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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.