If you close out your credit card will that affect your FICO score?
Answers:
It usually drops your score when you close credit cards. To make matters worse, it affects the visible record of established accounts. One of the score factors is 'average length of established revolving accounts.' By closing an older credit card it brings this number down, thereby bringing your score down with it. Keep the card open, but don't use it except for the occasional $10 charge that you pay off at the end of the month.
Good luck!
You should have 3 open lines...for real estate loans anyway and some times more...however what is most important is available balance on the cards. It can also be a problem to have too much credit available to you.
YES... they want to see that you have access to it. It does NOT mean you have to use the card. Even to satisfy the credit card company, go ahead and use it once a year for a small amount and pay it off. Otherwise simply have the account but cut up your cards so you don't use them.
I simply right "VOID" on the back of mine and put them in the safe.
: )
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...