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re: Does canceling a credit card hurt my credit?
Posted on 4/16/14 at 8:42 am to Teddy Ruxpin
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
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