Credit repair

Which card do i cancel?

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ashleynhanna

Joined: 26 Apr 2008
ashleynhanna's page
Posts: 1

32 Magic Points

Subject: Which card do i cancel?

Sat Apr 26, 2008 4:07 am

I have paid off my cc'ds and am going to cancel a 2 0f 3. Do i keep the one with the higher limit and the higher %, or the lower limit with the lower % rate?

Laura

Joined: 21 Jun 2007
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Posts: 1407

34560 Magic Points

Sat Apr 26, 2008 7:02 am

Hi Ashley,

It is not a good idea to cancel cards. Are they new ones or old enough. Old accounts better be kept to keep your credit score intact. You can expect better views from other members.
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Regards,
Laura.

Morningstar

Joined: 17 Apr 2007
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Posts: 609

40 Magic Points

Sat Apr 26, 2008 8:37 am

Keep all of them, unless you have annual fees. Closing accounts can lower your FICO, because the formula looks at (among other things) the credit history of open accounts.
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I don't dream since I quit sleeping

Amir Rubin
Guest

Sat Apr 26, 2008 6:23 pm

I have a colleague with a credit score of almost zero. Why? Because he pays for everything, including is house, with cash. Does it matter to him that his score is that low? Absolutely not! He has no need to borrow so he has no need for the score.

Lets look at it this way, the American economy is counting on people to keep spending money, regardless if they have the funds to pay-off the cards every month. You are currently on the right track!! You’re paying off debt and before long you’ll be able to pay for stuff with cash as well. Cancel those cards and never look back. I am not debt free yet, but I’m on the same path you are and it feels great.
Spam removed--Morningstar

fireyone

Joined: 26 Feb 2008
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Posts: 2967

4112 Magic Points

Sun Apr 27, 2008 1:08 am

Keep them all open as directed except the annual fee ones. I thought closing out cards would higher your score but I have since found out differently. If you absolutely are intent on getting all but one i would keep the one i had the longest also.

Fasfeed

Joined: 06 Feb 2008
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Posts: 87

3212 Magic Points

Wed Apr 30, 2008 6:38 pm

It will help to increase your credit score if you choose to keep all of the account open but it also benefit you to keep a minimal balance on the card each month to pay off .Some credit card companies will threaten to close out the account if their is no activity for a certain period of time on a card holding no balance.

Fasfeed

Joined: 06 Feb 2008
Fasfeed's page
Posts: 87

3212 Magic Points

Wed Apr 30, 2008 6:39 pm

Fasfeed

Joined: 06 Feb 2008
Fasfeed's page
Posts: 87

3212 Magic Points

Wed Apr 30, 2008 6:39 pm


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