Question:
I've read up on alot of cancel or not questions. It seems that no matter what happens i shouldnt cancel my card.
It is a student credit card. My 2nd. my fisrt was under my fathers name a Discover card but i believe he took me off his account. I hardly ever used my student creditcard but ive had it since 2005. i ahve used it for prob 1and 1/2 to 2 years. should i cancel it? if i do not make purchases with it and leave the balance at $0. will this affect my credit? i ahve 2 other cards a visa and a master. i use both regularly. if you need anymore info i do not mind if it is not to revealing. Please help if you can.
Thank you
P.S. i beleive it is in the process of being canceld. i put a payment upon opening the account. I believe they are sending me back the payment. I can close the account after i recieve the check.
Answers:
I'm going to be the odd man out here and say CANCEL the card. If you aren't using it, and you have 2 other cards that you do use, there's no point in keeping this one open.
Any good credit history that you built by using the card will remain on your credit report. It DOES NOT GO AWAY when you close the account. Anyone who thinks this obviously doesn't know much about credit history. If closing an account made the history disappear, people would close accounts rather than file bankruptcy, wouldn't they?
Too much "available credit" can be viewed as a bad thing by potential lenders. You may have zero balances on your cards, but if you have available credit of $10,000, then you have the potential to run up $10,000 in debt.
It's better to keep a couple of cards, with $2-3,000 credit limits on each, and try to pay the balance off every month. That's what builds a strong, healthy credit history.
I think it looks better on your credit if you keep the card... just have it at a zero balance. Cut up the card to avoid temptation
It's best to keep the card. You must use it once in a while or they will close it. Charge something small, then pay it off the same month so you don't incur any interest charges.
That in fact is the best way to use a credit card - as a charge card which is paid each month, rather than keeping a balance. It will make your credit score go up.
Keep the card, and slice it in half. A portion of your credit score is determined by length of time you have established credit on each individual line (fancy name for someone you owe money to / debitor)
When you close a line, it cannot help your credit, only negatively effect
It's best to keep the card. You must use it once in a while or they will close it. Charge something small, then pay it off the same month
YOU HAVE TO KEEP IT ACTIVE CHARGE IT EVEN FOR 5 dollars a month and just pay it off so it shows its active in your report .
TRUST ME DONT CANCEL!!
It is better to leave the credit card as it is , the duration for which you have the card is reflected in your credit history. From http://acreditlibrary.com/buildcredit.ht...
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