Should I keep an $11k store credit card open even if I will never use it?  How does it affect credit reports?
454705
I risk the wrath of God by disagreeing with Credit Guru, but here goes....\n\nJust based on the fact that you are paying $99 for a credit card you don't use is a good enough reason to dump it.\n\nWhat you never want to do is cancel 3-4 cards at one time.  That will have an impact on your score.  But closing 1 account every few months will not hurt that bad, and it will recover after a few months.  \n\nAs long as you are not planning to purchase a home or car in the next few months, cancel the card and use that $10 a month you save to treat yourself on making a smart decision.  \n\n0;)
268916
Not if you close the old account.  If you keep it open, it will add to your "available" credit and lower your score.
1007952
This should not hurt your score by any means... as long as...\nyou have other active credit still open. A great balanced credit profile will have an installment loan (like your truck payment), revolving account (such as a credit card) and a mortgage payment... all paid on time.\nIf the truck is the only acount you have, once it is paid off the scores will no longer have anything of activity to calcualte the scores with, and eventually your scores may just simply disappear.\nYour scores are comprised primarily of what has happened over the past 2 years, so always keep something open and active. (I suggest at the least a credit card that you charge one tank of gas each month and pay off each month... always activity, never late and no interest charged!)
201453
Absolutely close or cancel any un needed cards. If not for security reasons alone. Banks look at how much credit you have"open" and available to you. They compare this to your income to get a ratio. A debt to Load ratio. So if you have 5 cards out. that's realistically 3 too many.You need to keep a "balance" between having some credit cards and too much debt. You need a few cards open and active to satisfy the companies that you are worthy of more credit but not too much to have them think that their acct is the one that you will default on.
1080785
This "credit score" is a number factor, that credit bureaus have on you. Any thing you have ever financed, a home, car, an installment sales contract ie, furniture bought at a store going through a finance company will report your opening balance, monthly payments, current balance, and if you have ever been late. This also includes your Soc. Sec #, address, etc. \n\nIt will also include any collections, ie hospital bills that were never paid, doctors, electric, phone companies, etc. \n\nA credit card debt , is like having a Visa or Mastercard, Discover, Sears, American Express, etc. These are also reported to the credit bureaus.
943838
The creditor will want you to personally be liable for the debt, so they'll use your social security number to review your credit report and determine your creditworthiness.  I believe creditors will consider opening the card in the business name if its well established, has proven income (read profit) history, and has its own business credit report, called a dunn & bradstreet report.  If you don't pay, they'll find a way to get you, don't worry!
907558
I recently closed one and the person who was dealing with my account told me specifically that it will affect my credit score negatively (Visa).  I did my own search and most people seem to think that it actually affects your credit score in a positive way.  Personally, I closed the card anyway because I believe it makes you look more responsible  when you don't have half a dozen cards with balances on each.
1119928
That is one reason you have to look at your statement each and every month when it comes and make sure that you have made the purchase.. if not then get in touch with your company.. they will not make you pay for items that you did not buy.. never leave your credit card bill laying on the table at a restaurant either, always make sure the server picks it up before you leave, you are just asking for trouble, anyone can pick that up .. most places now are just showing the last 4 numbers of your credit card on the bill , but some are not.. for the most part people are honest, but there are people out there that are going to take advantage of us.. you just never know.. it is just the chance we all take.. most times they are to busy to get your info off the card.. or to double swipe.. and it would do them no good to double swipe in a restaurant.. are they going to eat the same thing you did?? don't think so.. just always make sure you get your card back in a store, and by law you do not have to sign your card !!! you do have to have a picture ID on you to prove it is your card.. anyone can sign your card.. make them look at a picture ID to make sure it is your card...
