06-24-2009 03:24 PM
06-24-2009 03:40 PM
I'm sorry this happened to you allot of us in the forum are aware of this. Canceling cards that have allot of age on them is never a great idea. It will come back to always haunt you but in any case thanks for sharing.
06-24-2009 07:12 PM
Depending on the cards, you might be able to reopen some of them and keep the credit history.
reopening is typically a possibility for a brief period after closure (like 30 days) depending on issuer so act quickly.
06-24-2009 07:24 PM
06-24-2009 08:03 PM
06-24-2009 09:43 PM
They don't. They care about your fico score. Evidently they think that people with bad credit are bad insurance risks also, so if your credit sucks, you pay higher insurance premiums. That is my one and only quarrell with Dave Ramsey. He goes on and on about how his fico is zero and a afico score is an "I love debt" score. No, for me, it's an "I like lower insurance premiums" score. So. for those of us who are not multi millionaires like him, we need to have a good fico as we can.
Sorry that happened to you. I just closed my Merrick card today. They did not give one whip about my decision to close it if they would not take away the annual fee. They could not care less. I say good riddance to them. I just refionanced my house to 4.5, and opened about $25000 worth of credit limit cards in the last month, so I think I can recover from the small loss my fico might take from closing that little stinking Merrickl card with a limit of only $1350
06-24-2009 09:53 PM - edited 06-24-2009 09:55 PM
people forget average age of accounts is not affected by closing a card for 10 years!
that's the single most overlooked thing when someone is afraid of closing cards, because they think it affects it right away.
i'm all for closing cards that don't work for you, that don't grow with you, that have no rewards, etc.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.