Credit Card Closing

[Remedios]

I vote "joking" for the 11th poorly understood concept

[Queen_Etherea]

---

@Anonymous wrote:

Closing accounts does not drop FICO scores.  This is one of the top misconceptions on this forum.  I think we need to make a list of the top 10 misconceptions and have it pinned as a sticky thread.

---

Right, the closure of the accounts themselves won't drop your score, but if it takes away your available credit, then it can POSSIBLY drop your scores if you're left with some high utilization. 

If I had a penny for every time I heard someone say they didn't want to close their card because it would "ruin" their credit, I'd have like $0.18. 

Also, I REALLY like the idea of creating that misconceptions post. Then sticky it right smack dab at the top!

[Anonymous]

Yes!! I am so here for that misconception post!

[Revelate]

Write one up, pretty sure we can get it easily stickied though not sure that helps much hah.

[Anonymous]

I actually started one back in probably 2016-2017 and bounced some ideas off of CGID for it.  I'll have to do some digging around as I think I have it saved somewhere.

[SouthJamaica]

---

@Anonymous wrote:

I actually started one back in probably 2016-2017 and bounced some ideas off of CGID for it.  I'll have to do some digging around as I think I have it saved somewhere.

---

Aw c'mon, be creative.

Certainly the misconceptions have changed since then.

Also, you may want to leave it open to the floor for nominations.

[Anonymous]

I actually can't think of any misconceptions that have changed since then off the top of my head, although I'm sure there are some.