Comments on: What happens when you cancel a credit card?

By: spifiman1

spifiman1 — Tue, 07 Apr 2009 14:33:38 +0000

Since you stated that you are “thinking about canceling the one with the lowest credit limit” I am guessing that this is most likely the one that you have had the longest.

Since a full 35% of your credit score is based on payment history, do not cancel this card. Keep it and make everyday purchases like gas and groceries. Pay it in full before the due date every month and your score will continue to go up.

By: lilpuppy6

lilpuppy6 — Mon, 06 Apr 2009 01:36:56 +0000

DO NOT CLOSE THAT ACCOUNT. This will hurt your score.

Keep it open, charge a few dollars only every month…pay it off in full monthly, rinse and repeat.

DO the same for all your cards to keep your score going up. Good luck.

FYI…ideally you should only have 2 cards, and at least one non revolving loan (car loan etc) for a good credit mix to crank out good scores over time, too many cards can hurt you.

By: JR V

JR V — Sat, 04 Apr 2009 15:43:03 +0000

YEs it will hurt your score. Don’t cancel it, just don’t use it and leave it open. Pay your bills on time when they are due to keep your score good. Don’t be late. If your can’t afford to get it in cash you probably don’t need it.

By: Nelson_DeVon

Nelson_DeVon — Wed, 01 Apr 2009 15:44:56 +0000

The main thing you can do is pay your cards on time. If you have had the card you want to cancel for a long time you should just keep it–one of the things they look at is the amount of time you have had your accounts. Oh, and you should pay off first the one with the highest interest.