Cancelling Credit Cards
Author: James
Posted: Fri Jul 02, 2004 10:26 am
Post subject: Cancelling Credit Cards
6/20/2002 10:23 pm CDT
Hi,
Currently, I have 8 credit cards and I just paid off 4 of the cards. Do I cancel them all at once or gradually? Will this affect my credit rating? I'm going to purchase a house later this year and I don't want to mess up my credit. BTW..received an offer from Capital One Platinum with 8.9 fixed APR, don't know if I should accept it or not. Is it bad to cancel a few cards and apply for new ones? Thanks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Steve
Posted: Fri Jul 02, 2004 10:27 am
Post subject: Cancelling Credit Cards
6/21/2002 12:56 am CDT
I'm not a credit expert, but I've never heard that cancelling a card hurts your credit score (as long as YOU are the one cancelling it and not the card issuer for non-payment or something similar). I've cancelled several cards in the past 10 years and haven't suffered for it in terms of getting other credit requests approved. Maybe Misty knows more about this issue.
As far as the Cap One Platinum Visa...that's one of the higher rated cards (according to this site). If I had an offer for one, I'd probably take it. There are several good reviews on this card at this very site.
Author: James
Posted: Fri Jul 02, 2004 10:28 am
Post subject: Cancelling Credit Cards
6/21/2002 8:35 pm CDT
Thanks Steve and Misty. I'm going to cancel a few cards now and I hope my credit rating (FICO) will go up. It's currently at 738 and maybe closing a few accounts will help.
Author: Misty
Posted: Fri Jul 02, 2004 10:28 am
Post subject: Cancelling Credit Cards
6/21/2002 9:00 pm CDT
You're welcome! But your credit score certainly doesn't need any help-that's a great score! You shouldn't have any problems w/getting your mortage. Good luck!!
Author: Pam
Posted: Fri Jul 02, 2004 10:29 am
Post subject: Cancelling Credit Cards
6/23/2002 0:46 am CDT
Steve,
I just purchased a home and my husband is a financial advisor. It is not all about credit score. I am not sure how much you make a year or how much your credit card balances are. You should close out the cards you are not using and pay off and close some of the others. When you go to the mortage company they look at your debt ratio. you have to make enough money to be able to afford your house payments and your credit cards and car note, etc.. If you have less debt the more house you can get. I hope you understand where I am coming from.
I know a few tricks that can help you, if you would like. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jul 02, 2004 10:26 am
Post subject: Cancelling Credit Cards
6/20/2002 10:23 pm CDT
Hi,
Currently, I have 8 credit cards and I just paid off 4 of the cards. Do I cancel them all at once or gradually? Will this affect my credit rating? I'm going to purchase a house later this year and I don't want to mess up my credit. BTW..received an offer from Capital One Platinum with 8.9 fixed APR, don't know if I should accept it or not. Is it bad to cancel a few cards and apply for new ones? Thanks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Steve
Posted: Fri Jul 02, 2004 10:27 am
Post subject: Cancelling Credit Cards
6/21/2002 12:56 am CDT
I'm not a credit expert, but I've never heard that cancelling a card hurts your credit score (as long as YOU are the one cancelling it and not the card issuer for non-payment or something similar). I've cancelled several cards in the past 10 years and haven't suffered for it in terms of getting other credit requests approved. Maybe Misty knows more about this issue.
As far as the Cap One Platinum Visa...that's one of the higher rated cards (according to this site). If I had an offer for one, I'd probably take it. There are several good reviews on this card at this very site.
Author: James
Posted: Fri Jul 02, 2004 10:28 am
Post subject: Cancelling Credit Cards
6/21/2002 8:35 pm CDT
Thanks Steve and Misty. I'm going to cancel a few cards now and I hope my credit rating (FICO) will go up. It's currently at 738 and maybe closing a few accounts will help.
Author: Misty
Posted: Fri Jul 02, 2004 10:28 am
Post subject: Cancelling Credit Cards
6/21/2002 9:00 pm CDT
You're welcome! But your credit score certainly doesn't need any help-that's a great score! You shouldn't have any problems w/getting your mortage. Good luck!!
Author: Pam
Posted: Fri Jul 02, 2004 10:29 am
Post subject: Cancelling Credit Cards
6/23/2002 0:46 am CDT
Steve,
I just purchased a home and my husband is a financial advisor. It is not all about credit score. I am not sure how much you make a year or how much your credit card balances are. You should close out the cards you are not using and pay off and close some of the others. When you go to the mortage company they look at your debt ratio. you have to make enough money to be able to afford your house payments and your credit cards and car note, etc.. If you have less debt the more house you can get. I hope you understand where I am coming from.
I know a few tricks that can help you, if you would like. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:57 AM
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