He served over 6 years check free credit report Montgomery in the USAF and also writes about military money topics at The Military Wallet. Free updates! Do you like check free credit report Montgomery what you're reading? Then please consider leaving a comment below, subscribing to our check free credit report Montgomery RSS feed, or signing up for our FREE newsletter. 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 check free credit report Montgomery one of them, and probably will. At this point for me I cant even think of a good reason to keep it open.
It may hurt my credit score a little bit, but at this point Im not sure i care that much. We own both our cars, we own our house, and we check free credit report Montgomery 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 check free credit report Montgomery our high yield savings account.
The credit score in my opinion is more important for people who plan on taking out more loans in the near future, and Im not planning on doing that. free credit report with no credit card Ive canceled a couple other unused check free credit report Montgomery cards as well, but I wish I hadnt closed the card I did because that was my longest running line of credit.
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 check free credit report Montgomery to keep a line open instead of closing it, but have the limit reduced to the lowest possible. Either way, 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. government credit report free
For example, we switched our insurance companies and no longer need the rewards card that we were using to pay our insurance check free credit report Montgomery through. To illustrate the point we ran check free credit report Montgomery a correlation of credit scores by the age of our users and you can clearly see that younger people have lower scores on average. The result support that the age of your credit 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 check free credit report Montgomery discovered the hard way that closing credit card accounts will not help my check free credit report Montgomery credit score. It seemed logical that closing check free credit report Montgomery 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 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 check free credit report Montgomery accounts for roughly 30%. 3 credit reports and scores
I just wrote a blog entry about this if youre looking for more info: http://tinyurl.check free credit report Montgomery com/4p6slg Hey Ryan I cant second this enough. The only thing that she is consistently dinged on is length of credit history and she has 5 years of it. Considering she is 25, thats not that short a history, but short enough to where closing any of her long running accounts could absolutely hurt her credit badly. You might need check free credit report Montgomery to check not only your credit score, but your credit report as well. I applied for a credit card once, never got it ( someone might have checked my mail for me, if you know what I am saying), then called the company and thought I had cancelled it.
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