Re: badchad]
#12195222 - 03/13/10 01:19 PM (13 years, 11 months ago) |
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HOw funny......im about to get my credit score in a day or so Decided its time to see how its doing
I have high hopes
-------------------- Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church"
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Closing credit card accounts and credit score? [Re: Adden]
#12195281 - 03/13/10 01:28 PM (13 years, 11 months ago) |
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Quote:
Dystopia said: Pay em off and keep em open.
Never know when you'll need 5.1k again.
Also, the score adjustment is minimal.
actually it shows as a closed credit card but not who chose to close it, it can be viewed negatively by other lenders
pay them off and make them renegotiate the interest rates to keep the account
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Adden


Registered: 06/04/03
Posts: 39,201
Loc:
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Re: Closing credit card accounts and credit score? [Re: Prisoner#1]
#12195335 - 03/13/10 01:36 PM (13 years, 11 months ago) |
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Damn, better advice than my banker. Sweet. Thanks again.
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Closing credit card accounts and credit score? [Re: Adden]
#12195827 - 03/13/10 03:33 PM (13 years, 11 months ago) |
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Quote:
Dystopia said: Damn, better advice than my banker. Sweet. Thanks again.
make them earn your business
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Liz
Owl Lady




Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
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Re: Closing credit card accounts and credit score? [Re: AnonymousRabbit]
#12196132 - 03/13/10 04:30 PM (13 years, 11 months ago) |
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One main component of credit scoring is the amount of open, active accounts that you have, and the length of time that the accounts have been established. A credit card that is open, active, and doesn't have a high balance to balance limit ratio looks really good on your report provided that you pay it on time, etc. If you close is, it won't necessarily hurt your score, but it won't be an open, active account in good standing anymore, and that can only help it. But, you do want to keep the balance pretty low in relation to the limit - having a maxed out card doesn't look good at all, and makes potential lenders wonder whether you're financially stable, or whether you're up to your neck in debt and that's why the balance is so high. Good luck!
-------------------- Remember, remember the fifth of November The gunpowder treason and plot. I see no reason why gunpowder treason Should ever be forgot.
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