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Credit Card/score question
Posted on 8/20/12 at 8:08 pm
Posted on 8/20/12 at 8:08 pm
I know it can hurt you if you cancel a credit card. My question is, once a card expires(assuming there is no debt), can you cut it up and move on without that card hurting you? Is that the normal practice?
TIA
TIA
1
Posted on 8/20/12 at 8:27 pm to jp90
Canceling an account may or may not hurt. Canceling an account you've had for a long time with a large limit will probably hurt a little. Canceling a $500 account you've had for three months probably not at all.
The expiration date on the card is basically irrelevant. What matters is whether you've canceled the account, not whether the card has expired.
The expiration date on the card is basically irrelevant. What matters is whether you've canceled the account, not whether the card has expired.
Posted on 8/20/12 at 8:40 pm to foshizzle
quote:
The expiration date on the card is basically irrelevant. What matters is whether you've canceled the account, not whether the card has expired.
This.
Even though there is no card, you still have an open, revolving credit line.
Posted on 8/20/12 at 9:48 pm to ZereauxSum
My deal is I am young, have one card that i opened almost 2 years ago simply to start building credit and another card i got through apple's no interest for 12 month deal. I'd like to get a card that offers much greater rewards, but i'd rather not have so many cards just because of the increased risk of the card or information falling into the wrong hands.
any advice?
any advice?
Posted on 8/20/12 at 10:15 pm to jp90
If your main concern with the first card is security, I would say just destroy the card and get e-statements if that's an option. No card to lose and no documents for a dumpster diver to find.
Since you are young, closing your first and oldest trade line would have a bigger impact on your score. It would also hurt your available credit ratio. I would advise against it.
Since you are young, closing your first and oldest trade line would have a bigger impact on your score. It would also hurt your available credit ratio. I would advise against it.
Posted on 8/21/12 at 6:09 am to ZereauxSum
Agreed. General rule of thumb is to not close your first line of credit. Just sock drawer the card and consistently check your statments for fraud. However, the credit card company can drop your credit limit without you knowing it, so beware of your utilization.
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