The post whore thread.

[Irving]

Incorrect, closing cards changes your credit timeline (how long you've had credit) which will not recover for years. It will also immediately reduce your debt to credit ratio, which will never improve unless you get more cards, or greatly increase the limits on your remaining cards.

Edit: It will also reduce the number of active accounts you show which is another of the five factors of credit worthiness for personal credit. Closing cards hurts your credit in every way, and does nothing to help you. The one exception is if you are poor at managing credit, it can be safer to just not have it available.

Finally, interest rate doesn't matter IF you can pay off the bills every month. That's all part of actively managing your credit though, and not everyone feels the need to do so.

Like many things, how you manage your financial life is up to you, but I don't want you to make decisions based on false information.

[Irving]

Here is a recent thread where a lot of this stuff was covered and some excellent advice was given by some very cool and handsome members.
https://www.ar-15.co/threads/166136-...ht=credit+card

[OtterbatHellcat]

Irving offered some really good advice IMO.

Doesn't mean I want him to be my boyfriend.........well, you know.

[CoGirl303]

I dont have a choice on the bellco account. it closes automatically since I withdrew my membership from that useless bank that calls itself a credit union but never does squat to help their members.

I've not been very good at managing credit cards either. so its whatever. I have no need for 3 cards any longer. 2 is plenty.




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[Irving]

I was determined to achieve higher available credit for a while and was pretty successful. As an added bonus, my score went very high as well. The catch .22 of course is that if you are always paying off credit cards and not really using credit (no auto loans), then your score doesn't even matter.

[CoGirl303]

I have a car loan and a signature loan out right now. Just under $7,000 each. Plus federal student loans. ugh.

and going back to school in the next year and a half. Gotta pay the two loans off and save some money to survive on while in school.

Paralegal school first. then law school. not taking a dime out on student loans for either. Chapter 31 Voc. Rehab for the Army will pay my tuition.

I will probably pay my tuition for part time classes at paralegal school to begin with until I can go full time.


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[Great-Kazoo]

Take the cards you will be closing out, cut them in pieces and let them sit there. You're unable to use them but maintain that credit rating, if not improve it.

[CoGirl303]

Colorado gun cleanin' Saturday night.




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[brutal]

Take the cards you will be closing out, cut them in pieces and let them sit there. You're unable to use them but maintain that credit rating, if not improve it.

Good advice. I was just going to post the same thing.

I have many cards I haven't used in years, including a personal line of credit with my bank. Sometimes I wonder if I should ping them every once in a while (and of course pay them immediately.)

I carry ZERO revolving debt. Only my Amex ever shows a balance on reports, which is kinda stupid if you ask me, as it's paid in full every cycle.

[CS1983]

We have house, van, and my wife and I each have one credit card. CC's get paid in full every month. Last time I checked, my credit score was like 775.

I don't like the idea of having enough rope to hang myself, personally.