Same here ! Just recently when I applied for a mortgage, the bank said most of my credit card and LOC accounts will be paid and closed first and I freaked out like hell 😂. I didn’t know it’s a good thing ❤
@@johnsfinancetips Closing an account will decrease your credit score. I paid off my Toyota car loan and my score dropped 30 points. Had nothing to do with credit card utilization.
That was a great explanation of what closing a credit card actually does to your credit. I have always been so scared to close my cards, but this video made it sound a lot less scary than most people make it out to be. Thanks John!
@@MoneyMelJr It definitely depends on the case, but I don’t plan on closing any cards with no annual fee. And if I can downgrade to a no annual fee version, even better!
@@MoneyMelJrThis advice would leave me paying the $50/yr fee forever, on a no-longer-used card from my college days, just to avoid negative credit effects.
Great video, I learned something new! I'm of the opinion of keeping your credit cards open to keep the credit utilization low. Other than risks of fraud, I had no idea about being rejected for having too much credit.
I like this because I’m definitely going to be paying off and closing some of my newer cards but I’ve always been scared to do so until now. Thank you!! ❤
thank you for making such great videos!! i love that you don't talk too fast and you type out when youre talking numbers and equations. Thanks!! best finance videos ever!
Be warned that this does not always happen at all three bureaus. I have a closed American Express account. It used to report to all the bureaus, but sometime after I closed it, I didn’t notice how long it took, it stopped reporting to most of them. Now it only reports to Experian. So I lost that age on the other major bureaus. And of course since it’s a closed account there’s nothing I can do about that.
Thank you for the heads up! That is something I think you should ask AMEX about since they shouldn't have scrubbed that history - it should be marked "closed" on your report.
I agree be warned . I was piggybacked/authorized user on my parents USAA visa CC since I was 21. Never used it but they did it to help my score. Fast forward 30 yrs and they wanted to close that card and did so a year ago. Transunion still shows it but equifax doesn’t, which dropped my age down about 15 yrs. I went from excellent to bad for “age”. Oddly my TransUnion Score is only a point different than Equifax….which is usually the case…they are always about the same. I dont worry too much about utilization outside of my ability to pay my balance in full. Which of course I always do ;). If I’m going to need a loan or whatever I just pay twice a month or someone could just not use their card for the month or two.
My mom put me down as an authorized user on a department store card she had for decades. A few years later the store went out of business. The card is still on my credit score at least in age so it shows my age of credit is older than I am.
You forgot the most important strategy… let’s say you have more than one chase card… you can call to “merge” the cards from one to the other which will combine the credit limits and effectively close the old card out…. This shows as more positive on the credit report overall and maintains your credit limit. Also your comment on chase max credit line is true but they will let you continue to open more cards… they will just decrease limits on other cards to make up for the new card limit so you retain the same overall credit limit.
But if you merge them, you still lose out on the average age of your cards in the long run. It's usually better to convert the cards, if the new product doesn't come with a large sign up bonus.
Ok. I'm pretty knowledgeable on credit cards and such, but the one thing I didn't know was that a closed account stays on your credit report for 10 years from closure. I always wondered and now have my answer. Great content! 💪😀🔥
AMEX in Canada lets you transfer your credit limit from one credit card (not charge card) to another. Once this is done, you can cancel the card with the low limit.
@@diegosegura7617 There are two types of "transfer": 1.) Balance Transfers: maybe you want to consolidate multiple cards with high interest rates to a new card with a 12 - 18 months Introductory APR of 0%. That type of transfer MUST BE DONE by having a totaling different credit card issuer. 2.) Re-allocation of Credit Limits: you have a Chase Trifecta (3 cards), but one of the cards is used sparingly, and another is used frequently & utilization is high (nearing 30%). You can take half of credit limit from spare card and transfer it to high use card, which will reduce your utilization rate on high use card. Obviously, this is the same card issuer. Hope this helps.
