Is it true that a persons credit score is weakened if one cancels a credit card that is paid off monthly? MT: Well... it depends. Your credit score is driven primarily by (1) the length of your credit history, (2) your history of on-time payments, and (3) how much debt you have outstanding relative to your credit limit. If this is a relatively new card with a low credit limit it will not hurt your credit rating. If it is a really old card with a very high credit limit, it will have a negative impact. That said, if you are not planning on buying a house in the next six months or making another major purchase—and your intent is to clear your financial clutter—by all means close that card. FROM THE CREDIT GUY 661-364-1907 FOR ANY QUESTIONS YOU MAY HAVE
Posted on: Tue, 25 Mar 2014 18:38:33 +0000
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