I'm 23 and I got my first credit card at 19. I use credit cards for the rewards and always pay off the balance in full. I have one mastercard and one visa.
My question is how much would it hurt my credit score to close the visa account in order to replace it with a different visa card with a better reward policy?
I don't forsee myself obtaining a loan or anything like that in the near future.
2006-10-31 07:07:17 · 7 answers · asked by luvfurypassionenergybabe 5 in Business & Finance ➔ Credit
I would advise you to go ahead and get the credit card with the better reward policy, unless your current company is willing to make you the same deal. If you get one new credit card it won't affect your credit score, but if you apply for a bunch of credit cards that WILL affect your credit score, so bear that in mind.
2006-10-31 07:16:14 · answer #1 · answered by sarge927 7 · 0⤊ 0⤋
Yes, your debt to credit ratio has to do with your credit score as does how you pay your bills. Just pay the card off and keep it without using it. Having cards that are close to the limit is bad for your score too. If you have $10,000 worth of credit total (with all your cards combined), but only owe a small fraction, or none, of it your debt to credit ratio will look really good.
2006-10-31 15:17:49 · answer #2 · answered by JESSESGIRL 1 · 0⤊ 0⤋
it looks better from a credit report standing and when its pulled if u dont cancel the card or close it. just pay it off and stop using it. get the other card. i have done that in the past so its no big deal. as long as u dont carry or transfer balance ur all good :)
2006-10-31 15:11:19 · answer #3 · answered by jenivive 6 · 1⤊ 0⤋
Your credit scoire is determined by how you pay your bills. It has nothing to do with you dropping one credit card for another.
2006-10-31 15:10:39 · answer #4 · answered by WC 7 · 0⤊ 0⤋
No it shouldn't hurt your credit score, just make sure you are getting a better interest rate also.
2006-10-31 15:09:43 · answer #5 · answered by The Druid 4 · 0⤊ 0⤋
Sure,if the other card,better offer than the other.
2006-10-31 15:15:43 · answer #6 · answered by jeff 4 · 0⤊ 0⤋
Additionally, One thing I know is that you should make sure to redeem all your rewards PRIOR to closing - or else they will be forfeited!!!
2006-10-31 15:26:22 · answer #7 · answered by shaunkyle 2 · 0⤊ 0⤋