I just learned a lot of new information from this video and I just wanted to say thank you for that amazing explanation and thank you for further augmenting my knowledge with credit. Amazing video ❤
1) When you close a credit card that is in good standing it does not sit on your Credit Report reporting as positive towards your Credit Score. 2) When you close the Credit Card it is on your report, but it is not reporting actively towards your Credit Score. 3) Once your Credit Card is close 45 days from closing it will affect your score just as much as it positively impacted it. 4) I like you John, but I have to create a video addressing this brother.
This just isn't true... The "Age" calculation primarily focuses on OPEN accounts thus it's absolutely true you SHOULD NOT close older cards until you've had the newer ones for at least 10 years. It's the same with getting new cards... I had 3 cards each for over 3 years, and my just showing ONE of several of the cards I got caused me to lose around ONE YEAR of my credit Age. Then when the others cards show up on my credit report my credit age is going to be down to ZERO which is going to hurt my score alot. Of course, in time those cards and otherwise will benefit my score more, but that hit IS still there, and it's going to take some time to get out of it.
After this video, I still believe that you should never close your first credit card. 10 years down the line, it's going to really hurt your credit score when a couple years suddenly go missing from your credit age for a choice you made 10 years prior
Here's what I learned today credit card companies can cancel credit cards if you're a seasonal user under the caption inactivity the law was changed in 2008 if the credit card company consider your card not active enough they can can cancel you with the excuse inactivity and it perfectly legal, one more thing it does effect your overall credit score if you cancel or if they cancel you research it does effect your credit rating
I just opened another 0 interest card. I have no balance on it and the limit is $22K. I didn't read the fine print for a balance transfer. They want to charge me 5% but the customer service rep said the going rate is 3%. I have exceptional credit; why am I not getting that rate. I wanna close it. Thanks!
I recently closed my Apple Card three weeks ago MyFICO score dropped only 1pts for closing it. I closed two cards last month . If a card doesn’t bring you any value, just closed them and avoid any chance of fraudulent charges etc
@Vanessa Campbell (Credit Counseling Consultant) Thanks for the comment Vanessa as someone who has accumulated over 4M credit card points and miles I also have a really good idea on how to make them work for me. As always my videos are free so please feel free to continue watching!
Okay, but if you close a card, I assume that its credit history does not keep growing, right? So let’s say you close a card that’s two years old, it stays “two years old” for the next 10 years? This seems like it would bring down your average credit age if you have mostly accounts that are older than 2 years.
Hi John! It was just announced that my Ebates Cashback card is being discontinued in September of this year. I will have my balance paid off before then, but I wasn’t sure if you recommended calling to close the account before this date or if when a card is completely discontinued it is better to let it close in good standing on its own? I can’t find any info on this online so if you have a tip, I will take it!
Charge cards like the Amex Gold/Plat don't affect utilization, so you can't improve your utilization score with them, but this can also be good, because they don't tank your score if you for example have high business expenses in a month.
i have a sapphire card with over 17k limit I opened in may i want to cancel it because I don't like their no annual fee options and i don't need it i put all my expenses on my amex card i will maybe go for the apple card for the security and no forgin transaction fee but what are your thoughts ?. I don't like having a lot of cards because i don't need them
People worry so much about credit score I use credit cards to my advantage never carry balance on interest cards but don’t mind caring a balance on 0% cards
it was a great explanation. just a question though, you mentioned that "when you close a credit card in good condition it will stay for 10 years". this is good but what happens after the 10 years? usually, mortgage takes more than 10 years as an example. this means that my renewal will be impacted because I am losing that 10 years of good credit history?
Hi John- late comment here but quick question! You said that closing a credit card doesn't impact your length of history because it stays on your credit report for 10 years. But let's say someone has a 15 year old card that they close. Sure, it doesn't affect their length of history when they close it right then...or for the next ten years...but once ten years has passed won't it then register and cut their credit history by those 15 years? Sure it'll take 10 years to feel the ding but depending on your age wouldn't that be significant?
