Credit Cards Center Credit cards from our partners
Reply
Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?

are all three of your scores around 703?
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?

703 is the combine score...
695 is trans union and don't know the other ones
 
Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?

Before you apply, always know all three of your scores and what is being reported.  I hate to say this but even if your scores are over 700 it is unlikely you will be approved for a cc with a 15k credit limit because your two open cc's have credit limits of 500 and 250.  I would pull your 3 reports from this website and call your current ccc's and ask for credit limit increases.
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?

Sounds ridiculous but i never ask....I thought they would offer it...I do not use them often
So you're telling me that having small amount of credit like that hurts my score?
BTW, thanks for your time
Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?

Higher credit limits(cl) help raise your scores.  Additionally, keeping your total util on them btw 1-9% is best.  For example, if your cl on a card is $1,000 and your balance is $90, your util would be 9%.  Are your two cards secured or unsecured?
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 Again!
I did not know anything about that stuff...i was naive ..So I guess i will call the banks and try to work things out... I just bought the Suze Orman fico kit and let me tell you that I feel I was being robbed !
The kit tells me I should get a lest a APR rate of 12% and i'm getting like 24%...No wonder I don't use them!!   Well, i will call it a day!  Thanks...i really appreciate it!
See you all tommorow!
New Member
Posts: 15
Registered: ‎05-24-2007
0

Re: Should I Cancel paid off credit cards?

secured unsecured? huh?....told you i did not know one thing about credit and score....etc
Super Contributor
Posts: 8,198
Registered: ‎03-25-2007
0

Re: Should I Cancel paid off credit cards?



Sasha wrote:
secured unsecured? huh?....told you i did not know one thing about credit and score....etc


This is a great place to learn.  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: 16,381
Registered: ‎03-12-2007
0

Re: Should I Cancel paid off credit cards?



Sasha wrote:
secured unsecured? huh?....told you i did not know one thing about credit and score....etc


A secured cc requires you to first make a deposit with the ccc before you use it.  Meaning collateral.  Ordinarily these types of cards have high interst rates, annual fees and low cl's.
 
Unsecures cards do not require these deposits and have better rates and higher cl's.  Rewards too.
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
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
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!


Ok I'm going to play devil's advocate,  again Smiley Happy
Before you decide to do anything you should ask yourself a few questins.
 
How many credit cards and charge cards do you have?   Yes have TOO much credit can be deem you risky.
 
Are you currently looking to shop around for a line of credit  a mortgage, car loan, home equity loan, refinancing loan.   A reason why you need a high FICO score at this time?  

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.