Comment from Tia K
Time February 5, 2010 at 3:54 am

no

Comment from JusMe
Time February 5, 2010 at 4:24 am

Nope, keep it open.

Comment from Pauline
Time February 5, 2010 at 5:24 am

No you cant cancel it till it is paid off

Comment from Laissez-Faire Guy
Time February 5, 2010 at 5:47 am

NO! In fact it will hurt your credit score.

Your credit score is based mostly on:

1. Length of credit history
2. Payment history.
3. Ratio of credit used to available credit.
4. Number of credit inquiries you authorized.

If you cancel your card, you’ll be hurting your credit ratio. (#3).

You want to deliberately keep your oldest credit card open, even if you never use it.

You want to always pay the minimums of each loan on time every month.

You want to keep your available credit high, but actually only have balances equalinig 25% or less.

You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

You do these things and your credit score will quickly soar into the 700s.

Comment from wwefan76
Time February 5, 2010 at 6:16 am

I have no idea. I’ve never done that before.

Comment from Philip D
Time February 5, 2010 at 7:02 am

No, Keep your card and keep the balance below 30% and you will notice a big jump in your score!

Comment from Brian B
Time February 5, 2010 at 7:16 am

No need to cancel it, just stop adding money to it so you can pay it off.

Comment from dragonflower1993
Time February 5, 2010 at 7:29 am

IT depends on your past actions, if you’ve had a history of debt, even if you’ve paid it off, I’d have to say no.. but if you aren’t really in debt for a logn time, then it might.