Impact to credit score of closing down 24-year old BMO credit card
Any information you can provide would be most appreciated.
Jun 1st, 2016 9:22 am
Jun 1st, 2016 9:31 am
Jun 1st, 2016 9:33 am
Jun 1st, 2016 1:35 pm
Jun 1st, 2016 1:44 pm
Jun 1st, 2016 6:59 pm
This. Only reason to consider anything else would be if your friend was worried about not getting approved for a car loan or mortgage in the next 6-12 months. Otherwise close it and move on - especially as noted if there's concern about ongoing fees for inactivity.TrevorK wrote: ↑Close is and forget about it. Your credit score is a proprietary number and if your friend has 24 years of good credit, it will hardly be a blip on the radar. They will still be able to access whatever credit they should qualify for based on income/history.
People place too much emphasis on credit score - the emphasis should be placed on paying your bills as agreed to. The worst case scenario is, provided you do, you'll have to close down a credit card or two before getting another.
Jun 1st, 2016 8:50 pm
Jun 1st, 2016 9:17 pm
Jun 2nd, 2016 8:37 am
Jun 2nd, 2016 11:30 am
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Jun 3rd, 2016 3:25 pm
Jun 3rd, 2016 3:34 pm
You crazy? You'll lose points off your credit score!!! After that... It'll ruin your life.pchi wrote: ↑Why are you guys so paranoid about closing an older credit card that you never ever going to use... especially if there's going to be an annual fee tact on?
Just close it. If you have other long standing credit cards, it shouldn't be too much of an impact but then I have really good credit so I don't really care. I have tons of revolving credit cards and close the ones that I dont even use anymore.
Jun 3rd, 2016 3:39 pm
LOL, I'm not crazy... took out a mortgage with like 9 revolving credit cards (i closed a few CC that I don't use anymore) plus 3 line of credits... and just got financing a 0% car now.
Jun 3rd, 2016 4:08 pm
Jun 29th, 2016 1:41 am
Jun 29th, 2016 9:33 am
Peoples' obsession with credit scores is both sad and amusing at the same time. If you're not using the card, cancel it. If the impact on your credit score is the biggest worry in your life I'd say things are going pretty well for you. IOW, start worrying about things that really are important.Emendo wrote: ↑Darn. I just got hit by this fee on my account.
I just want to let people know that the customer service rep was willing to cancel the fee but warned that this is a one time gesture and they will not do this again.
Now I got to figure out whether I want to cancel this 13 years old card.
Jun 29th, 2016 10:41 am
Jun 29th, 2016 12:04 pm
I am not in the financial industry, so I could only make decisions based on hearsay.Conquistador wrote: ↑Peoples' obsession with credit scores is both sad and amusing at the same time. If you're not using the card, cancel it. If the impact on your credit score is the biggest worry in your life I'd say things are going pretty well for you. IOW, start worrying about things that really are important.
Jul 22nd, 2016 11:44 pm