How much would it hurt... a few points? I want to take care of bonus mileage offers that come with new cards, but wonder if changing cards every year or two would hurt my credit rating.
2007-01-18 04:59:31 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes, it hurts!!
An inquiry only dings, on average, about 2-3 points. However having a short average account length/history is bad.
If you really really want the new card, atleast DO NOT close the old one! You're doing a double whammy by getting rid of an old account AND adding a new/recent account.
2007-01-18 05:13:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Don't get rid of the old card! If you have had the old card awhile and have paid on it every month as agreed it has built up some good credit for you because of how long you have had it. If you completely cancel the card you will loose that good reporting feature. I would suggest you get the new card, and use it for your new purchases, but keep the old one as well, charge a small amount on it each month and pay off that amount quickly...that way you have 2 good reports coming in. Also, try to keep all your credit card balances less than 50% of the available credit line...this will be a BIG help to your credit rating.
2007-01-18 05:10:51 · answer #2 · answered by Mustang Sally 4 · 1⤊ 0⤋
specific, and that i did it without hesitation. i wish we can coach those banks a lesson, optimistically there will be a internet site dedicated to exhibiting the credit card businesses. Hooters credit card - extra an annual cost called them up and closed her up Wells Fargo Visa - Dropped my credit line from 8300 to 2500 Cya later Citbank - Raised my interest value and decreased my shrink, called and advised them Bye Bye Pissed me off once I have been given declined for groceries employing my Wells Fargo card because of the fact the decreased my shrink without telling me, how embarrassing. I even have countless enjoying cards, so remaining those won't influence my score as much as three different enjoying cards. My credit union enjoying cards have been the perfect so some distance, i will probably consistently have 2 of those. i wish you all call them and cancel.
2016-10-31 10:52:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No it should not hurt you at all as long as you are paid up and all then you should not have a problem is there a contract or cancellation fee make sure you find out because you know how much writing they have this time and all. so thats it buti thinkyou will be fineit wont hurt your credit unless you have not been taking care of it and all.
2007-01-18 05:04:35 · answer #4 · answered by crystal b 3 · 0⤊ 2⤋
It does. Part of what makes for a good credit score is long-term relationships with the same creditors.
2007-01-18 05:03:19 · answer #5 · answered by zippythejessi 7 · 0⤊ 0⤋