Coffee Quaffer asked:


I transferred a balance from one card to another with better terms, and now I’d like to close the first account. However, I’ve been told that if I pay off the balance and close the account immediately, it will look as if the company canceled and could hurt my credit score.

How long should I wait before I cancel the old card?

Ella

ErikaS asked:


I’ve had this card for a while and am now starting to notice every month i get charged tons of fees. plus an $11 maintenance fee every month. I’m sick of it. is there a way to cancel this card without it going bad against my credit. or is my only option to pay it off and get the regular fees every month even if i dont use the card?

Doris

ac asked:


I know that no one should ever cancel a credit card, so I knew when getting my first one it was important decision because I would have it forever basically. So what exactly does it mean to CLOSE an account?? How is this better than cancelling a credit card?

And, what is the difference between formally closing an account or just having a zero balance and shreading it??

Thank you in advance for your clarification!

Lee

insharc asked:


My credit rating is good, not bad. But I’ve heard that having too many cards can damage it. I know that calling is a bad way to cancell, plus they try to talk you out of it.

What is the BEST way to cancel, so the credit reporting agencies know that you canned the card, and not the reverse?

Caffeinated Content

Michael T asked:


I recently paid off ALL of my CREDIT CARD DEBT. Was over $40k just a few years ago. . . So I called to cancel my credit cards and close my accounts. I also asked them to remove my name from their databases. They said they have to keep my personal info for tax purposes? I want my name out of their SERVERS! Help!

Caffeinated Content

2nd Commander asked:


say you are in good staying, never was late. always payed the balance. but you have too many credit cards let’s say. so when you cancel that credit card. what happens to your credit score? Does your credit limit you had for that card get erased from the records? after all those years of building the credit limit to help the credit score. what happens to it? and what happens to your score? i’m just curious.

Bernard

Mary Moon asked:


I have zero credit. I have been trying to gain good credit but no one will give me a loan, Target and Walmart refused me their credit cards because I have no credit. So I got an offer from Capital One for their credit card, and they approved me! I was so excited but now I am hearing the horror stories about them. If I keep my card for a year, charge as little as possible and pay slightly over the minimum would I have enough good credit that I could cancel the card and get myself a better one?

Edwin

DEL asked:


I have an opportunity to save $30 on a TV by signing up for a credit card. Will it hurt my credit score if I open it and cancel it in a week? I know you’re not supposed to cancel cards you’ve had for a while, but I wasn’t sure about this.

Dora