762867
Yes it will keep your fico score down as long as they continue to report it every month.\nYes its possible you can get a new credit card but the rates will be higher.http://www.hsbcusa.com/personal/credit_cards/orchard_mastercard_product_info.html\n4.You can try to wait them out and it will get a little better but your score will stay low as long as they report on you even if you have good accounts.\nTo be honest its no way to beat the system you have to pay your debts or your credit will be bad and you will have a low fico score.\nI just went through the whole thing, I only had one bad account a credit card charge off. All of my other bills were in good standing but I saw my score drop to 558. I waited and disputed the original creditors and got them removed. The collection agency that bought the account started to report as my score increased back up to 640 the collection agency would report it as late derogatory, charge off. I was back down to the 550 range. You have to be careful because if the balance is high enough they will sue you in court and possibly garnish your wages and enter a judgment on your credit report. It was a headache for me so finally I just settled the debt and disputed it off my credit report. Good Luck! and here is a link that may help you find some information on disputes and debt validation etc.\n\nhttp://credit-repair-basics.credit-repair-forums.com/
745083
Up to a point, closing accounts you don't use can raise your score if you have other accounts that you do use and handle correctly.  The reasoning is that potentially you could use that credit at any time, so if you get into financial trouble you could do the not smart thing and wind up in even more trouble.\n\nThere is also some effect regarding the size of the credit limit on those accounts.  Closing larger unused accounts will help raise your score more than closing smaller unused accounts.
1183352
I agree somewhat with the other answers and have been in the same situation. Credit card laws vary by state but they are 'unsecured loans' which mean you didn't have to put up anything to get the loan. Most credit card issued by an out of state bank can't do nothing but screw up your credit, which you need to do without. If you can't afford it, save up and pay cash and get a better deal. If your credit card is issued in the state you live in, they may can take you to court. Credit ratings are used against you from day one. If you pay off a loan or credit card early, that goes against you too. The banks set the ratings and don't get the extra interest if you pay early. It's one of the biggest scams in America. If you're bunghole deep in dept and scrape to keep making the minimum payments - you've got great credit....Change your phone number so they'll quit calling and "Give them the Bone" !!
967340
Okay, this is a topic near and dear to my heart...do NOT close the cards. Use them every once in a while. Maybe once a year. Just to keep them active. Closing them will not help your credit score. While it is true that when shopping for large purchases (car or home loans, for example)  your debt to credit ratio is examined - your credit score itself is looked at from the standpoint of having "cushion" for any little dings you get along the way.\nExample: Linda and John both have 700 credit scores and both forget to pay their electric bills, resulting in a 30 day late on their reports. Linda's score drops to 675 and John plummets to 630. Why the difference? Linda has 8 open and active accounts and John has 2. Linda had more "good credit" to cushion the blow of that 30 day late.
442305
Strangely enough, it is better for your credit rating if you don't close it.  Buy something small once a year with it to keep it active and pay it off quickly.
563137
I'm not sure, however, some will charge you interest just to keep the card open. In some cases the interest is compounded daily, thats why it is important to watch spending, and pay more than the amount due.
834484
If the report is accurate, the only thing that will take it off is time. That time should be very soon, 5-7 years it will cycle off. If you have been on time with all payments since this occured, you should have no problems.\n\nOne sure way to avoid late payments is have them on auto draft out of your checking account. This will prevent late payments and keep your interest rates LOW! I went from an AmEx black card in 2001 to broke in 2002 so trust me I know about credit repair. Happy to report the empire has been rebuilt and the black card has returned. \n\nIf you have not been late since 01 your fico score should be 700+.
895744
The more available credit you have vs. the amount you owe actually helps you.\n\nMost mortgage companies/banks look at your visa/mc/discover/american express and not your store cards.\n\nI would close the store cards, and keep the rest, just don't use them.\n\nAnd you never know when you might need them and not be able to get them back.
283459
a business card in your name would still count towards your credit score (boosts it if you're good with payments, lowers it if you're not.) If you own your own business then it's a good way to keep track of you business expenses. Keep in mind that having too many credit cards can be potentially harmful (e.g. if you spend more than you earn) so take some time to review the interest rates/fees/bonus features of each credit card and just keep one/two that are the best ones for your needs.