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Credit Cards?
Credit Cards?
I am 20, I have a Visa and Amex which I use for everyday things.I have a store credit card (express) which has been open for about 2 years and I have only used it twice. Should I close it. Yesterday I applied for a Macy's card and got it for 1 purchase. How long should I keep it, if I barely use it? Does it mess up my credit to have credit cards I dont really use?
Answers:
idleteen: Yes. Lose it
2007-02-26 06:02:26
2007-02-26 06:02:26
sudi p: visa is the best
2007-02-26 06:03:12
2007-02-26 06:03:12
blackmagicrose13: It doesn't mess up your credit to have cards you rarely use. However, some companies will charge you a fee if you don't use their cards within a set amount of time, usually a year, sometimes a couple months. Just get rid of the cards you don't absolutly use (you can always apply again if the mood strikes) and get one really really good card that you can get rewards and goodies with.
2007-02-26 06:14:48
2007-02-26 06:14:48
Chosen Answer
northcountry57: actually, as long as you are responsible and don;t run up balances on the cards, it's good to keep them. use them very occasionally and pay them off. having the cards and the unused credit limits on them lowers your total debt ratio, example: you have four cards with a total credit limit of 10,000 and only have 2000 in balances, as opposed to closing those two seldom used accounts and having two cards with a total credit limit of 5000 and 2000 in balances. the higher credit limits and lower debt to limit ratio will actually help your credit score as it shows responsible spending behavior.
2007-02-26 06:15:15
northcountry57: actually, as long as you are responsible and don;t run up balances on the cards, it's good to keep them. use them very occasionally and pay them off. having the cards and the unused credit limits on them lowers your total debt ratio, example: you have four cards with a total credit limit of 10,000 and only have 2000 in balances, as opposed to closing those two seldom used accounts and having two cards with a total credit limit of 5000 and 2000 in balances. the higher credit limits and lower debt to limit ratio will actually help your credit score as it shows responsible spending behavior.
2007-02-26 06:15:15
Nattiedred: It doesn't mess it up, it is good to use them every so often, don't charge too much where you can't pay it back, but keep them, you don't have that many to say you are going to mess up your credit, closing them won't be good, keep it for good.
2007-02-26 06:46:18
2007-02-26 06:46:18