On line credit reports Minnesota

He served over 6 years in the USAF and also writes about military money topics at The Military Wallet.

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29 comments read them below or add one Ive got a good credit score, and ive only got two open credit cards. Granted, theyve both been open for probably 6-10 years. I was thinking about canceling one of them, and probably will. At this point for me I cant even think of a on line credit reports Minnesota good reason to keep it open.

It may hurt my credit score a little on line credit reports Minnesota bit, but at this point Im not sure on line credit reports Minnesota i care that much. We own both our cars, we own our house, and we cant conceive of needing to use credit any time in the near future. We pay cash for everything now, and weve got 6 months of expenses in our high yield savings account. The credit score in my opinion is more important for people who on line credit reports Minnesota plan on taking out more loans in the near future, and Im not planning on doing that. Ive canceled a couple other unused cards as well, but I wish I hadnt closed the card I did because on line credit reports Minnesota that was my longest running line of credit. free 3 bureau credit report 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 on line credit reports Minnesota reduced to the lowest possible. Either way, on line credit reports Minnesota 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 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. free credit report usa The result support that the age of your credit on line credit reports Minnesota 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. Another reason that closing cards can be a bad idea is that youre lowering the amount of credit available to you (total of on line credit reports Minnesota 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 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 on line credit reports Minnesota enough. The only thing that she is on line credit reports Minnesota consistently dinged on is length of credit history and she has 5 years of it. Considering she is 25, thats not that on line credit reports Minnesota short a history, but short enough to where closing any of her long running accounts on line credit reports Minnesota could absolutely hurt her credit badly. request credit report You might need to check not only your credit on line credit reports Minnesota score, but your credit report as well. I applied for a credit card once, never got it ( someone might have checked my on line credit reports Minnesota 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.