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re: Does canceling a credit card hurt my credit?
Posted on 4/16/14 at 12:23 am to Teddy Ruxpin
Posted on 4/16/14 at 12:23 am to Teddy Ruxpin
quote:
but the terms are probably not going to be great, probably dreadful.
I figured that.
Luckily I SHOULD be able to pay it off in two years comfortably, so the interest rate shouldn't kill me that much regardless of how much it sucks.
quote:
If you have a decent job I'd look into getting a no fee cash back card from Chase or discover, etc.
I looked into them a little bit today. I have a steady income right now and a very good job starting in may. My main pressing concerns are getting my mom out of my money and getting a car.
This post was edited on 4/16/14 at 12:24 am
1
Posted on 4/16/14 at 12:29 am to DownshiftAndFloorIt
quote:
getting my mom out of my money
Every one goes through this. I booted my mom out of everything but my taxes until recently because I hate taxes.
I assume you're looking for a reliable used car which would be smart. I'll assume you really need it and shite happens, but you'll do better if you can put it off a while and build your score a bit before you finance a car. I'm not going to get into a discussion about paying all cash for one and all that shite that side tracks these threads on here.
You should probably pull your fico score from myfico and get your free credit reports through the official government endorsed site before you get started, just to see where you are and spot any thing you may not know about.
I've heard of parents doing some shady shady shite with their kid's credit.
This post was edited on 4/16/14 at 12:39 am
Posted on 4/16/14 at 8:42 am to Teddy Ruxpin
quote:
If you're not using it, it can only help to cancel.
I can't believe people still actually believe this.
My comments should follow a responsible spender, but always keep cards open, no matter what. If you have a card with an annual fee and don't want to pay it, call the CC company and get them to provide you with a card without an annual fee. As Teddy said, the two biggest factors in deterring credit are the ages of your accounts and the utilization rate.
If you really want to monitor you credit info, check out the app Credit Karma. I think it is a Transunion product that aggregates account information to provide detailed credit score analysis.
This post was edited on 4/16/14 at 8:45 am
Posted on 4/16/14 at 1:49 pm to DownshiftAndFloorIt
If you ask any intelligent person within the banking industry, they will tell you NEVER cancel a credit card. Don't want the card anymore? Get a pair of scissors out and go to town. No need to cancel it, NEVER cancel a credit card. End of discussion.
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