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Should I Cancel paid off credit cards?

Moderator Emeritus

Re: Should I Cancel paid off credit cards?

are all three of your scores around 703?
Message 21 of 31
New Member

Re: Should I Cancel paid off credit cards?

703 is the combine score...
695 is trans union and don't know the other ones
 
Message 22 of 31
Moderator Emeritus

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.
Message 23 of 31
New Member

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
Message 24 of 31
Moderator Emeritus

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?
Message 25 of 31
New Member

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!
Message 26 of 31
New Member

Re: Should I Cancel paid off credit cards?

secured unsecured? huh?....told you i did not know one thing about credit and score....etc
Message 27 of 31
Super Contributor

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
Message 28 of 31
Moderator Emeritus

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.
Message 29 of 31
Valued Contributor

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?  
Message 30 of 31