cancel the credit card, will it hurt my credit score?  |
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 Ok, I had mentioned about the citibank credit card sent me a notification about they will change the interest rate from%14.99 to%29.99, an outrageour hike which I couldn't accept. So, if I choose to cancel the card, it will hurt my credit score, will it? I did some research, and most likely, my credit score will go down if I close the account. What would be the better solution for it?
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1.  snowy22315 (8100) | 1 month ago |  It may hurt your credit score but you can probably live with it. They usually dont recommend canceling credit cards unless you have to, but I think you will be able to live with doing that if you do absolutely have to do it.
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| 2. rosepedal64 (1277) | 1 month ago |  Hi clorissa
I was listening to a talk show the other day on this subject. The credit advisor was saying that it would be best to pay off the credit cards if you can. So I called and was asking some questions. You are right, by cancelling the card it will lower your score a little at first. But then shortly after that it will show good rating for paying it off. It is like a loan if you pay off to early it can hurt the score. They advise that you wait one year before you pay off. So if you have had your card for that long then go ahead and payoff and cut up the card. If not then wait till you have had it for a year and then do it then. Im working toward that right now myself. Good luck and have a nice day. Keep smiling.
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| muscles4me (8502) | 1 month ago |  Hi Rose, You are well informed. What do you think about this annual fee they want to tack on people who pay in full? I think that is terrible. If we all went to the banks where or checking and savings is and asked for an annual fee card if they could not give it to us we should withdraw our money. I am so angry about alot of this I am thinking of purchasing a vault with a double key lock and combination lock that is fireproof and just dealing in cash.
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| 3. muscles4me (8502) | 1 month ago | It will only go down for a short while (a mont or two) and then it will go back up. I am angry about this hike. I used to have 5.9% on several cards and now they are 14.9%. I usually pay off my cards in full but now I am hearing if you do not carry a balance due ate least 10 months out of 12 they were charge a memebership fee of uo ro $49.00. I will cancel all my cards if that happens. They can kiss my butt on this. | |
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