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sojhoboy
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Posted on 12-21-09 5:40
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Will freezing credit card decrease your credit score?
I know that not using the credit cards will not increase my credit score but I want to to know if just freezing the card will decrease the credit score. I have 4 of them and paying heavy interest in one of the cards. So, I want to freeze that one so that I wont have to pay monthly interest while I can save some money in the mean time so that I can pay a good chunk of money when the freezing is relieved. Anyone with experience or any idea? Anything is appreciated. Thanks.
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madhesi
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Posted on 12-21-09 9:39
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Why you want to freeze it? Just do not use the card! Just because you have the card does not mean you have to use it. Even if you use it, pay all charges before the due date to avoid interest and penalty. No need to freeze the card. Just control your temptation to over use it!
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PeaceSoul
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Posted on 12-23-09 8:31
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Use the low interest card. Canceling card will reduce your score. On the other hand, they frequently send you balance transfer for 0% apr for 12 months which is good option.
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Alexandria
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Posted on 12-23-09 10:57
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Sojhoboy, Having four cards it's not a bad. My personal experience to you is, use them in equal ratio. But freeze one and use another !!! that's the bad idea. Do you know that credit card company deactive your credit card if you didn't use two years or longer? Use wisely and improve your credit scores. Good luck bro,
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