shannon s asked:
Hi ,I would like to know if closing my credit card a bad thing? Will it affect my score? I do have a balance. I pay every month and never missed any payments or late of any kinds. I just would like to close it so I cannot use it!
darn I cancel it! grrrrrr
PENNEY
Comments
Yes, closing CC accounts negatively affects your credit.
If you don’t want to use it anymore, just cut it up and continue to make the payments.
you can call the company and suspend your account until you call and request the suspension be lifted then you don’t have to close it. and is an emergency comes up it will be available.
I, too, would just cut the card(s) up. Closing the account can affect your score as it will lessen the amount of available credit. So cut up the card (don’t free it, or hide it), pay off the balance, and then never use it again. Save up enough of your own money in a Money Market account that can be used for emergencies. If you had a $1,000 credit card, save up $1,000 in the Money Market account that allows for check writing. That way you will earn a return on your money.
Do not close until it is paid. You can leave it open when paid at a -0- balance, but put it in a safety deposit box and do not use it unless an absolute emergency arises until it is paid off.