Closing Credit Cards?

I currently have a student credit card with relatively little benefits. I don%26#039;t want to keep this card forever, but I%26#039;ve read that closing the account will hurt my credit score. I%26#039;ve built up a pretty good score but it%26#039;s all essentially from this single account. Would killing this card kill my credit score? Am I stuck with this thing permanently?

Closing Credit Cards?

Closing it will cause your score to go down slightly.

If it doesn%26#039;t have any annual fees, just keep it. You don%26#039;t have to use it.

Closing Credit Cards?

closing the account will affect your credit score negatively...especially if this is your oldest account...if you are worried bout your score keep this account open and never use it...it will show you have a long term account which raises it (the longer the better)...it will also increase the amount of credit you have if you get another card which also positively affects the score...and if you never use it you will have a card you will not be late on (positive) as well as open credit (positive)

keep it and hide it from yourself...

Closing Credit Cards?

your credit is partially calculated based off of how much credit you have available. by closing the account, you would be reducing your available credit and your credit score would drop - the amount would depend on how much avaiable credit you have to begin with and the credit limit of the card. For example, a card with a $500 limit would have less impact if you have another card with $2000 available, then if you have a card with $1000 if available.

If you don%26#039;t want it, cut up the card and just don%26#039;t use it anymore. some companies will eventually inactivate the account if it remains unused for a certain length of time.

Closing Credit Cards?

Every one is worried about what closing a card will do to your credit score. Worry about what keeping one open just to have it open brings extra risk and hassle into your life. Every card that is open is another card that you have to track. Every card is another opportunity for ID theft and fraud. Close out everything that you don%26#039;t need to simplify your life. If you have an income and a good history you will be able to get a loan when you need it. Cut the hassle spend more time with your family and friends. :)

Closing Credit Cards?

Closing the card (if it%26#039;s really your only one) would definitely be a negative hit to your credit report.

What you need to do is go to your bank where you have a bank account (I recommend Fifth Third or Chase if you don%26#039;t have any bank accounts... you can apply at www.53.com or www.chase.com anytime... or go into a branch), and tell them that you%26#039;re interested in a new credit card. All full-service big banks offer credit cards to their customers, you can get cash rewards, lower rates and positive credit scores (increasing your credit to debt ratio) .

Then what you should do is request a balance transfer from your student credit card and place the balance onto your new bank-issued credit card.... some banks even have balance transfer promotions where you get low rates for transferring balances.

And then either cut up or lock your student card up in a desk or something. You%26#039;ll still have that student card available if an emergency pops up, but applying for and using that new bank credit card will be much better than that student card. And keep that student card open because your credit score is based on how old your credit history is, and the student credit card being your oldest is vital to your score. You can even choose to continue to use it, just keep it to small purchases and pay it off every month.

Closing Credit Cards?

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