canceling all credit cards?

[azguy13]

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@youdontkillmoney wrote:

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

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^^^^

without going into the merits of canceling cards, and if it's something you are intent on doing, all other things equal, cancel the newest ones first and keep the oldest ones since average age of accounts (AAofA) affects your credit score. You said you wanted to cancel all cards, but I'd keep two since 1 if none and 2 is 1.

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Closed accounts are calculated into the AAoA for 10 years. It does not matter which OP cancels first. 10 Years from now they may disappear but that will hardly mean anything if they cancel all their cards anyways. The smart thing is to keep non-AF cards open and use them periodically but it sounds like OP does not want that, even if the cards are cut up. 

[lg8302ch]

Rather than cancelling credit cards - work on your self diszipline. It can be done and the benefit will not only help in terms of credit but also in other situations in your life. Try it 

[azguy13]

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@lg8302ch wrote:

Rather than cancelling credit cards - work on your self diszipline. It can be done and the benefit will not only help in terms of credit but also in other situations in your life. Try it 

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Very good adivce. If OP cannot demonstrate the self control needed in this situation, they should just use autopay for one or two bills online, cut up the cards, and pay the acounts on time. This way they can't swipe it. 

[TiggerDat]

Yeah, go ahead and cancel them all.  Don't worry about if you have an emergency or your future credit score.  You won't ever need to buy a house or get a car loan, so there is no need to worry about having/keeping your credit good. 

I mean seriously, you must be joking.  While there would not be much initial damage, there could be long term damage that will cost you more than if you do what you know you should.  You do after all admit directly that it is the fact that you spend too much because you have them, so the problem is not the fact that you have them, but your own urges.

I have lot's more credit than I need or can use.  I am not at all tempted by it, in fact, because of my past problems I am even more in control than I ever was.  I think about almost every purchase I make when I am shopping.  In fact when I am shopping I rethink it before I even buy something.  I have save a fair amount of money because of this habit.  Enough to buy 5 houses in Detroit, MI.  (Houses there are really cheap.)  This savings has made me feel better about myself and my finances!  Yeah, I am tempted by things and even give into that temptation, just not as often as I used to.  Find your focus and keep at it.  Use the cards a little to keep them open, PIF every month, and use the right card for the right purchase.  (Use the highest gas rewards card for gas, groceries for groceries, and make sure that you actively think about the rewards cards you have in a way that triggers the temptation towards not buying.  Maybe think about it in this way, 'I can't buy this since I don't have a rewards card which gives me a discount or the rewards aren't that high.')

[peaceonearth]

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

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+1

I had more money when I was only using my Debit card and no credit cards.

[azguy13]

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@peaceonearth wrote:

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

---

+1

I had more money when I was only using my Debit card and no credit cards.

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You may have had more money but you were also not growing your credit profile. Granted, it is not a big deal if you do not plan on financing any major purchases in the future. 

Honestly, this could be exactly why the system is the way it is. If someone cannot trust themselves with credit then their score/report reflects that and lenders see it as more of a risk. 

Well played financial system...well played. 

[lg8302ch]

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@peaceonearth wrote:

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

---

+1

I had more money when I was only using my Debit card and no credit cards.

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This is the part I do not understand. It is just the method of payment that changed for me not the spending   On the contrary with cards I get some cash back with debit plain nothing...above statement is a mystery to me.

edit: make a budget, stay on that budget and then payment method does not change anything

[peaceonearth]

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@azguy13 wrote:

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@peaceonearth wrote:

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

---

+1

I had more money when I was only using my Debit card and no credit cards.

---

You may have had more money but you were also not growing your credit profile. Granted, it is not a big deal if you do not plan on financing any major purchases in the future. 

Honestly, this could be exactly why the system is the way it is. If someone cannot trust themselves with credit then their score/report reflects that and lenders see it as more of a risk. 

Well played financial system...well played. 

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Believe it or not.

I bought a nice Condo and I had enough money saved, to pay cash for it.

[peaceonearth]

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@lg8302ch wrote:

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@peaceonearth wrote:

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@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

---

+1

I had more money when I was only using my Debit card and no credit cards.

---

This is the part I do not understand. It is just the method of payment that changed for me not the spending   On the contrary with cards I get some cash back with debit plain nothing...above statement is a mystery to me.

edit: make a budget, stay on that budget and then payment method does not change anything

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Even these days, most Debit cards have no Rewards. A plain no gain..

That's the only I love is the Miles, my average Monthly spending on credit cards goes up to $30,000.00 and I make sure it is paid off in full each Month.

I do believe in Credit but frankly, Credit sometime can be a headache.

[lg8302ch]

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@peaceonearth wrote:

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@lg8302ch wrote:

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@peaceonearth wrote:

---

@subwaysandwich wrote:
I have a FICO score of 730 (without micromanaging) and I find that I spend too much when I have credit cards (not that I'm in debt or anything). Would I still have good FICO if I were to cancel all my cards? Thanks!

---

+1

I had more money when I was only using my Debit card and no credit cards.

---

This is the part I do not understand. It is just the method of payment that changed for me not the spending   On the contrary with cards I get some cash back with debit plain nothing...above statement is a mystery to me.

edit: make a budget, stay on that budget and then payment method does not change anything

---

Even these days, most Debit cards have no Rewards. A plain no gain..

That's the only I love is the Miles, my average Monthly spending on credit cards goes up to $30,000.00 and I make sure it is paid off in full each Month.

I do believe in Credit but frankly, Credit sometime can be a headache.

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So far no lender prevents the use of credit cards in the same way as debit cards...so simply get the rewards and do not pay attention to the word CREDIT ...think of it as DEBIT and  get these rewards !