If I have a credit card that I never use, will it damage my credit score? I know that closing it can.
124248
Most of the people answering in the credit section have no clue about FICO credit scoring.\n\nIf you have a "dormant" (your term) credit card that you have had for a long time and it is not reporting any late payment then having that account and not using it will be a positive factor for your score. The thought that you can have too many cards and that is risky isn't proven in the credit scoring model used by FICO. People who get into trouble usually carry balances on all their cards. If you have lots of accounts with zero balances that shows credit responsibility.\n\nFrom a practical standpoint having 3-6 revolving accounts(with near zero balances) and 1-2 installment accounts(car, mortgage) will be "optimal" for attaining an Excellent credit score (720+) If you have more revolving accounts then you might consider which ones you don't ever use and close them.\n\nGood Luck
440234
If it's tied to a business, it shouldn't show up on your personal credit account.  However, If it's a small business, the credit company may use your personal background to assess credit risk.
28235
I dont think it will improve your score.  The more account you have open or active even if there is no balance on them reflects if you are a risk for credit or not.  If you want to transfer, try to transfer to a credit card that has a 0% interest rate for one year, then call your other credit card companies and tell them you no longer want the credit card to close the account. Then when that year is up with the 0% try to transfer to another 0% for one year and close the previous card that will now carry an interset rate.  See this way you can pay off your credit card debt without paying interest.
199119
if witch ever credit card was racked up was under your name also than it can result you in bad credit
418692
Too many cards will hurt your credit rating.  They look at your available limits (i.e. what you could borrow); if it's too high, the rating is lower.\n\nThey look at payment history.  Just have one or two cards, use them for purchases, and pay them off regularly.  That will build your credit history and resultant credit rating.
453942
Pay the smaller cards off first and then work on the larger one using power pay method.  Then close three of the four cards you paid off and be sure that they note when you close the cards that they are closed at the request of the customer.  You will have reduced  your ability to jack up your revolving debt the the limits on the three cards that you closed out and paid off and that will also help your credit score.  Your debt to income ratio is only one part of your credit score, so the outstanding balance will be the same regardless of where you apply the money and will not effect your ratio either way.  Your ability to go further in debt (available credit) on open cards will effect your score as well.
178359
Credit cards. Its doubtful that your relatives will report you and cause your credit rating to go down.
199159
yes, anytime you or the credit card company closes an account it can reduce your fico score.  your score will also be reduced if you use more than 30% of your credit limit.  there are so many ways that your score can be reduced.  msn has some really great articals on ways to help you keep a good fico score.
48948
Yes but you pay them off and gain credit history in the process. It is important to have credit history to make big purchases in the future such as a home. Although I am sure alot of people don't use them solely for this purpose. I abuse the purpose I guess sometimes, I buy things I don't really have the money to buy but have enough credit to buy, and I have had credit credit debt in the past. The point being when I finally paid them off it felt great and looked great on my account history. Well until the next time I used them.
124293
Actually, cancelling them may lower your score. Here's why.\n\nLets say you have 15 cards, and the average limit is $3000.  that gives you $45,000 in available credit.  Now lets assume you have $6,000 in debt on these cards.  The differance between these numbers is $39,000 (your available credit).\nYour debt to credit ratio is 14%. Very nice!\n\nNow lets cancel those 8 cards.  That removes $24,000 in available credit.\n\nNow you have 7 cards, $21,000 in available credit, but you still have that $6000 in debt.  Your new debt to credit ratio is now 28%.  By their standards it's not bad, but not as good as 14%, so they may lower your credit score.\n\nThat said....(that was your question?)...if it was me I'd go ahead and cancel them.  15 cards is crazy!  By wisely using those other 8 cards, you will easily restore your store within a few months.  If you have no plans to buy a car orhome soon, that would be my recommendation,.\n\nGo to www.myfido.com and read up on how credit scores are calculated.  Once you have educated yourself, you can examine your own situation and see if it's worth it.
178347
leave them open, closing them could hurt your credit score
670298
I am a former financial counselor for a consolidation firm in Orlando so I can answer your question. Your credit score is based on several factors. \n1) 35% of it is payment history. Making payments on time is the most important thing to your creditors.\n2) 30% is total debt and available credit. This is where your question comes in. Your creditors look at overal debtedness as an important factor of responsibility, and remember this is overall debt + potential debt. So if you have 5 credit cards with no debt on them, your credit score may be reduced because this is potential debt. You could go out tomorrow and max out your cards and be in serious trouble. \n3) 15% is account age. The older the better! \n4) 10% frequency of applying for credit. Go out tomorrow and apply for a car, a Macy's account, and a Victoria's Secret card, and you'll see how this will reduce your score. \n5) 10% Wild card factors. Such as types of credit lines. ex. Mortgage = Good. Credit Card = Bad. \n\nSo my advice is this. It sounds like you may be considering closing certain accounts etc, based on your question. I would definitely recommend closing any of your newer accounts but maintaining the older ones and keeping them open. If the older ones have a large max on them, you can call your creditors to reduce the limit, therefore lowering your potential debt without closing the account. If you have several newer accounts that you are considering closing, you may want to transfer all their consolidated debt onto a low APR credit card, and then closing them appropriately. (PS, when you close an account, make sure that you ask the creditor for a letter in writing confirming the account closure). \n\nSo in summary, closing accounts may increase your score because it eliminates potential debt, but not if you close the older accounts, because this eliminates the overall account age percentage (15%) and eventually your good payment history with that creditor (35%)!
133949
One credit pull should only have a slight effect on your credit score.  True this matters more if you are on the border of a score category.\n\nThe good news is that the effect should not last very long.
74587
If half of you paid any attention he was talking about his bank account...\n\nno closing your account will have no effect on you credit report so long as you do not have a negitive balance when you close it.\n\n...see simple and to the point!\n\n-Good Luck
169101
it depends if you have older cards that show a good history. it won't hurt your credit to cancel but it might more sense to keep it if you are not paying an annual fee so that you start to develop a history. the longer you have a good credit history - the lower rates you pay.
170681
They count 7 years from last activity.\n\nBut, just so you know things like minimizing inquires will raise your credit score, closing any unused accounts, and minimizing balances owed will raise your score.  I had bad credit a long time ago  By the time 5 years came up my      credit score raised up from other factors to a point that those negative marks on my credit didn't weigh as heavy.. I was able to buy a house with a 590 credit score so, you still have hope.
353543
The previous responders are correct.  If you close out excess credit card accounts, you will actually hurt your credit score.  You are erasing a portion of your credit history, plus lowering your debt/credit ratio. Both of these factors make a major part of your credit score.\n\nIt is recommended that you have 3-5 credit cards or other forms of accounts.  If you have (for example) 10 credit cards, and most are not in use, then it may help you to cancel some of them.  But you need to be careful how you do it.\n\n1) Cancel only one card every 3-4 months.  This will lower your score by a few points but it will restore itself in a few months.\n\n2) Do not cancel any cards if you are intending to apply for credit soon (car loan, mortgage, etc...)  You need every point you can get.\n\n3) Consider getting some of the credit limits lowered.  You really don't need that card with $10k of credit limits on it, do you?\n\n4) Use a couple of cards each month.  Buy something you usually pay cash for each month anyway (groceries, utility bill, gas) and pay it off a the end of the month.  The improved use of your credit will help your credit history and will deflect the negative hit when you start canceling other cards.\n\nCheck out http://www.myfico.com This site is the home site for the folks who developed the FICO scoring system, and has lots of consumer advice you can read.  Understand how your credit score is put together and calculated, and you will do just fine in the future.