I’ve had and been using a Cabela’s Club credit card, would it be best to pay off the $1200 remaining debt and then cancel it to open a better one? Or should we keep it open and get another one
Great content thank you but... I did have a card that got canceled (while in good standard) when I was younger because I had not used it in a while, and even though the credit utilization is a good explanation to my credit drop at the time, i could still see the average age dropping on my credit karma app...Should have I not had the same average age for another 10 years ? Or is my actual credit higher than displayed on my app ? Thanks !
So basically when you close a card, after 10 years before just couple month before, apply for another credit card. Yes history is affected but utlizarion will be somewhat maintaiend cause less of an issue.
The only reason I wanna cancel my credit card is the high annual fee. Already tried to inquire about downgrading or product switch but Barclay said no. 😢
Any sources that confirm this claim? (That the card is reported for 10 years after close) Like from the credit bureaus or something? How do you know this information?
There’s a portion of this video that can be seen as misleading. Closing a card u had for a long time will definitely have a significant negative impact on your score… Any account that’s closed will have a negative impact. A closed account means it’s no longer active, meaning there’s no benefit. Im sure u know that.
I have a credit card with a credit limit of 10K. My wife has another card with limit of 8K and I am an authorized user of that card. Is my credit limit 10K or 18K in Chase's view?
My question is what will happen when that 10 years arrive? For example I have 2 cards Amex and Visa, just for example. I has the Amex for 20 years and the Visa for 10 years. Hence, my average age of credit is 15 years (20+10)/2. Now, If I close the AMEX, and as you said it will be there for another 10 years. At the time that 10 years arrive, What is my average age of credit, 20? If I did not close the Amex then at the same time my average age will be 25 years (30+20)/2. Am I understand it correctly?
Hi John I have the Chase Sapphire reserve card since 4 years is it possible to close it and apply straight for the same one to get again the welcome bonus?
Question. I have a cash rewards cards Bank of America. I’ve had it for 6 years. I have a $2,456 balance and a $7,000 limit on it (I’ve had the balance for a long time but i always paid the minimum payments on time) I now have the money to pay it off. I want to get rid of the card because it’s not giving good rewards and it’s it got a $60 annual fee. I’d like to apply for a better one but don’t want it tanking my average score. What’s the best way to go about doing that?
I got my first credit card 8 years ago and I just got my second credit card this year. If I cancelled the old card, that would mean that it would subtract 8 years from my length of credit card history, even 10 years later, correct? Is it worth keeping my oldest credit card in this case, especially if I want to have a lot of cards in the future?
Just confirming, I have two sub-prime cards like 5 years of age. I can close those cards and still keep my 5 years of age for up to 10 years? What does good standing mean? I have late payments on the two cards from 2 years ago. Does that matter?
So if I have a card with a $700 credit limit and another $2,300 between 3 other cards, the $700 is charging me a monthly usage fee (First Premier), and I've only had it for 6 months (and got approved for the other 3 cards since opening the F.P. card), should I cancel it? My credit is higher now than it was before, and I've been paying off all my cards before the Statement Due date. I feel like it SHOULD be safe to close it, but I'd like some confirmation.
This was great. But my questions is all of my cards are in good standing paid off. But I have 2 that I don’t use but there’s a monthly fee! So I’m considering closing it
OMG. I've had credit cards for almost 40 years and I didn't know closing a card was so painless. THANK YOU for helping me declutter my life...
Same here ! Just recently when I applied for a mortgage, the bank said most of my credit card and LOC accounts will be paid and closed first and I freaked out like hell 😂. I didn’t know it’s a good thing ❤
I'm Filipino and that intro "shhht" made me look really fast at the screen. Great content as always!
same 😂
lol
haha that's so funny! I had no idea that was a thing!! Are you in the Philippines currently? It's literally one of my favorite places in the world!!
