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  1. 12-02-2010, 12:05 PM #1
    Nishu
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    Default Credit cards and credit reports

    You guys heard that paying off and closing your credit cards can actually hurt your credit score by changing your debt to credit ratio, right?

    We just paid off a credit card a few weeks ago and I noticed something funny when I checked his credit report. The credit card in question isn't listed in his revolving account section. On all three credit reports, it's listed as "Real Estate/Other." This is weird and I have no idea why it would be listed as such. The point is, the credit card has no affect on his debt to credit ratio because it's not listed as a revolving account so closing it isn't going to affect his credit report except to lower the number of installment loans he has.

    So I guess my point is, if you're considering keeping a credit card open because of your credit rating, check your credit report first to make sure it's even listed as a revolving account. If it's not, you can close it and not worry about a hit on your credit report.

    Btw, this CC was a Chase Southwest card.
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  2. 12-02-2010, 12:35 PM #2
    Sassyclass
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    Well what a nice surprise. Ummm I wouldn't correct them on this either. BTW I love your new avatar, very cute.

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  3. 12-02-2010, 01:00 PM #3
    Nishu
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    Quote Originally Posted by Sassyclass View Post
    Well what a nice surprise. Ummm I wouldn't correct them on this either. BTW I love your new avatar, very cute.

    Cat
    Ah, thanks! It's the sunflower from the game plants vs zombies.

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  4. 12-02-2010, 03:28 PM #4
    druthb00
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    All of my CC's are listed as revolving accts. (& I have a Chase too, but it's a Visa Freedom card.) It still isn't going to stop me from closing a Cap 1 MC acct. that decided earlier this year that I now get to pay them an annual fee ($39.) They can GTH. Pretty cool that closing your acct. won't affect you guys, though
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  5. 12-04-2010, 12:16 PM #5
    littleplum
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    Weird. My husband has the same card, and it shows up under his revolving accounts.

    Is it doing that on all three credit reports?
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  6. 12-04-2010, 03:59 PM #6
    Nishu
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    Quote Originally Posted by littleplum View Post
    Weird. My husband has the same card, and it shows up under his revolving accounts.

    Is it doing that on all three credit reports?
    Yes, all three.
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  7. 12-04-2010, 08:58 PM #7
    Pianolady
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    Quote Originally Posted by Nishu View Post
    You guys heard that paying off and closing your credit cards can actually hurt your credit score by changing your debt to credit ratio, right?
    It does a little, but it's always been short-term in our experience, and not much of a credit score hit. Not enough to worry about, especially if there are no plans to purchase anything big on credit in the near future.
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