Credit monitoring Phoenix

I don think it will hurt me in the long run though. In your situation, it probably wont hurt to close a card. I do recommend keeping at least one card though, for emergencies or rewards. Another option is to keep a line open instead of closing it, but have the limit reduced credit monitoring Phoenix to the lowest possible. Either way, with no outstanding debt and a clean history, your credit score is probably very good. I havent canceled my longest standing (or my wifes longest standing) credit cards for just that reason.

We credit monitoring Phoenix never use them, but they give our credits a nice long history. I am in the process of canceling some unnecessary cards that weve only had for 4 or 5 years, though. For example, we switched our insurance companies and no longer need the rewards card that we were using to pay our insurance through. To illustrate the point we ran a correlation of credit scores by the age of our users and you can clearly see that younger people have lower scores on average. The result support that the age of your credit lines is an important factor is credit scores. Take a look: http://blog.creditkarma.com/credit-scores/relationship-between-age-and-credit-scores/ Great post! Like you, I too discovered the hard way that closing credit card accounts will not help my credit score.

It seemed logical that closing an account I dont use would be the responsible thing to do, but not so, as far as the credit score algorithms would have it. credit card fraud protection Another reason that closing cards can be a bad idea is that youre lowering the amount of credit available to you (total of your credit limits) and depending on the amount of debt you continue to carry, this can look like youre overextending yourself. It can be a bit confusing, but it has to do the amounts owed portion credit monitoring Phoenix of your score, which accounts for roughly 30%. I just wrote a blog entry about this if youre looking for more info: http://tinyurl.com/4p6slg Hey Ryan I cant second this enough. The only thing that she is consistently credit monitoring Phoenix dinged on is length of credit history and credit monitoring Phoenix she has 5 years of it. Considering she is 25, thats not that short a history, but short enough to where closing any of her long running accounts could absolutely hurt her credit monitoring Phoenix credit badly. You might need to check credit monitoring Phoenix not only your credit score, but your credit report as well. free annual credit report

I applied for a credit card once, never got it ( someone might have credit monitoring Phoenix checked my mail for me, if you know what I am saying), then called the company and thought I had cancelled it. I checked my credit report one year later and I did see the credit card. I recently had one of my longtime cards closed by the store (Sears) because of lack of use, I hadnt used it in over 10 years.

So this is going to hurt a score that isnt great right now to begin with because it is a long account as well as lowering the available credit. Lowering your available credit can be a good thing if you have too much credit available, but it can also be bad if you have outstanding debt because it raises your utilization rate. Ideally you want zero%, but a rate of 30% or lower isnt too bad. Canceling a 10 year old line of credit can hurt a little, especially if your other lines credit monitoring Phoenix of credit are relatively new. The average age of credit is taken into account in the credit monitoring Phoenix FICO scores.

Keep plugging away and your scores will continue to rise. when i learned about the credit history thing, i started not to close my unused credit cards, i just credit monitoring Phoenix hope that this do good to me Too credit monitoring Phoenix much available credit can be a bad thing? As in, the more available, the more it shows youre responsible and not running up debt. I live in Canada, but I imagine the same thing would apply here. free credit report online now

Would you mind telling how much it dropped your score, credit monitoring Phoenix if you know?

Ive got a card Im credit monitoring Phoenix not using that Ive been thinking about closing, but Id love to be able to credit monitoring Phoenix estimate how much its going to hurt me. Richard, I dont know exactly how much more score dropped, but average length of credit history accounts for 15% of your score. Since this credit monitoring Phoenix was my longest tenured card, it substantially dropped the average age of my credit. As for how much it will drop your score, I have no idea. For older cards, many credit monitoring Phoenix people recommend just dropping the limit as low credit monitoring Phoenix as you can and keeping the card open.