Filipino or Filipino-American?
@@johnsfinancetips Closing an account will decrease your credit score. I paid off my Toyota car loan and my score dropped 30 points. Had nothing to do with credit card utilization.
That was a great explanation of what closing a credit card actually does to your credit. I have always been so scared to close my cards, but this video made it sound a lot less scary than most people make it out to be. Thanks John!
You should not close your old Credit Cards if they're in good standing with over 5 years of history.
@@MoneyMelJr It definitely depends on the case, but I don’t plan on closing any cards with no annual fee. And if I can downgrade to a no annual fee version, even better!
@@MoneyMelJrit can be hard to manage a bunch of card which will make sense to do so
@@MoneyMelJrThis advice would leave me paying the $50/yr fee forever, on a no-longer-used card from my college days, just to avoid negative credit effects.
@@MoneyMelJrquestion what should I do if I opened a card in 2013 without realizing it and never used it
Never considered that too high of a high credit limit could be an issue, TIL. Great video!
Great video, I learned something new! I'm of the opinion of keeping your credit cards open to keep the credit utilization low. Other than risks of fraud, I had no idea about being rejected for having too much credit.
I like this because I’m definitely going to be paying off and closing some of my newer cards but I’ve always been scared to do so until now. Thank you!! ❤
thank you because I was scared to close my First Premier cards. they are Horrible! but after this video I'm calling NOW!!
thank you for making such great videos!! i love that you don't talk too fast and you type out when youre talking numbers and equations. Thanks!! best finance videos ever!
Be warned that this does not always happen at all three bureaus. I have a closed American Express account. It used to report to all the bureaus, but sometime after I closed it, I didn’t notice how long it took, it stopped reporting to most of them. Now it only reports to Experian. So I lost that age on the other major bureaus. And of course since it’s a closed account there’s nothing I can do about that.
Thank you for the heads up! That is something I think you should ask AMEX about since they shouldn't have scrubbed that history - it should be marked "closed" on your report.
I agree be warned . I was piggybacked/authorized user on my parents USAA visa CC since I was 21. Never used it but they did it to help my score. Fast forward 30 yrs and they wanted to close that card and did so a year ago. Transunion still shows it but equifax doesn’t, which dropped my age down about 15 yrs. I went from excellent to bad for “age”. Oddly my TransUnion Score is only a point different than Equifax….which is usually the case…they are always about the same.
I dont worry too much about utilization outside of my ability to pay my balance in full. Which of course I always do ;). If I’m going to need a loan or whatever I just pay twice a month or someone could just not use their card for the month or two.
My mom put me down as an authorized user on a department store card she had for decades. A few years later the store went out of business. The card is still on my credit score at least in age so it shows my age of credit is older than I am.
Wow that’s insane. Can you dispute that?
I have heard keep your utilization below 10% which is what I strive to do. Great video, thanks for clearing some stuff up for me
You forgot the most important strategy… let’s say you have more than one chase card… you can call to “merge” the cards from one to the other which will combine the credit limits and effectively close the old card out…. This shows as more positive on the credit report overall and maintains your credit limit. Also your comment on chase max credit line is true but they will let you continue to open more cards… they will just decrease limits on other cards to make up for the new card limit so you retain the same overall credit limit.
Does Amex in the US let you do this as well?
But if you merge them, you still lose out on the average age of your cards in the long run. It's usually better to convert the cards, if the new product doesn't come with a large sign up bonus.
@@Psi-Storm when you convert a card "product change" as chase calls it, you get no signup bonus
@@sotonin You sign up for a premium card, get the bonus/year and then change the card to a free version.
Thank you so much for giving me the last little boost the cancel 2 of my credit cards. My credit score didn’t take a hit :D
Simple, and to the point! Incredible!
Ok. I'm pretty knowledgeable on credit cards and such, but the one thing I didn't know was that a closed account stays on your credit report for 10 years from closure. I always wondered and now have my answer. Great content! 💪😀🔥
I just canceled 4 cards after watching this. Thank you!
