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Additional Details
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Mr Scott | Is it bad to cancel a credit card after 2 months? |
I already have 6; want to cancel the bad ones. I just got that one because I wanted the money. But, I m planning to cancel 3 out of the 6. And it so happens that the latest one I just got sucks. Does any of this effect my credit score negatively?
Additional Details
I've used about half of it. but ofcorse im going to pay it off then planning to cancel |
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eric f
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if nothing is on it you should cancel it. The more cards you have the worse your score, so cancelling them will only help in the long run. |
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Paula from Maple Street
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It depends on why it sucks. If you are paying tons of fees, then cancel it. It will slightly affect your credit score, but if it saves you money it's worth it.
If the card is free, pay it off, cut it up so you don't use it, but leave the account open for awhile.
You are scored on the amount of available credit you are using (as well as other factors). If you have 6 cards with $1000 available credit on each, and you owe a total of $1000, you are using roughly 17% of your available credit. If you cancel the card and now have 5 cards with $1000 available credit on each card and owe a total of $1000, you are now using 20% of your available credit which makes you look like you are more in debt. |
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Bill F
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Read the contract when you signed up 1st also ASK someone who is in the biz of public credit reporting ! |
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Sparkles
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Do not cancel them as this does effect your credit score. Just put them up and do not use them. This is from bankrate.com and has some very good information for consumers.
http://www.bankrate.com/brm/news/cc/20061114_cancel_card_credit_scorea.asp |
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CharlieG
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YES. Canceling a credit card after you paid it off, reflects bad on your credit. Instead, pay it off and put it away for a few months, then cancel it. |
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VipsLove
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My answer is yes and no. "Yes", when you are going to cancel all of the credit cards at the same time and if you don't know whether it is good or bad. And "No" when you are sure enough those are the bad credit cards means those are not credit improving cards. Before you take any step, do some research about the credit cards reputation and then cacel them.
Good luck, buddy! |
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Sigi H
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It is the wisest thing you can do!!! I never had any credit cards (or credit) in my life and will never have one. I can assure you that I can sleep very well. I can't even get one if I wanted to - I am not in the system and have NO credit history.
Don't worry about a negative credit rating - it is only for your own good, financial survival. Tear/cut them all up and only have a debit card from your bank that accesses only your checking and or savings account. No money in it..... no purchases. That's how I work. |
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Buzzy
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Do not cancel. Just don't use the ones you don't want. If someone checks a credit report they add the $$ you have been issued as credit. The only negative, aside from cancling, is when you don't pay on time. |
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terace4
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Canceling that one will affect your rate but not as bad as having a bad credit card. If I were you Id cancel it after it is paid off. Keep the good and longest term accounts. |
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tock522
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Has no negative effect if YOU cancel it. If THEY cancel it then it is a negative action for credit rating. |
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