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So,closing a card is really not bad?

Regular Contributor

So,closing a card is really not bad?

IF you paid off a card completely, then closing a card isn't really that bad right? Assuming you keep a low utilization at all times, then the decrease in total credit limit wont really effect you, and if you have 5 accounts that are 10 years old, closing one of them won't do too much hurt, right?

 

Do companies frown upon seeing a lot of closed cards?

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Epic Contributor

Re: So,closing a card is really not bad?

Closing a card with a 0 balance will not hurt you.  It will still factor into your AAoA for up to 10 years.

 

I wouldn't close one unless there was an AF involved. 

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Moderator

Re: So,closing a card is really not bad?


guiness56 wrote:

Closing a card with a 0 balance will not hurt you.  It will still factor into your AAoA for up to 10 years.

 

I wouldn't close one unless there was an AF involved. 


+1

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
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