Q Talk

[They CallMe MRWILKES]

If it matters, keep in mind that voluntarily closing a card can lower your credit score for a period of time.

FICO Scoring uses "Available Credit" in its calculations. 

By reducing "Available Credit"  some of the calculated ratios could become worse and lower the score.

Even if angry, sometimes its better to keep the account open and just not use it.  Closing could hurt you more than it hurts "them."

[RescueLover]

@They CallMe MRWILKES 🪻


Good point ! And sometimes banks sell off their credit cards to other banks.


Last year a bank we don’t care for, bought one of our long time accounts.


When the NEW credit cards came, I just put them in a desk drawer and we don’t use them.



We pay off our credit card bills monthly, so didn’t have a balance to worry about.

[abbeydabby]

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@They CallMe MRWILKES wrote:

If it matters, keep in mind that voluntarily closing a card can lower your credit score for a period of time.

FICO Scoring uses "Available Credit" in its calculations. 

By reducing "Available Credit"  some of the calculated ratios could become worse and lower the score.

Even if angry, sometimes its better to keep the account open and just not use it.  Closing could hurt you more than it hurts "them."

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Keep in mind however that some credit cards will cancel your account for non-use and that will also negatively effect your credit score.  Maybe use every card at least once a year for a small amount and pay in a timely manner so that doesn't happen.

[Teddixat]

@They CallMe MRWILKES   that is Exactky correct.   I have an Amex card I never use but I've had it for over 50 years.  I was considering canceling but I was told the same thing from a financial expert so I just pay the yearly fee.  I just use my bank credit card for everything but groceries and pay my bill off in full no matter what.  I also pay my bill on line abd the payment is posted that day,  no late fees.

[They CallMe MRWILKES]

Yes, a dormant card will also eventually be cancelled by the issuer with the same result.  But closing it yourself out of anger and spite is probably not the best way to proceed. 

[RescueLover]

@Teddixat 🌼


Exception - I wouldn’t keep a card that I had to pay an annual fee for.

[San Antonio Gal]

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@RescueLover wrote:


@Teddixat🌼


Exception - I wouldn’t keep a card that I had to pay an annual fee for.

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I would be afraid to close a 50 year old card.  No telling how much of a hit it would take to the credit score.  

[RescueLover]

@San Antonio Gal 🌸


Yes but I just read where American Express raised their annual fee this year from $695 to $895.


I’d take the hit. 😉

[layla2450]

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@RescueLover wrote:


@San Antonio Gal🌸


Yes but I just read where American Express raised their annual fee this year from $695 to $895.


I’d take the hit. 😉

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That amount is for the platinum card. You FORGOT to mention that. There are OTHER options for cards with lower annual fees. The American Express Blue Cash Everyday Card has NO annual fee, and you get cash back from your purchases.

[chickenbutt]

I'm curious as to if the folks who have paid on time, but got charged interest for being late were those who mail in the bill with the payment, as opposed to paying online.

I'm not judging either way, but I get this picture in my head of peoples' bills/payments arriving by mail and getting put in a pile until somebody processes them, causing at least some of them to be late, even though they arrived before due date.

I pay all my bills online, as I've done for ages, and have yet to have issues with them but I sure hear a lot of complaints about Syn-whatever it's called.  I also have Paypal whish is also that brand and haven't had trouble with that one, either.   (fingers crossed!)