Credit rating question! (Dr. Boost read)
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Credit rating question! (Dr. Boost read)
I currently have 2 credit cards
One has a limit of $13,300 (have had it for 5 years)
One has a limit of $7,000 (have had it for 3 years)
I regularly use the $7,000 one and hardly use the $13,300.
I figure that I don't need 2 credit cards, so I want to cancel the $13,300 one (it has a higher rate, which doesn't even really matter because I always pay my ---- off within the grace period) I am canceling it because my other card that I regularly use has better customer service and a better website.
I called CS today to cancel the 13,3 card and they said that it would hurt my credit score, because I have been a customer so long and I have such a high credit limit. I call BS, but I want to research this a bit before I actually cancel.
BS?
One has a limit of $13,300 (have had it for 5 years)
One has a limit of $7,000 (have had it for 3 years)
I regularly use the $7,000 one and hardly use the $13,300.
I figure that I don't need 2 credit cards, so I want to cancel the $13,300 one (it has a higher rate, which doesn't even really matter because I always pay my ---- off within the grace period) I am canceling it because my other card that I regularly use has better customer service and a better website.
I called CS today to cancel the 13,3 card and they said that it would hurt my credit score, because I have been a customer so long and I have such a high credit limit. I call BS, but I want to research this a bit before I actually cancel.
BS?
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Joined: Aug 2004
Posts: 3,727
Re: Credit rating question! (Dr. Boost read)
bs, tey just dont wanna lose your business. and if it DOES lower it, it will only lower it by like 5pts MAX, ---- them, your credit score is prolly like well in the 700's, dont worry about it
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Re: Credit rating question! (Dr. Boost read)
I believe I heard her say something like 15 pts, but I could be wrong.
Obviously the special department they transferred me to to cancel does nothing more than give people reasons not to cancel. I've just never cared before with other services because it wouldn't affect my score. I think they have a certain shock factor with that reason, I'd like to get a house sometime here.
Obviously the special department they transferred me to to cancel does nothing more than give people reasons not to cancel. I've just never cared before with other services because it wouldn't affect my score. I think they have a certain shock factor with that reason, I'd like to get a house sometime here.
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Re: Credit rating question! (Dr. Boost read)
Originally Posted by Ravage70
do u pay annual fees on it?
if not just never use it again
if not just never use it again
OH YEA! I forgot the main reason why I use the card I use, I get 1% cash back on everything and 5% cash back on grocery and gas purchases. To date, I have made about $300 from the company and they have made nil on me.
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Joined: May 2005
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Re: Credit rating question! (Dr. Boost read)
They are totally BS'ing you. Having a lot of unused credit laying around hurts your score. Cancelling that card will make your score go up.
Go to any of the three credit score companies (experian, transunion, equifax) and look through credit FAQ's. It will tell you right there.
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Re: Credit rating question! (Dr. Boost read)
Originally Posted by MADMAX
They are totally BS'ing you. Having a lot of unused credit laying around hurts your score. Cancelling that card will make your score go up.
I am a broke *** college student. Have been for 6 years.
0.5 BAR
Joined: Aug 2005
Posts: 130
Re: Credit rating question! (Dr. Boost read)
dude, keep the card. your score will drop around 20-30 points since that is the card with your most credit history. You always want a long credit history, it helps alot. if it has no fee, and u pay it off within the grace why not just keep it. it is not hurting u one bit.
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Joined: May 2005
Posts: 0
Re: Credit rating question! (Dr. Boost read)
Originally Posted by Maxxdout_EK9
dude, keep the card. your score will drop around 20-30 points since that is the card with your most credit history. You always want a long credit history, it helps alot. if it has no fee, and u pay it off within the grace why not just keep it. it is not hurting u one bit.
Credit doesn't disappear when you cancel a card. The history will still be there, but since he doesn't have the card anymore, it doesn't help him get a better score.
Keeping it might be a better in the long run though since you have had it the longest. Just tell the credit card company to lower it's limit. They have to do it.
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Re: Credit rating question! (Dr. Boost read)
Originally Posted by MADMAX
Credit doesn't disappear when you cancel a card. The history will still be there, but since he doesn't have the card anymore, it doesn't help him get a better score.
Keeping it might be a better in the long run though since you have had it the longest. Just tell the credit card company to lower it's limit. They have to do it.
So say in a few years when the difference between my usage of these cards is negligible, then cancel?
