Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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It's not a huge deal, but closing it really doesn't help you in any way, so you might as well leave it open. Unless you have a very good reason to close it, just leave it open. The fact that a lot of...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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I don't see the point of closing the card.. Holding onto it will keep your credit score higher, and will help improve your score over time (it will improve the average age of your cards). Also,...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Sweet, thanks for the info guys, repped you. I thought that I'd heard that the max allowable credit limit for most people is ~25k total credit limit, is that true at all?
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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No. There is no hard cap, especially a generic one for all banks/issuers. It all comes down to the individual and their income, credit score, account history, address (yes this matters!), etc. Each...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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I assume you're saying combined overall credit limit. I think he meant per card, not overall credit limit. Outside of no preset limit cards, it would be insane to assign about 550k to a single card...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Okay, guess I'll leave it open. My other 2 credit cards are only 2 years old, so this one is far older than them. I actually have to pay my government credit card off when I travel. They reimburse...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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two reasons to close an unused card:
1) possibility of fraud on the account. close the account = no more fraud on that account. granted, if you don't use it, the chances are lower that there would...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Good info in here. I was thinking about closing my oldest credit card as I don't use it anymore and the rewards suck. I have heard that in todays age because so many people open and close credit...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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how old is your 2nd oldest card?
I wouldn't close it as there isn't any real reason to, but if you want to minimize it you can ask them to lower your limit to like $100 or something
sometimes...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Im in the same boat cause the card iv had for the past couple years has an annual fee. Im looking for a good points or rewards card atm. Its taken me 5 years to pay off my debt and get my score to...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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.... I actually have to pay my government credit card off when I travel. They reimburse to my checking account and I manually pay my travel card off. .../QUOTE]
Unrelated note-What's the...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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A "corporate card", whether charge or credit, can be setup in either way. Some companies have the bill for the individual card go to the employee (and reimburse them), others have a master bill for...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Lowering your limit will hurt you as well, as it will lower your debt-to-credit ratio. Leave it open, it won't hurt.
Most major cards will let you set up notifications when your card gets used, so...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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I've always heard that closing your oldest credit card is a bad idea and may negatively reflect in your credit score. I've always had high credit scores, 750-780. My oldest credit card is 6 years...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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setup autopay and buy a redbull every month
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Leave it open.
My longest revolving account gets used once every 3 years or so. I rather show an extended length of solid borrowing/repaying history and worry about fraud.
Besides, who's...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Nope.
Wife and I have about 550k right now.
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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Surprisingly enough, more credit cards open actually helps your credit score (as does the improvement to the ratio of debt to available credit).
According to some source, people with the highest...
Okay to close old credit cards?
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Thread created 01-05-2012 by jordanz12
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generally speaking, it'll hurt for a few months, but it'll bounce right back in probably about a year.
of course it's all a mystery, but as long as you're not dramatically decreasing your overall...
