I've had a Discover card for about 10 or 15 years. Back then it was one of the few cards I could get. I HATE the company. They are constantly calling me with lame offers and mailing me those dumb checks that I never use.
I'd like to cancel, however, I've read that it can hurt your credit score to cancel cards you've had for a long time. (BTW I got a much more useful Visa card a few years ago.)
So should I cancel?
Thanks!
2007-04-05 11:07:11 · 15 answers · asked by Lazyrus 2 in Business & Finance ➔ Credit
If you are not using it, I'm surprised they haven't cancelled the account themselves. Does it hurt your credit score to cancel a card? Absolutely, but it doesn't help you any continuing to have an account open that you never use. Pursue wealth, not a great credit score.
2007-04-05 11:13:18 · answer #1 · answered by djkinsaul1 3 · 1⤊ 0⤋
If you don't use the Old Navy card, I'd vote to close the account. You might want to keep the Discover Card open if you have had it for more than a year. The length of the relationship is important to your credit score. If you want another credit card, get a no fee Visa or MasterCard from your bank and pay it in full each month.
2016-05-18 00:48:36 · answer #2 · answered by helga 3 · 0⤊ 0⤋
It shouldn't hurt your credit score to cancel a credit card you no longer wish to use.
Are you on the national no call list? You can request that credit companies not call you anymore.
2007-04-05 11:13:41 · answer #3 · answered by thependragonseye 3 · 0⤊ 1⤋
Just stop using it and make sure you keep it secure. After a year of inactivity, you can cancel (or fail to activate any new cards they send) You can also contact the credit reporting agencies (in writing) and ask that they stop selling your name to credit card companies who have no relationship with you.
2007-04-05 11:11:16 · answer #4 · answered by united9198 7 · 0⤊ 0⤋
Discover card has been increasing in popularity over the last decade or so. Except for student credit cards, most Discover cards have a comparatively low APR, and they never have an annual fee. They have also been commended for customer service and for fraud prevention. With more than 50 million cardholders and more than 4 million merchant locations, Discover is proving their critics wrong. When they first opened in the early 90’s, their competition scoffed and it didn’t look as though they would make it in the credit card industry. They were hoping to brand a new trend in credit cards, and they have succeeded after years of marketing and communication.
Here are three popular Discover credit cards:
The Miles Card from Discover
The Miles Card is one of the most versatile frequent flier credit cards in that it allows you to earn miles as well as gift certificates or cash back. Customers earn one mile for every dollar spent, and can choose how they want to redeem their points.
Discover recently increased the bonus miles card holders can earn with the Miles Card to 12,000. On both purchases and balance transfers, the introductory rate is 0%. There are no blackout dates and miles can be redeemed both online and over the phone. In addition, you can redeem your points for flights on any airline. Discover might not offer some of the fringe benefits that accompany Visa and MasterCard credit cards, but they make up for it in rewards.
Discover Platinum Gas Card
With gas prices rising nearly every day, many consumers are turning to gas rebate cards to offset the amount they’re spending at the pump. Gas rebate cards, such as the Discover Platinum Gas Card, offer cash back rewards for every dollar you spend at gas stations.
The Discover gas rebate card is singularly unique because of its double-reward program. Typically, customers earn 5% cash back on all purchases at gas stations, but if you redeem your cash back rewards with select merchants, you receive double the original amount. Discover offers a 0% introductory APR, which applies to both purchases and balance transfers. Apply online for a best discover credit card at: http://www.credit-card-gallery.com/Discover.html
2007-04-05 23:36:40 · answer #5 · answered by abel jarrod 2 · 0⤊ 0⤋
The more credit cards you have (that are open) the worse your credit score. I don't think cancelling an old one affects it at all, but having both open does lower it. (It's all about risk. The more potential debt you can incur, the higher a risk you are).
2007-04-05 11:10:55 · answer #6 · answered by wizbangs 5 · 0⤊ 1⤋
Cancel it if you don't want it. Canceling credit cards may improve your credit rating, since you now have less exposure to debt.
2007-04-05 11:14:05 · answer #7 · answered by regerugged 7 · 0⤊ 1⤋
If it's not costing you anything, why cancel it? If you've had it that long, it's giving a huge boost to your credit score.
2007-04-05 11:10:03 · answer #8 · answered by Always Right 7 · 1⤊ 0⤋
As long as you pay off the balance on your discover card then it will not effect your credit.
2007-04-05 11:10:30 · answer #9 · answered by Anita G 5 · 0⤊ 1⤋
No, not for the reasons you've stated. They all do it. If you do, it wont hurt your credit.
2007-04-05 11:12:07 · answer #10 · answered by rhymingron 6 · 0⤊ 1⤋