Comments on: How to cancel a credit card?

By: Ukja

Ukja — Mon, 11 May 2009 22:55:09 +0000

Hi,

I have three credit cards. My first card is a chase one and I am really happy with that though I have a CL $ 2600. Second is BOA CC with a CL $ 1500 and has not been used for 15 months. Third is the Capital one card with limit $ 750. I do not want to capital one card as they never wanted to increase the CL.

Now I have a couple of questions.

1. IS that ok to cancel that stupid Capital one CC?
2. Will they cancel since I am not using that. Actually that card has been destroyed by my kid and I am really happy with that too.
3. what is the best web site to get a free credit report. I have never had such a document.

Thanks

By: Ming

Ming — Sun, 14 Oct 2007 21:31:29 +0000

One more question about the first card. Should I use it occasionally or let it just sleep in my drawer? I am worried that if I don’t use it at all, the credit issuer will close it automatically.

By: David

David — Sun, 14 Oct 2007 19:38:12 +0000

Hi, Ming. I think you can use it for about once every two or three months. I would keep my first card all the time. If you cancel your first card, your credit score will drop. Today, a new card appeared in my credit report and my credit score dropped 7 points. It’s true that if you cancel your first card or add a new card wither way will shorten your credit history and will lower your credit score. However, if you are not going to buy a car or house, you can cancel it.(credit score means nothing to you right now.)

By: David

David — Tue, 09 Oct 2007 02:20:07 +0000

I want to make it clear for one thing. If you switch your oldest card to a new card, yuor old account will be closed. Because they will give you a new account number. Of course, if you consolidate your new cards to old cards, there should be no problem.

By: Ming

Ming — Mon, 08 Oct 2007 22:19:02 +0000

Cardoffer:

Two questions:
1. Can I switch my FIRST credit card to another one? Will it hurt my credit score and shorten my credit history? BTW, when I switch one card to another, the history of the new card will start from the date the old card was opened or the switch date?

2. If I switch one card to another card that can have a signup bonus, will I get that bonus?

Thanks:)

By: David

David — Mon, 08 Oct 2007 21:21:34 +0000

Hi Ming,
It’s really hard to say what will happen. What I pointed out in my post is just a general rule.
1). It’s generally believed that the first card should be kept all the time. That’s what I am going to do. Usually they will close your old account and open a new acount for you. In this way, it will hurt your credit score.
2). This question is really YMMV. Sometimes you can get bonus. When you call in to do this, please confirm with the CSR. My friends tell me that AMEX will give you sign-up bonus. But I’m not sure whether or not other banks will do this.My suggestion is call them up and ask this question to the CSR. Of course you should have good reason to him/her. Be kind all the time.

By: linglin

linglin — Sat, 06 Oct 2007 14:09:38 +0000

chase required me to maintain $500 minimum cl if i wanna move cl from this card

By: David

David — Sat, 06 Oct 2007 13:04:58 +0000

Well, sometimes it will happen. But I can move credit limit between my 3 chase cards without an y problem. You can call them again. Or maybe you can leave $500 CL and close this card later.

By: Fei

Fei — Sat, 06 Oct 2007 05:54:22 +0000

this article looks familiar…

By: David

David — Sat, 06 Oct 2007 04:04:30 +0000

Hehe, yes.I have writen several posts about credit card. I will publish them in the following days.It 's similar with my previous one.