Wow, such a great and simple explanation about closing a card. Thank you! fantastic job!
you are one smart dude John, I wish I had a brother like you.
My total credit line was 125% of my gross annual income when I was approved for the Chase Sapphire Preferred.
The hard part is getting companies to close your account when you go through the retention department.
Thank you so much. Closing a card right now.
AMEX in Canada lets you transfer your credit limit from one credit card (not charge card) to another. Once this is done, you can cancel the card with the low limit.
thanks for the share!
Is it only between Amex cards, or can you transfer from other companies?
@@diegosegura7617 There are two types of "transfer":
1.) Balance Transfers: maybe you want to consolidate multiple cards with high interest rates to a new card with a 12 - 18 months Introductory APR of 0%. That type of transfer MUST BE DONE by having a totaling different credit card issuer.
2.) Re-allocation of Credit Limits: you have a Chase Trifecta (3 cards), but one of the cards is used sparingly, and another is used frequently & utilization is high (nearing 30%). You can take half of credit limit from spare card and transfer it to high use card, which will reduce your utilization rate on high use card. Obviously, this is the same card issuer.
Hope this helps.
I called chase and they also allow moving partial credit line to another card
This may be the best video you’ve made!
I just learned a lot of new information from this video and I just wanted to say thank you for that amazing explanation and thank you for further augmenting my knowledge with credit. Amazing video ❤
@John
Thanks for clarifying “late payments” and what actually qualifies as a late payment on the credit report.
Utilization under 30% is good, under 9% is excellent according to credit bureaus...
Good info…keep up the good work/content👏🏽!!
1) When you close a credit card that is in good standing it does not sit on your Credit Report reporting as positive towards your Credit Score.
2) When you close the Credit Card it is on your report, but it is not reporting actively towards your Credit Score.
3) Once your Credit Card is close 45 days from closing it will affect your score just as much as it positively impacted it.
4) I like you John, but I have to create a video addressing this brother.
Super helpful! Thank you John
Great finance tips John!
Wow!! Thats super valuable information!!!
Appreciate the breakdown 💯
Good to know. Before jumping the actual ins and outs of this game, I closed my oldest card. It had an AF and I never used it. Glad it won't burn me.
Wow thank you for explaining this !!! ❤❤❤
I have $65k in credit limit and closed 3 accounts. Currently at $49k credit limit.
Thanks for the info. I’m about to cancel my Chase Freedom card.
This just isn't true... The "Age" calculation primarily focuses on OPEN accounts thus it's absolutely true you SHOULD NOT close older cards until you've had the newer ones for at least 10 years.
It's the same with getting new cards... I had 3 cards each for over 3 years, and my just showing ONE of several of the cards I got caused me to lose around ONE YEAR of my credit Age. Then when the others cards show up on my credit report my credit age is going to be down to ZERO which is going to hurt my score alot. Of course, in time those cards and otherwise will benefit my score more, but that hit IS still there, and it's going to take some time to get out of it.
Much better info than the video
After this video, I still believe that you should never close your first credit card. 10 years down the line, it's going to really hurt your credit score when a couple years suddenly go missing from your credit age for a choice you made 10 years prior
make sure you buy a house before 10 years lol
Just THANK YOU 🙏
Thank you for this information!!
The beginning 💯
Great explanation
Thank you for this very much will said
Here's what I learned today credit card companies can cancel credit cards if you're a seasonal user under the caption inactivity the law was changed in 2008 if the credit card company consider your card not active enough they can can cancel you with the excuse inactivity and it perfectly legal, one more thing it does effect your overall credit score if you cancel or if they cancel you research it does effect your credit rating
Thank you so much! A pure genius!
