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  #31  
Old 03-23-2009, 05:07 PM
littleroc02us littleroc02us is offline
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Default Re: Is closing a credit card account a huge mistake?

Close the accounts. You won't need them. Yes they will bring your credit score down temporarily but who cares. The great almighty fico scorers will look at the available credit to you has dropped, but believe me that will fix itself in time. It's really to bad they don't look at real factors when figuring out the credit score like "net worth", "Savings", "not running up credit balances". Stop using credit cards, use your bank card and never miss your payments. I keep one card open for groceries and gas and pay it off every month. If they ever mess with me they are gone for good. American Excess is a good example of that. They will raise your interest rate and lower your limit without telling you.
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  #32  
Old 04-13-2009, 06:23 PM
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Ralph Ralph is offline
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Default Re: Is closing a credit card account a huge mistake?

Thank you for posting and for all the great advice.

Since this thread was created, I decided to keep the credit cards and stash them well under the mattress to avoid the temptation of using them again. I did manage to stay out of CC dept and I'm only using one for emergency purposes and have stayed withing below the $500 line.

Last week I received a letter from one of the credit card companies that I have not used in a while and they have decided to lower my credit limit. At first I really didn't care because I didn't use it and it wasn't my highest limit card but I was concern if their action would affect me in any way.

Has this happened to any one else?
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  #33  
Old 04-15-2009, 09:45 PM
RenatoZ RenatoZ is offline
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Default Re: Is closing a credit card account a huge mistake?

Keep the cards but cut them and throw them away. Imagine you never had them so that you maintain a good credit rating!
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  #34  
Old 11-12-2009, 09:19 PM
tnmccask tnmccask is offline
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Default Re: Is closing a credit card account a huge mistake?

Quote:
Originally Posted by Ralph View Post
I just finished paying off a $6000 debt with 4 different credit cards. I would like to close two credit card account and keep the ones that offer rewards and flight miles.
Would this affect my credit in any way?

Once you have paid off an account, still keep your account open. If you want to destroy the card, that's fine. Closing the account actually hurts your credit because it shortens your credit history, which is 15% of your FICO score.
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  #35  
Old 05-22-2010, 07:20 PM
adam3566 adam3566 is offline
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Default Re: Is closing a credit card account a huge mistake?

good move!!!
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  #36  
Old 05-29-2010, 01:28 AM
investor123 investor123 is offline
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Default Re: Is closing a credit card account a huge mistake?

I used to have credit cards and have finally decided to cut it off. I don't care about the rewards. Rewards only make you realize how much money you have spent...
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