Re: Credit Cards-not right

RespectLife · ‎02-27-2012

@scatcat wrote:
I wouldn’t be afraid to close a card. If you have good credit, closing a card is not going to plummet your score. It’s like you’re being bullied to not close a card.

While closing a card will not 'plummet' your score, it will definitely affect it.

If that is a concern, don't close it yourself. Several points may not mean much to some of us...but depending on your circumstances...that could mean a lot.

If they go out of business, or close you for inactivity, that is not a hit. But closing it yourself, definitely is!

I agree w/ the previous poster, just secure them or shred them. It does you no harm to have multiple cards (unless you are buying things you can't afford!)

geezerette · ‎03-16-2010

What bothers me about keeping a credit card open that I don’t use is the possibility of fraud. If someone hacks into either me or the bank, there’s a possibility they can get use of that card.

Granted, if I close a card, it may affect my credit score, but I have to weigh that against having to keep track of another account I’m not using, just in case.

Trinity11 · ‎11-16-2014

@geezerette wrote:
What bothers me about keeping a credit card open that I don’t use is the possibility of fraud. If someone hacks into either me or the bank, there’s a possibility they can get use of that card.

Granted, if I close a card, it may affect my credit score, but I have to weigh that against having to keep track of another account I’m not using, just in case.

I completely agree @geezerette . My identity was stolen a few years ago and it took a few months to clear up. The more cards, the more time it took to clear up.

geezerette · ‎03-16-2010

@Trinity11 wrote:
@geezerette wrote:
What bothers me about keeping a credit card open that I don’t use is the possibility of fraud. If someone hacks into either me or the bank, there’s a possibility they can get use of that card.

Granted, if I close a card, it may affect my credit score, but I have to weigh that against having to keep track of another account I’m not using, just in case.
I completely agree @geezerette . My identity was stolen a few years ago and it took a few months to clear up. The more cards, the more time it took to clear up.

@Trinity11

Sorry to hear that! What a hassle.

That’s what I’m afraid of.

itsmagic · ‎08-08-2011

I agree with @geezerette I don’t want to have to keep track of a card I don’t use. In fact a few years ago I did close a credit card I never used and saw no real noticeable difference in my credit score.

FlowerBear · ‎03-24-2018

How do you even know your credit score? I heard that if you check that also hurts your credit! I have no idea if true. I also dont know how you can find your score without hurting your credit!

Johnnyeager · ‎09-05-2014

My bank (Capital One) gives me free service to my Transunion FICO score which is updated weekly. I use my app to check.

My American Express account provides a monthly update of my Experian FICO score.

They are similar, but can vary by a couple of points.

Neither impacts the score and you can check as often as you like.

deeva · ‎03-09-2010

I've closed department store credit cards and my FICO score didn't change.

Probably because the credit limit was so low compared to bank cards it didn't matter,

Mom2Dogs · ‎03-09-2010

We have two cards, one is a store card the other is a discover. Our credit score is very good...I have in the past closed out other store cards, it really did not make a lot of difference on our score...which honestly I don't care if it is high or low...we rarely borrow money won't be applying for a mortgage any time soon. The lender can look at our investments and make a decision about a loan....not gonna worry about keeping cards active.