I just opened another 0 interest card. I have no balance on it and the limit is $22K. I didn't read the fine print for a balance transfer. They want to charge me 5% but the customer service rep said the going rate is 3%. I have exceptional credit; why am I not getting that rate. I wanna close it. Thanks!
great value video. thanks!
just closed out my account, my score dropped 40 points, what the f***!!
Ohh snaP, for relz?
Some agencies and banks don't include closed accounts in average age of credit some do.
I love you bro I needed this imma close my cards cause I’m just not good with credit
I recently closed my Apple Card three weeks ago MyFICO score dropped only 1pts for closing it. I closed two cards last month . If a card doesn’t bring you any value, just closed them and avoid any chance of fraudulent charges etc
That's exactly it!! Thanks for sharing this data point as well! Haha you know how I feel about the apple card 😂
@Vanessa Campbell (Credit Counseling Consultant) Thanks for the comment Vanessa as someone who has accumulated over 4M credit card points and miles I also have a really good idea on how to make them work for me. As always my videos are free so please feel free to continue watching!
👍
Thank you so much for your content! It helps soooo much!
Really great explanation!
thank you! appreciate the support
Okay, but if you close a card, I assume that its credit history does not keep growing, right? So let’s say you close a card that’s two years old, it stays “two years old” for the next 10 years?
This seems like it would bring down your average credit age if you have mostly accounts that are older than 2 years.
Thank you for this helpful information.
Great job!
GREAT video John, could you do a video on the best checking/savings account to have thank you and keep up the good work!
Wtf we talking bout because I canceled my card with a paid off balance and my score dropped 117 pts?
Hi John! It was just announced that my Ebates Cashback card is being discontinued in September of this year. I will have my balance paid off before then, but I wasn’t sure if you recommended calling to close the account before this date or if when a card is completely discontinued it is better to let it close in good standing on its own? I can’t find any info on this online so if you have a tip, I will take it!
Hello John really good video. Now my question is what happen when my credit card doesn’t have a limit? What will be my top of utilization?
Charge cards like the Amex Gold/Plat don't affect utilization, so you can't improve your utilization score with them, but this can also be good, because they don't tank your score if you for example have high business expenses in a month.
So have maxed 4 of my cc, and now I paid of 2 off them in full, am thinking og closing those, was the best advice
i have a sapphire card with over 17k limit I opened in may i want to cancel it because I don't like their no annual fee options and i don't need it i put all my expenses on my amex card i will maybe go for the apple card for the security and no forgin transaction fee but what are your thoughts ?. I don't like having a lot of cards because i don't need them
I love you. Thank you so much 😂
But what happens in 10 years when that account falls off your history?
People worry so much about credit score I use credit cards to my advantage never carry balance on interest cards but don’t mind caring a balance on 0% cards
John Do you think it’s a good idea to close a starter card after one year and graduate to the CO Quicksilver?
Best video ever!
it was a great explanation. just a question though, you mentioned that "when you close a credit card in good condition it will stay for 10 years". this is good but what happens after the 10 years? usually, mortgage takes more than 10 years as an example. this means that my renewal will be impacted because I am losing that 10 years of good credit history?
Hi John- late comment here but quick question! You said that closing a credit card doesn't impact your length of history because it stays on your credit report for 10 years. But let's say someone has a 15 year old card that they close. Sure, it doesn't affect their length of history when they close it right then...or for the next ten years...but once ten years has passed won't it then register and cut their credit history by those 15 years? Sure it'll take 10 years to feel the ding but depending on your age wouldn't that be significant?
Good question 🤔
I closed my TD credit card and opened Capital One Quicksilver card
Awesome video
Great Video!
Thank you!
I’ve had and been using a Cabela’s Club credit card, would it be best to pay off the $1200 remaining debt and then cancel it to open a better one? Or should we keep it open and get another one
Great content thank you but... I did have a card that got canceled (while in good standard) when I was younger because I had not used it in a while, and even though the credit utilization is a good explanation to my credit drop at the time, i could still see the average age dropping on my credit karma app...Should have I not had the same average age for another 10 years ? Or is my actual credit higher than displayed on my app ? Thanks !
