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DMT
LIF Adult
Member since 6/05 2277 total posts
Name:
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CreditCard Question
I want to cancel a creditcard I have and open a new one that I can get points and awards for. I have had this card for about 14 years. I asked a few people and I cant seem to find out what is better:
should I cancel the old card entirely or just shread it? A lot of people are saying it will hurt my credit if I cancel it , but I hate leaving that cc number open to be stolen...I already own a home so I am not so so worried about my credit dropping a little.
TIA
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Posted 4/2/07 9:47 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: CreditCard Question
I've always been told to keep credit cards open since it proves a longer line of credit.
Suze Orman would tell you to keep it and just shred it or put it in a safe!
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| Posted 4/2/07 9:50 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: CreditCard Question
Do not cancel especially a card with that kind of history. Just cut it up or pay a bill with it and pay it off every month.
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| Posted 4/2/07 9:50 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: CreditCard Question
just cut it up. dont close the card.
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| Posted 4/2/07 10:11 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: CreditCard Question
I agree that you shouldn't cancel the card. That card is helping your credit history and if you don't have a balance on it, that helps your credit too. Even if you are not overly concerned about your credit score right now, you never know what may happen. Just shred the card.
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| Posted 4/2/07 10:51 AM |
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