how long should you keep your account open with an credit card company after you pay it off?
Jun, 2010 in Build Your CreditI overheard someone saying that you shouldn’t close your account after you pay a credit card off because it will increase your score for leaving it open
That would be correct. If you have a credit account, but are not using it, do not close it, just put your card away. Closing accounts do lower your credit score.
WRONG! If you leave the account open, they will charge you a fee just to maintain it. It isn’t worth it UNLESS you have a no-fee account – and unfortunately, even then, unless you put a charge on it within a few weeks, they’ll cancel it on ya.
Pay off the card, close the account. Doing so will actually raise your credit rating.
The only reason to leave a credit card account open is to use the credit card. Close it.
I deal with credit reports all day long. With out a doubt if you close that card it will injure your credit score…. probably no a lot but it will . That is a silly yet undisputed fact. when you have unused lines of credit that are still active and open your lenders see that your not maxed out and that the debt to income as lower. Doesn’t make a lot of sense but not everything credit does!
good credit is paying bills on time
when you have credit cards with no balance you are a good risk
You heard right. Don’t cancel cards. Just don’t use them unless you can pay off monthly