So if you cancel a charge card like the Amex gold or platinum it would technically not hurt your credit since there’s no credit limit?
Correct
What’s that mean?
Is the credit utilization for the year or monthly?
How soon can I cancel a credit card after getting it without it affecting me? Do I have to wait a year ?
Thorough 👏 👏
So if I apply for the new card I want to optimize utilization, and then cancel my old one, is that a good strategy?
So basically when you close a card, after 10 years before just couple month before, apply for another credit card. Yes history is affected but utlizarion will be somewhat maintaiend cause less of an issue.
The only reason I wanna cancel my credit card is the high annual fee. Already tried to inquire about downgrading or product switch but Barclay said no. 😢
Any sources that confirm this claim? (That the card is reported for 10 years after close) Like from the credit bureaus or something? How do you know this information?
There’s a portion of this video that can be seen as misleading. Closing a card u had for a long time will definitely have a significant negative impact on your score… Any account that’s closed will have a negative impact. A closed account means it’s no longer active, meaning there’s no benefit. Im sure u know that.
Great video John. Your growth on UA-cam has been crazy and inspiring. Thanks for the simple explanation!
What happens if I go to cash only? What happens if I only use debit cards?
I have a credit card with a credit limit of 10K. My wife has another card with limit of 8K and I am an authorized user of that card. Is my credit limit 10K or 18K in Chase's view?
How does being a AU with a higher credit line effect your ability to get more of your own credit.
The 15%, my CS drop close to 807.
Thanks!!
My question is what will happen when that 10 years arrive? For example I have 2 cards Amex and Visa, just for example. I has the Amex for 20 years and the Visa for 10 years. Hence, my average age of credit is 15 years (20+10)/2. Now, If I close the AMEX, and as you said it will be there for another 10 years. At the time that 10 years arrive, What is my average age of credit, 20? If I did not close the Amex then at the same time my average age will be 25 years (30+20)/2. Am I understand it correctly?
Or if you pay them all down to zero then you should be able to cancel a card or two with no problem correct ?
Hi John I have the Chase Sapphire reserve card since 4 years is it possible to close it and apply straight for the same one to get again the welcome bonus?
Question. I have a cash rewards cards Bank of America. I’ve had it for 6 years. I have a $2,456 balance and a $7,000 limit on it (I’ve had the balance for a long time but i always paid the minimum payments on time) I now have the money to pay it off. I want to get rid of the card because it’s not giving good rewards and it’s it got a $60 annual fee. I’d like to apply for a better one but don’t want it tanking my average score. What’s the best way to go about doing that?
I got my first credit card 8 years ago and I just got my second credit card this year. If I cancelled the old card, that would mean that it would subtract 8 years from my length of credit card history, even 10 years later, correct? Is it worth keeping my oldest credit card in this case, especially if I want to have a lot of cards in the future?
Just confirming, I have two sub-prime cards like 5 years of age. I can close those cards and still keep my 5 years of age for up to 10 years? What does good standing mean? I have late payments on the two cards from 2 years ago. Does that matter?
So if I have a card with a $700 credit limit and another $2,300 between 3 other cards, the $700 is charging me a monthly usage fee (First Premier), and I've only had it for 6 months (and got approved for the other 3 cards since opening the F.P. card), should I cancel it? My credit is higher now than it was before, and I've been paying off all my cards before the Statement Due date. I feel like it SHOULD be safe to close it, but I'd like some confirmation.
If i close a newer card will my score go up ?
So my utilization is high, and I’m in the beginner tier of one of your recent videos. Would getting another card lower that?
This was great. But my questions is all of my cards are in good standing paid off. But I have 2 that I don’t use but there’s a monthly fee! So I’m considering closing it
what about closing too much credit cards from the same bank ? Will that affect the bank from approving u any credit card in the future ?