Canceling cards

[Anonymous]

Does canceling $0 balance cards affect your score?

[Anonymous]

in the short term, it won't shortten your lenght of credit history as closed accounts in good stand stay on your report for additional 10 years and figures into your credit history, but you don't get the benenfit of a closed accounts CL so this will cause a increase in your UtIl , but isn't all bad since it doesn't  balance, it it did then that would balance without the benefit of a CL, but also if the CL was a large portion of your combined TCL, the affects even with a 0 balance could have more drastic effects, remeber UTIL is 30% of your score

[Anonymous]

The credit lines on $0 balance cards are still factored in to your score helping to keep it from dropping as much when you carry balances on other cards. If you cancel a card you loose the credit line factor. Depends on how hight the credit line is I guess and whether there are fees with the card? General rule is not to cancel if it doesn't cost you anything.

[Anonymous]

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@Anonymous wrote:

in the short term, it won't shortten your lenght of credit history as closed accounts in good stand stay on your report for additional 10 years and figures into your credit history, but you don't get the benenfit of a closed accounts CL so this will cause a increase in your UtIl , but isn't all bad since it doesn't balance, it it did then that would balance without the benefit of a CL, but also if the CL was a large portion of your combined TCL, the affects even with a 0 balance could have more drastic effects, remeber UTIL is 30% of your score

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I really think this is retarded even though it's true... I mean, they really should only consider how well you maintain your monthly payments to how many cards you have...that should be like 50% of your score's effect. Util should have like 10% effect on your score, not a 1/3. That's just ludicrous.

[smallfry]

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@Anonymous wrote:

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@Anonymous wrote:

in the short term, it won't shortten your lenght of credit history as closed accounts in good stand stay on your report for additional 10 years and figures into your credit history, but you don't get the benenfit of a closed accounts CL so this will cause a increase in your UtIl , but isn't all bad since it doesn't balance, it it did then that would balance without the benefit of a CL, but also if the CL was a large portion of your combined TCL, the affects even with a 0 balance could have more drastic effects, remeber UTIL is 30% of your score

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I really think this is retarded even though it's true... I mean, they really should only consider how well you maintain your monthly payments to how many cards you have...that should be like 50% of your score's effect. Util should have like 10% effect on your score, not a 1/3. That's just ludicrous.

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Utilization shows how well you are managing your available credit. Use too much and they penalize you. The trick is to get a lot of credit and rarely use it. You're less of a credit risk that way.