Should I close some of my credit card accounts?
Guest: timmbukk
Credit Expert (100+ Posts)
Post subject: Should I close some of my credit card accounts?
Posted: Tue Aug 08, 2006 6:45 pm
I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.
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Guest: hesiden
Credit Expert (100+ Posts)
Posted: Tue Aug 08, 2006 11:53 pm
Closed cards stay on your report, so you are not "cleaning" it any.
Closing cards is usually a bad idea. Your "starter" cards are probably your oldest and you want to keep the oldest cards. You might be able to convert the starter cards into something better, depends upon issuer and card type.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Aug 08, 2006 11:55 pm
Quote:
"timmbukk"
I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.
Does they have a fee???
If not don't close them...
$5 or $10 every 6 or 12 months works and PIF
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mantras
Posted: Wed Aug 09, 2006 9:42 am
I believe closed accounts drop off your report 7 years after being closed and inactive. If you have recent cards with no perks I'd try to combine to an old card. You can usually combine if its the same company. Of course there are exceptions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Should I close some of my credit card accounts?
Posted: Tue Aug 08, 2006 6:45 pm
I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hesiden
Credit Expert (100+ Posts)
Posted: Tue Aug 08, 2006 11:53 pm
Closed cards stay on your report, so you are not "cleaning" it any.
Closing cards is usually a bad idea. Your "starter" cards are probably your oldest and you want to keep the oldest cards. You might be able to convert the starter cards into something better, depends upon issuer and card type.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Aug 08, 2006 11:55 pm
Quote:
"timmbukk"
I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.
Does they have a fee???
If not don't close them...
$5 or $10 every 6 or 12 months works and PIF
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mantras
Posted: Wed Aug 09, 2006 9:42 am
I believe closed accounts drop off your report 7 years after being closed and inactive. If you have recent cards with no perks I'd try to combine to an old card. You can usually combine if its the same company. Of course there are exceptions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:59 PM
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