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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
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Canceling a credit card
I just checked out my annual credit report because it's been a while, and everything is in order. Yay! But there's an open account for a credit card from Seaman's that I opened when I bought a couch there 4 years ago. The account is still open, in good standing, even though Seaman's went out of business long ago.
This means I have 7 credit cards in my name (all in good standing). Sounds like too many to me. I never use the Seaman's one (obviously!) and would like to close it - how do I do that??? Also, I never use another one, a Mastercard I opened but as far as I can recall, cut up and threw away once I received it. Should I cancel that one also? Having 5 open accounts must make for a higher credit score than 7, right? I'm so bad at this stuff. Thanks.
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Posted 8/27/08 11:23 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: Canceling a credit card
the number of accounts open can be a good thing
if they are your oldest accounts and ou close them- you shorten your credit history
just leave them as is
7 is not alot
my report is 15 pages long and I use 8 of the cards on there
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| Posted 8/27/08 11:27 AM |
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Angel321
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Member since 4/08 15553 total posts
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Re: Canceling a credit card
Posted by Beth1210
the number of accounts open can be a good thing
if they are your oldest accounts and ou close them- you shorten your credit history
just leave them as is
7 is not alot
my report is 15 pages long and I use 8 of the cards on there
I was just going to say this. Keep that line of credit open and out there - and unused. That is what our financial planner told us!
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| Posted 8/27/08 11:28 AM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Canceling a credit card
I agree with the others. I have many credit cards that are unused, but keep them open to keep my credit to debt ratio down and my credit history long. But as a side note, I once had an account through Dell for the purchase of a computer. They actually closed the accoutn but it was shown as open on my credit report. I only founf out because I didn't know what it was because it was many years ago. So your Seamans account could really be closed and just not updated on your report.
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| Posted 8/27/08 11:33 AM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Canceling a credit card
Thanks for the advice. I was ready to cancel the cards, but you've convinced me to keep them open for now.
As an aside - my credit history is long, and these are newer accounts. My father added me onto his Amex card so I'd have an "emergency" credit card when I was in college. Because of that, on my credit report, it says that I have credit in good standing since 1973 - and I was born in 1978. 
Message edited 8/27/2008 11:36:00 AM.
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| Posted 8/27/08 11:33 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Canceling a credit card
still- don't touch a thing
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| Posted 8/27/08 11:34 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Canceling a credit card
Don't close it.
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| Posted 8/27/08 11:34 AM |
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