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New Member
Posts: 15
Registered: ‎05-24-2007
0

Should I Cancel paid off credit cards?

Hi there!
I'm new here...and I was wondering if I cancel some credit cards that are paid off would get me a higher score?....I have a credit score of 690....and I like to cancel a sears card too...please note that I paid everything off...Thanks guys for your help!
Super Contributor
Posts: 8,198
Registered: ‎03-25-2007
0

Re: Should I Cancel paid off credit cards?

No!!
 
It will reduce the length of your history.  Just keep them open and possibly use them once a year for a banana, then pay them off  Smiley Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?



Sasha wrote:
Hi there!
I'm new here...and I was wondering if I cancel some credit cards that are paid off would get me a higher score?....I have a credit score of 690....and I like to cancel a sears card too...please note that I paid everything off...Thanks guys for your help!


Why do you want to cancel your cards?  If you do that, your scores will go down.  Keep em open and use them every couple of months or so.
 
Btw, I do not blame you for wanting to cancel a sears card, their APR is ridiculous!
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Member
Posts: 15
Registered: ‎05-24-2007
0

Re: Should I Cancel paid off credit cards?

Thanks for your imput....for some reason I thought i would get a higher fico score...
So, i should use them once in a while?  Don't want to sound stupid but why?
New Member
Posts: 15
Registered: ‎05-24-2007
0

Re: Should I Cancel paid off credit cards?

Thanks!  so you're telling me that even if I cancel Sears it will lower my score?...I can't believe the APR on it is legal!!!!
Super Contributor
Posts: 8,198
Registered: ‎03-25-2007
0

Re: Should I Cancel paid off credit cards?



Sasha wrote:
Thanks for your imput....for some reason I thought i would get a higher fico score...
So, i should use them once in a while?  Don't want to sound stupid but why?


The FICO compter likes cards to be used sometimes, and likes the average balance on the cards to be very slightly above zero% of the total available credit.  So if you by a banana once a year it will be happier than if you stick it in a closet and ignore it.  And it won't like you closing it.  It is a pretty dumb computer  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Member
Posts: 15
Registered: ‎05-24-2007
0

Re: Should I Cancel paid off credit cards?

Again, thank you! Wow! You're a pro! you made it all clear for me to understand....I'm really starting to love this place!Smiley TongueSmiley Tonguetongue smiley
Super Contributor
Posts: 8,198
Registered: ‎03-25-2007
0

Re: Should I Cancel paid off credit cards?

You should check out our supercontributors - they know where their towel is  Smiley Very Happy
 
Explanatory note - if the comment on a towel confuses you, go read the Hitch Hiker's Guide to the Galaxy.  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?



Sasha wrote:
Thanks for your imput....for some reason I thought i would get a higher fico score...
So, i should use them once in a while?  Don't want to sound stupid but why?



It's the opinion of many on this forum you should use your cards regularly and keep your balance to credit limit ratio between 1-9%.  I know that stinks with a sears card and its APR.  If you have other cards such as Visa or MC try to keep your util to 1-9% of your total credit limit on each card.  Maybe you can keep sears at 0 balance and use occasionally then PIF to avoid a FC.  Do not close your cards though.
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Member
Posts: 15
Registered: ‎05-24-2007
0

Re: Should I Cancel paid off credit cards?

Hey! I have one last question and I promise to leave you alone afterSmiley Tongue
I'm wanted to do my banking with a new bank that have no to little charge for atm's , checks etc...
Would that hurt my score to change your Bank?

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