Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
This isn't actually completely true. The account will remain on your credit report for 10 years (if it was in good standing when it was closed; that drops to 7 if it is closed with a history of late...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
Either downgrade the card, or just close it.
Every year I close and open 2-3 cards. It's not as big of a deal as people are making it sound. My score is well over 800, i've done refinancing/new...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
Someone didn't read ^^
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I recently downgraded my United Explorer card which has an annual fee to one of their cards that does not have an annual fee. Not sure the airline your card is through but, as others have suggested,...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
From Motley Fool
The good news is, cancelling a credit card doesn't remove the account from your credit report. It'll stick around for another 10 years. As a result, your payment history and credit...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
Credit history\length will be greatly reduced though. 15% of the score is supposedly made up of the length of you credit history\avg length, so closing the only account and replacing it with a new...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I don't think it will do jack. Sure it'll lower your score for a few months but you're still going to have a good score. It'll still be on the report after canceling and factors in still....
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I have called in a few time to different card companies and been told things like:
I can't remove the annual fee, but if you spend $100 in the next month they will issue a credit for the amount of...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
Is there an airline card with no annual fee you can switch to? Put it in your sock drawer, but set a calendar reminder to buy a $5 Amazon GC or other small purchase every 6-12 months to keep it from...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I am unable to downgrade to a non-airline general use card, as the company does not permit it.
If I open up a new credit card first, then cancel the 20 year old card a few weeks later, will that...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
The reason your credit score declines when you cancel a credit card is because you have less available credit and your utilization % goes up over the remaining cards/credit lines. Since you've had...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I am no expert on the insurance score, but to the best of my understanding, some of the same factors that are used to compute your credit score factor into the insurance score.
That said, I would...
Cancelling Credit Card--Credit Score and Insurance Rates
Thread created 10-12-2019 by SJGUY99
-1 Score
12 Replies
821 Views
I have an airline credit card with an annual fee that I would like to cancel because I no longer fly that airline. I have been a cardholder for more than 20 years with excellent payment history and...
