Close CC?

iVillage Member
Registered: 09-21-2008
Close CC?
4
Mon, 10-13-2008 - 10:52am

This has probably been asked before but.....


I am paying the minimums on all my cc except the lowest which I am sending everything I can to pay it off.

 

iVillage Member
Registered: 11-17-2007
In reply to: spend2much
Mon, 10-13-2008 - 8:39pm

For a good credit score which I know you know you need credit history To cancel your history does lower your score It did me and if you read my posting about my lady friend it did effect her

iVillage Member
Registered: 01-25-2006
In reply to: spend2much
Tue, 10-14-2008 - 11:22am

Here are the considerations that I believe you'll want to look at:


1. Debt to available credit ratio: This is what will kill your credit score if you close them as you pay them off.

iVillage Member
Registered: 09-21-2008
In reply to: spend2much
Tue, 10-14-2008 - 12:30pm

Thanks for the info.

 

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
In reply to: spend2much
Tue, 10-14-2008 - 1:07pm

I posted this a few weeks ago, it might give you perspective too:

http://messageboards.ivillage.com/n/mb/message.asp?webtag=iv-mlsupport&msg=19809.1&ctx=128

Bottom line, the fact that most of my credit cards were closed *automatically* 4 years ago when I went on a DMP didn't hurt my credit score, because I was doing other things that boosted it, such as paying everything on time, paying off the DMP 15 months early, and earning a much higher income. I don't know what the effect would be if all you were doing was closing credit cards, and I don't how long it took for my score to go up from the last time I had checked it, three years prior.

Kelly