Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it aff

i have several credit cards at 0% interest i%26#039;ve paid off -will it affect me adversely on my credit bureau to cancel them or should it leave them on at 0 balance

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

Yes it changes your credit to debt ratio, or should say downgrades it. Better off using them once in awhile for a small purchase then pay it off before the due date

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

In theory , open is better because it gives you a better debt to available credit ratio .

However , it may be that too much credit is considered risky and None of the agencies , Nor FICO have made a clear statement on this one .

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Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

While closing those credit card accounts will lower your debt to available credit limit and lower your score, you will rebound fairly quickly.

Personally, I think it%26#039;s a bad idea to have a lot of credit cards that you don%26#039;t use. They have to be secured and monitored. Just too many opportunities for problems.

I recommend keeping the two oldest major credit cards without an annual fee and closing the rest. Only keep store or gas charge cards if you have specific reason.

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

It is not recommended that you close your unused credit cards, believe it or not leaving unused credit cards open shows that you have self control. Closed credit cards show a negative affect to your potential creditors. Keep them there for future reference.

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

It reduces the credit rating to have more than a few cards.. I%26#039;m guessing more than 6. I remember seeing it as a point reducer when I applied for an apartment lease. Later I closed out some cards because of this. My new apartment told me that I have a higher credit rating now.

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

IF your card balance is zero ask for an increase in available credit.Don%26#039;t spend it or use it, don%26#039;t cancel, it will have adverse consequences. The more credit available is good on your credit report as long as your%26#039;e debt to income level is at an aceptable level, probably around 20% and down is good, someone correct that figure if i%26#039;m wrong.

Is it better to cancel credit cards with 0 balances or leave them on your credit bureau? does it affect credit

If there is an old card with a long history, closing the account will lose you the points associated with that history. Keep it.

If you have lots and lots of cards, that%26#039;s different. Close some of them.