How do I get rid of credit cards without hurting my credit?
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Yogiandbooboo wants to know:
I have no credit card debt but a few credit cards that are open I never intend on using. Is there any way I can close these accounts without hurting my credit? I do not like the idea of having open credit card accounts, for fear of theft of these numbers.
I have no credit card debt but a few credit cards that are open I never intend on using. Is there any way I can close these accounts without hurting my credit? I do not like the idea of having open credit card accounts, for fear of theft of these numbers.
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Tagged with: Cards Credit • Credit Card Accounts • Credit Cards
Filed under: True Credit
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Begin by closing the cards that have been opened recently. The older the card is the more it helps you credit (over 3 years). Then close the cards that have low limits. Then in a few months check your credit and make sure that they are reported closed BY CONSUMER.
Having open credit accounts can hurt you more than closing them. You have a greater potential debt with the accounts open. Close the ones you do not use and always pay off all your credit cards every month.
I haven’t used or had a credit card in more than 20 years. You really don’t need them. My car is financed at 0% and my house has a low interest loan on it. I got those both without using credit cards but by paying all my other bills on time and having a savings account.
You do not need credit cards, that is misinformation propagated by the credit card companies themselves. Credit cards are expensive and a waste of money.
After you cancel all the cards, take a big pair of scissors and cut them into little bits. Finally, add some lighter fluid to them and set them on fire and send them back to the hell from which they came.
Credit cards are no good and if you can avoid any debt with them you will be well on your way to having money when you are older. There is no reason to need credit cards with proper money management
I would deffinitely not close all of them. Fair Isaac (FICO) ideally want to see two to three credit card accounts that are open. Ideally, you would keep the oldest accounts open. Closing your newest accounts will actually help your credit as the average age of your overall credit will increase if you close the newest ones. Finally, you have to look at whether or not your newest cards have the best rates and gauge that against your credit score concerns. There are many identity theft insuarance programs that will allay any concerns that you have about theft of numbers of your accounts. Good luck!
What I did was place ALL of my cards on the table. First, I chose two major credit cards to keep (i.e. Visa, AMEX). I chose one that I used regularly and one that I didn’t use. Then I picked out the ones that I had NEVER used (like Pier 1, etc.) and I called to cancel them. I basically kept one gas card and 3 department store cards, along with the 2 major cards. This was the best thing that I could ever have done. It didn’t hurt my credit at all and within a couple of years of doing this, I bought a new car and then my first house.
Pay off the card; do NOT use the card again.
I made the mistake of closing the card; lost a lot of credit history that way; my credit rating dipped slightly because of that.
Your score will be affected, depending on how high your credit score is and how many other credit reference are on your report besides credit cards. If your credit score is very high and you have an extensive credit history with lots of accounts, then it should be okay to close 2 or 3 accounts. If you are only concerned about the account numbers being stolen, you can call the credit card co. and ask your cards to be flagged so that they can not be used without showing ID. That will make it more difficult for them to be used fraudulently.
If you have 0 debt on ANY Cards, you can safely close the NEWER accounts and have very little effect. DO NOT close the older ones though– the credit bureaus like to see your oldest accounts stay on your report for best effect.