Closing Credit Card Accounts and Credit Score

For just about anything you want to get off your chest about credit cards.
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Nixon
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Postby Nixon » Fri Nov 07, 2014 3:21 pm

Chibi wrote:Thank you for all the responses. I learned and got the "hidden" answer I needed. Who knew about "utilization"! So, I will keep them open for now. My original direction of eliminating the number of credit cards were not only based on centralizing my finances, but also based on mortgage loans. At one point, I was told by the bank I was dealing with at the time that I had too many "line of credits" even though I wasn't using it and that had some negative impact on how they reviewed loan applications. So, if I have understand the concept correctly, it's better to keep the credit card accounts open with zero balance from credit score perspective, which the score is used to evaluate one's credit worthiness. But, from loan assignment angle, having too many open accounts with credit lines can have an impact on how loans are approved. Hmmmm. This sounds like another topic by itself.

[color="Red"]BTW, I wish credit card issuers would offer "0 Interest" to current customers as they're offering all over right now as Introductory to gain new accounts.
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Thank you, again.


Discover occasionally does this.
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PlyrStar93
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Postby PlyrStar93 » Fri Nov 07, 2014 3:30 pm

Chibi wrote:BTW, I wish credit card issuers would offer "0 Interest" to current customers as they're offering all over right now as Introductory to gain new accounts.

Now Citi has been trying to offer 0% balance transfers to me. I just received some balance transfer checks today which I did not request at all.

Nixon wrote:Discover occasionally does this.

So they offer 0% purchases on current customers who already have introductory expired? Or balance transfers?
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

Nixon
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Postby Nixon » Fri Nov 07, 2014 3:33 pm

PlyrStar93 wrote:Now Citi has been trying to offer 0% balance transfers to me. I just received some balance transfer checks today which I did not request at all.


So they offer 0% purchases on current customers who already have introductory expired? Or balance transfers?


We've had 3 0% promo periods in 3 1/2yrs of having the card. :)
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