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Closing a Credit Card

 
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ThatGurlD View Drop Down
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    Posted: Feb 26 2014 at 9:03pm
I have always heard that it's better to keep a credit card open without carrying a balance than to close the card.  Has anyone closed a credit card?  How much did it affect your credit?  
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Post Options Post Options   Thanks (2) Thanks(2)   Quote AwesomeAries Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:04pm
idk I only have two cards at all times I have no more than $200.00 on them so I am no help 
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Post Options Post Options   Thanks (2) Thanks(2)   Quote tropical-punch Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:24pm
I recently closed a credit card that had an annual fee of $45. I hadn't used it in years. My credit score has actually improved since then.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote ThatGurlD Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:25pm
I don't know why credit is so hard to understand.... I like having the cards for travel and emergencies but I don't need four you know?  I wish I could combine them all into one..... Maybe I can and I just don't know how......
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Post Options Post Options   Thanks (1) Thanks(1)   Quote nitabug Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:33pm
the effect isnt longterm.
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Post Options Post Options   Thanks (4) Thanks(4)   Quote mzsophisticated Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:54pm
It really depends, if that cards credit line is not used to help your overall utilization then your score should not change. Closed credit cards and the history stays on your credit report for about 7-10yrs. I have closed like 3 cards at one time and it did not hurt my score. If you do get a score drop it would be temporary.
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Post Options Post Options   Thanks (2) Thanks(2)   Quote mzsophisticated Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 9:57pm
Also most people say to leave it open so that you have some open trade lines for revolving credit. If you have enough open trade lines of revolving credit then you should be fine. If you don't have any annual fees then just cut it up and keep it open
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ThatGurlD Quote  Post ReplyReply Direct Link To This Post Posted: Feb 26 2014 at 10:00pm
Good to know.  Thanks!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Feb 27 2014 at 4:07pm
Pay it off and leave it open.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Feb 27 2014 at 4:30pm
pay if off and cut it and keep one

tbh
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