Comments on: Think Twice Before Canceling Credit Cards http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/ Money Management, Small Business, Career Sun, 21 Mar 2010 02:34:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ryan http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-20661 Ryan Fri, 11 Dec 2009 02:04:36 +0000 http://cashmoneylife.com/?p=719#comment-20661 Brian, Assuming this is the first transgression in 4 years it probably shouldn't affect your score much at all. You may even be able to call your credit card company and ask them to remove the penalty and over the limit occurrence from your credit record. The key is to make sure it doesn't happen again, so be sure to monitor your balances. Brian, Assuming this is the first transgression in 4 years it probably shouldn’t affect your score much at all. You may even be able to call your credit card company and ask them to remove the penalty and over the limit occurrence from your credit record. The key is to make sure it doesn’t happen again, so be sure to monitor your balances.

]]> By: Brian http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-20658 Brian Thu, 10 Dec 2009 17:08:10 +0000 http://cashmoneylife.com/?p=719#comment-20658 About 4 years ago (in my not so smart days), I went over the limit a few times on my first credit card. Recently, i accidently used that same card for the wrong large purchase and went over the limit again by about 30 dollars. How negatively does this affect my score? About 4 years ago (in my not so smart days), I went over the limit a few times on my first credit card. Recently, i accidently used that same card for the wrong large purchase and went over the limit again by about 30 dollars. How negatively does this affect my score?

]]> By: Peachy http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-19407 Peachy Thu, 20 Aug 2009 23:42:48 +0000 http://cashmoneylife.com/?p=719#comment-19407 Eunice, depending how long you've had your 10 cc's, I would suggest that if the inactive ones are less than 3-4 years old, it would be ok to cancel them, and just keep the 6 with some seniority. Like some of the older posts have suggested, you can always set up a monthly re-occurring payment of bills or what not on each of the cards you decide to keep. Downsizing from 10 to 1 card is a bit drastic. Good Luck! Eunice, depending how long you’ve had your 10 cc’s, I would suggest that if the inactive ones are less than 3-4 years old, it would be ok to cancel them, and just keep the 6 with some seniority. Like some of the older posts have suggested, you can always set up a monthly re-occurring payment of bills or what not on each of the cards you decide to keep. Downsizing from 10 to 1 card is a bit drastic. Good Luck!

]]> By: Eunice http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-19317 Eunice Fri, 14 Aug 2009 07:52:57 +0000 http://cashmoneylife.com/?p=719#comment-19317 I have a problem that I hope someone can help me with. I have in total, 10 credit cards, but I'm pretty sure that I have a good credit score because I make my payments in full and on time every time. 10 credit cards... yea I know. But in my defense, 8 of these credit cards are department store cards (Nordstrom, Macys, etc) and I only opened them to get the sign-up discounts. I probably only use the Nordstrom and Macys credit cards now and then, but only because I feel like I shouldn't leave them inactive. But as for the rest of the cards... I don't really use them because it's not like I shop at those specific stores all the time and even when I do, I forget and use my debit card instead. The two major credit cards that I use is my Wells Fargo one and my Chase South West card, which I use the most because of the points. So now I am in a pickle. I really just want to stick with one credit card, but I have the other 9 looming over me. I don't want the credit card companies to close my accounts because my cards go inactive because I know that will hurt my FICO score. But I don't want to cancel my cards because I know THAT will hurt my score as well. It's like... there's no win-win situation. What the heck should I do?!?!? I have a problem that I hope someone can help me with. I have in total, 10 credit cards, but I’m pretty sure that I have a good credit score because I make my payments in full and on time every time. 10 credit cards… yea I know. But in my defense, 8 of these credit cards are department store cards (Nordstrom, Macys, etc) and I only opened them to get the sign-up discounts. I probably only use the Nordstrom and Macys credit cards now and then, but only because I feel like I shouldn’t leave them inactive. But as for the rest of the cards… I don’t really use them because it’s not like I shop at those specific stores all the time and even when I do, I forget and use my debit card instead. The two major credit cards that I use is my Wells Fargo one and my Chase South West card, which I use the most because of the points. So now I am in a pickle. I really just want to stick with one credit card, but I have the other 9 looming over me. I don’t want the credit card companies to close my accounts because my cards go inactive because I know that will hurt my FICO score. But I don’t want to cancel my cards because I know THAT will hurt my score as well. It’s like… there’s no win-win situation. What the heck should I do?!?!?

]]> By: Florida http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-19267 Florida Sun, 09 Aug 2009 00:25:34 +0000 http://cashmoneylife.com/?p=719#comment-19267 Why is Chase Credit Card company so quick to cancel your card upon your request. I had a card for 10 years and cancelled it due to their refusal to remove a late fee. I guess whatever the customer needs to do to get you off the phone. Why is Chase Credit Card company so quick to cancel your card upon your request. I had a card for 10 years and cancelled it due to their refusal to remove a late fee.

I guess whatever the customer needs to do to get you off the phone.

]]> By: Fizzle http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-18259 Fizzle Thu, 21 May 2009 14:47:17 +0000 http://cashmoneylife.com/?p=719#comment-18259 Thanks for your reply Ryan. I read the article and it was very informative. I was just wondering if closing the older credit card will ding my credit score much, since i've only started using credit cards, and just got the card for a relatively short time (about 7 months). I will def. look into asking the credit company to change my card type to earn rewards. Thanks for your reply Ryan. I read the article and it was very informative.
I was just wondering if closing the older credit card will ding my credit score much, since i’ve only started using credit cards, and just got the card for a relatively short time (about 7 months). I will def. look into asking the credit company to change my card type to earn rewards.

]]> By: Ryan http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-18257 Ryan Thu, 21 May 2009 12:01:47 +0000 http://cashmoneylife.com/?p=719#comment-18257 <strong>Fizzle: </strong>Here is an article I wrote about closing credit cards and how it will affect your score: <a href="http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/" rel="nofollow">Think Twice Before Canceling Credit Cards</a>. You can also consider asking the credit card company to change your card to a rewards card so you can earn cash back (preferred) or points. Fizzle: Here is an article I wrote about closing credit cards and how it will affect your score: Think Twice Before Canceling Credit Cards. You can also consider asking the credit card company to change your card to a rewards card so you can earn cash back (preferred) or points.

]]> By: Fizzle http://cashmoneylife.com/2008/06/17/think-twice-before-cancelling-credit-cards/comment-page-1/#comment-18252 Fizzle Thu, 21 May 2009 04:56:43 +0000 http://cashmoneylife.com/?p=719#comment-18252 Very interesting. I just started using CC's late last yr, and hav had my limit jump substancially since starting with X credit card company. I applied for and got approved for a credit card with Y credit card company, that has a greater credit limit. I always pay my cards on time and in full. I am considering closing my credit card from X company because they increased the APR (doesnt really matter to me), it has no rewards, and I dont want to hav too many credit cards with me. Will this ding my credit score? I've had the card for about 8 months or so... Very interesting.
I just started using CC’s late last yr, and hav had my limit jump substancially since starting with X credit card company.
I applied for and got approved for a credit card with Y credit card company, that has a greater credit limit.
I always pay my cards on time and in full.
I am considering closing my credit card from X company because they increased the APR (doesnt really matter to me), it has no rewards, and I dont want to hav too many credit cards with me.
Will this ding my credit score? I’ve had the card for about 8 months or so…

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