I have been working on building my credit for a long time, and it has been very difficult. Will cancelling this card hurt my score? Or will having too much available credit hurt it? Which is worse? What should I do to keep working on getting my credit score higher?|||Since you stated that you are "thinking about canceling the one with the lowest credit limit" I am guessing that this is most likely the one that you have had the longest.
Since a full 35% of your credit score is based on payment history, do not cancel this card. Keep it and make everyday purchases like gas and groceries. Pay it in full before the due date every month and your score will continue to go up.|||I just recently learned this....Im trying to buy a house and have always paid off then canceled my cards....now I find out thats hurting me. I thought that an open account goes toward your debt-to-income ratio...which if its already high, makes it higher.
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|||Nothing, once your cancel it then you don't use it anymore. One time I lost my Capital One credit card around I think at the Pizza Place next Palace 18 in Miami.
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|||On a Monday afternoon I went crazy searching for my Capital One card, but it gone. So I called Capital One Co. and told them the story, cancel the lost card and a new one and now I still have it safe in my wallet.
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|||Make sure you always pay your bills on time. The smartest thing I do is that I check online, find out the amount, pay it online the total of bill, and that it and I always pay it online a little too early before my due date.
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|||Example: let's say your bill is $50.80 and got your bill payment the 10th of August and your due date is on August 30th. I always pay it the date that you got and I always pay it online. That way your Credit Score is good. The earlier, the better your credit score looks. Try it....
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|||Cancel the card. While it is true that you need credit in order to build credit, having too many cards is viewed very negatively.
Also each time you inquire about applying for a card it will likely hurt your credit score
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|||You should make every effort possible to drop your cards.I recommend
you only use American Express. American Express always expects payment monthly. The path to hell is loaded with people who had a bunch of credit cards. They all say the same thing. I will never max out my cards.
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|||The more cards, the WORSE your credit rating! They count the potential of you racking up huge sums of bills against you.
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|||It won't hurt you, but it doesn't help either. It will show up on your credit report that you voluntarily closed the account. However, as long as you do not have any fees, it's good to keep it. The more avail. credit you have, the better it is.
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|||I work in finance and I'll say to keep it open with less than 30% balance. You can get this information on the 3 bureau's websites. By the way, 3 cards is not a lot at all. Pay on time and keep it under 30% always.
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|||I currently have 5 cards with little balances and around $50,000 total credit available. My scores are all in the high 700's
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|||DONT CANCEL!!!! THE EARTH WILL BLOW UP!
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|||Depends on the card.
If the card has high interest rate and high fees and your newer card is better then cancel it. If its a low fee low interest card then keep it. Use it once awhile and pay it off each month. That way it shows you are paying off your debt.
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|||IT IS OK TO HAVE A CREDITCARD BUT WHEN BALANCES INCREASE AND THE PAYMENTS ARE EITHER LATE OR NOT MADE AT ALL, IT REALLY HURTS YOUR CREDIT. RIGHT NOW I AM TRYING TO PAY THE THREE I HAVE AND WILL LEAVE THEM OPEN SO I CAN KEEP BUILDING UP MY CREDIT ....THANKS FOR THE ADVICE.
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|||By all means, cancel all credit cards as soon as they are paid off. Credit only makes you a slave to commercial entities which will use Admiralty Jurisdiction Courts to enforce the contract that you have knowingly and willingly entered into.
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|||DO cancel that account! You will for get that you have it open and then perhaps at some point the CC company will charge a fee of some kind and you may not know that you owe money. This happen to me, a .35 fee ended up cost many hundreds of dollars in late fees and credit score trouble.
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|||Cancelling credit cards makes the Devil cry.
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|||too many revolving credit cards can hurt your credit even if you don't owe anything on them. Whatever your credit limit is becomes the potential to have that much debt, increasing your debt -income ratio.
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|||no u should be o.k as long u paid it off and keep other low . join truecredit .com it wil show u everything
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|||im surprised how many ppl offer their bad advice... keeping the card an open account with a low or no balance will help your credit. especially if you have had it for a long time.
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|||Yeah always keep it open, even if you dice it into pieces.
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|||Best option: Keep it open and rack up and pay off a small balance in full each month.
Next Best Option: Keep it open and stick it somewhere where you won't use it.
Dumb Option: Cancel it (unless there are fees involved).
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|||I have been in the lending industry for 8 years underwriting people's credit. There are many factors that effect your credit. The obvious; paying bills on time, Collections %26amp; Bankruptcy. But, closing accounts, finance companies, inquiries, %26amp; the ratio of debt to capacity all effect your score too.
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|||I agree with bear4u. I switched banks %26amp; my two credit cards over. 2 months later, bank #1 sent me a cc bill for 11 cents. If I ignored it, I'd have a neg credit report. I made SURE the accounts were 100% closed out.
Look into a Line of Credit, too, which carries lower interest.
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|||uhh lol it is cancled duh! and u cant use it lol
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|||I think to answer your question you should know your debt to income ratio. My credit score sky rocketed and I am in the high 700's now when I paid mine off and cancelled. I think that cancelling a card it not a bad thing but if your ratio will not be affected either way I would leave it open
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|||The main thing you can do is pay your cards on time. If you have had the card you want to cancel for a long time you should just keep it--one of the things they look at is the amount of time you have had your accounts. Oh, and you should pay off first the one with the highest interest.|||YEs it will hurt your score. Don't cancel it, just don't use it and leave it open. Pay your bills on time when they are due to keep your score good. Don't be late. If your can't afford to get it in cash you probably don't need it.|||DO NOT CLOSE THAT ACCOUNT. This will hurt your score.
Keep it open, charge a few dollars only every month...pay it off in full monthly, rinse and repeat.
DO the same for all your cards to keep your score going up. Good luck.
FYI...ideally you should only have 2 cards, and at least one non revolving loan (car loan etc) for a good credit mix to crank out good scores over time, too many cards can hurt you.
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