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Political Cynic |
if you cancel a credit card you've held for years its a fairly low limit card - just a pain in the ass to deal with Bank of America [B] Against ALL enemies, foreign and DOMESTIC | ||
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Striker in waiting |
How much would it affect the average age of all of your open lines of credit? If you use a credit monitoring service (i.e., Credit Karma, etc.), many of them provide a "credit score simulator" which can provide that kind of information in theory, but I've never been convinced that those are that accurate. -Rob I predict that there will be many suggestions and statements about the law made here, and some of them will be spectacularly wrong. - jhe888 A=A | |||
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Funny Man |
Don't be a slave to the number. Do what makes sense personally and the rest will take care of itself. Pay your bills on time, don't carry balances close to the limit and use credit responsibly. Monitoring slight fluctuations in your credit score is pointless. ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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| Political Cynic |
its my second oldest card, has a $13k limit - the lowest of all my cards [B] Against ALL enemies, foreign and DOMESTIC | |||
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| Raised Hands Surround Us Three Nails To Protect Us  |
Why cancel?? Just don't use it unless there is a fee. ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | |||
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| Political Cynic |
not a slave to the number - I have an excellent score - just want to reduce my cards as I no longer need them two years ago just before I bought my house in AZ I closed out an AMEX Gold card I'd had for years - and it raised an eyebrow with the lender... [B] Against ALL enemies, foreign and DOMESTIC | |||
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| Political Cynic |
pretty much getting rid of it to eliminate the fee and the volumes of junk mail every week - offers for this and that... [B] Against ALL enemies, foreign and DOMESTIC | |||
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| Member |
Do you even need to buy anything big on credit in the near future? If not, it won't matter at all. Could even help your score a little depending on their algorithms. “People have to really suffer before they can risk doing what they love.” –Chuck Palahnuik Be harder to kill: https://preparefit.ck.page | |||
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| Funny Man |
That is the only time to worry about such things. If you are making a big purchase on credit soon then do nothing. If you have no mortgage plans in the next few months it's meaningless. Trim away, simplify, it won't effect you in the least going forward. ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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| Political Cynic |
sweet - thanks for all the advice going to kill it off today [B] Against ALL enemies, foreign and DOMESTIC | |||
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| St. Vitus Dance Instructor  |
I just use 2 cards now, AMEX and a Visa. Had others that I did not use and let the card companies cancel them for no activity. Do not know if it made a dent in my credit score but it did not prevent me from a lease for a car earlier this year and the finance guy said I had excellent credit. | |||
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Member |
yeah that's probably not going to stop the offers and junk mail. If I were you I'd probably keep it. The hardest time to get credit is when you need it. Gold Amex I can see killing off with that annual fee though. | |||
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| As Extraordinary as Everyone Else  |
I agree with the heard. Go ahead and cancel it and you'll be fine in the long run. One of the many black box algorithms is the ratio of actual debt to your credit limit and the length of each of those lines of credit. Several years ago I trimmed my cards down to just one for my personal use and one for my company. My credit scores hovers around 830 and has been there for years... ------------------ Eddie Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina | |||
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| As Extraordinary as Everyone Else |
For those of you who don't know what your credit score is I highly recommend you sign up with Credit Karma. https://www.creditkarma.com/ It's free and looking at it doesn't affect your score... ------------------ Eddie Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina | |||
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| Striker in waiting |
What makes you think the junk mail will stop? -Rob I predict that there will be many suggestions and statements about the law made here, and some of them will be spectacularly wrong. - jhe888 A=A | |||
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Member |
I reduced my CC limit from 25K to 10K and my credit score went down a bit and stayed down a bit because my CC utilization percent went higher but I pay my CC off every month and have for decades LOL. I did that after my CC got hacked. I only had a couple hundred $ in bogus charges but it still motivated me to reduce limit. | |||
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| Member |
This is an important part of the puzzle. If you cancel the card it will affect two parts of the calculation. It will affect the average age of your credit. This has a medium impact on the calculation of your credit score. The second part is the percentage of credit used/credit available. This has a high impact on your score calculation. Since this is a low credit available card you might be able to offset this impact by asking your other cards to raise your credit limits by this amount before you cancel the card. | |||
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Yeah, that M14 video guy... |
Yup, no need to keep it open unless you're purchasing a home in the next couple of months. I just bought a home this summer and avoided any adding or cancelling of credit. Now that the purchase is over, it doesn't make a difference. Tony. Owner, TonyBen, LLC, Type-07 FFL www.tonybenm14.com (Site under construction). e-mail: tonyben@tonybenm14.com | |||
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Texas Proud |
My score went down slightly when I paid off my house. Go figure! NRA Life Patron | |||
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| Funny Man |
I will say it again, don't be a slave to some stupid number. Make smart financial decisions over the long run and pay your bills. When you want to buy something big the lenders will recognize that. Not to mention, anything over 740 with good debt to income ratio will give you the top tier rates in any scenario. ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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