was cancelling a credit card today...

[DaWhim]

Originally posted by: Wnh5001
Errr, i have a question that is kinda related to this. i recently applied for a cc by accident, and have yet to activate it. will anything happen if i decide not to activate it? will it affect my score?

damage is done, you should just keep it open. again, the damage was when you gave them permission to pull your credit report. it will go away in a few months anyways.

 

[GT1999]

FWIW, you guys got me all worried about my credit score (I've never checked it) since you said cancelling a card is bad. Well, I'm confident it doesn't hurt your score badly assuming it does. I just cancelled 2 MBNA VISA cards in October, and I'm only 24 years old. My credit report reflects this, but it's all green, and I have a score of 747. I've had credit since 2000.

 

[z0mb13]

Originally posted by: Geekish Thoughts
FWIW, you guys got me all worried about my credit score (I've never checked it) since you said cancelling a card is bad. Well, I'm confident it doesn't hurt your score badly assuming it does. I just cancelled 2 MBNA VISA cards in October, and I'm only 24 years old. My credit report reflects this, but it's all green, and I have a score of 747. I've had credit since 2000.

phew I am about the same age as you, had credit since 98.. so my score should still be pretty good

 

[Wnh5001]

Errr, i have a question that is kinda related to this. i recently applied for a cc by accident, and have yet to activate it. will anything happen if i decide not to activate it? will it affect my score?

 

[z0mb13]

Originally posted by: Wnh5001
Errr, i have a question that is kinda related to this. i recently applied for a cc by accident, and have yet to activate it. will anything happen if i decide not to activate it? will it affect my score?

you have to ask it twice??

 

[YoYoBabyYo]

Did you apply for the Citi PremierPass card or something? I just opened that mail and notice they are offering a $100 gift card.

 

[Wnh5001]

It was some no name cc company named clout.. and the op's question is related to canceling after activation im assuming. my question is wheter not activating will matter at all?

 

[TallBill]

lol at people freaking out over a few points on a cc score. you'll live.

 

[kritical28]

Originally posted by: edmundoab
too many credit cards does weaken ur credit record too..

even though u have never paid late or have always paid in full thus far

I hate it when people dont know what they are talkin about

 

[silverpig]

Originally posted by: kritical28

Originally posted by: edmundoab
too many credit cards does weaken ur credit record too..

even though u have never paid late or have always paid in full thus far

I hate it when people dont know what they are talkin about

Holy month old thread batman!

 

[SampSon]

This thread is back from the dead.

The number of people in this thread who have no idea what they are talking about is astounding.

 

[giantpinkbunnyhead]

I don't know what's right or wrong with credit, but I do know this... In my experience, a credit score is almost useless. My credit is in the bottom 2%, including a judgment and two derogatory accounts. My score is just a hair over 500 I think. yet in spite of this I was able to buy a brand new truck with just $400 down and 9%, financed on the FIRST TRY through Ford Motor Credit. My credit has been like that for some time, and I haven't had any trouble reserving hotel rooms, renting cars, finding insurance, or anything else. I'm not encouraging anyone to drop concern over it, but what I am saying is that, if I can pull all this off with a crap score, how much difference could a couple of points possibly make? Good credit is good to have, but largely overrated, for the purpose of promoting financial responsibility by scaring you into it.

 

[mindmaniac]

Originally posted by: SampSon
This thread is back from the dead.

The number of people in this thread who have no idea what they are talking about is astounding.

That's why I'm keeping my mouth shut. All I know is that it hurts to shut down a card, but hey I'm the one with a low credit score because i'm a deadbeat.

 

[ponyo]

Originally posted by: giantpinkbunnyhead
I don't know what's right or wrong with credit, but I do know this... In my experience, a credit score is almost useless. My credit is in the bottom 2%, including a judgment and two derogatory accounts. My score is just a hair over 500 I think. yet in spite of this I was able to buy a brand new truck with just $400 down and 9%, financed on the FIRST TRY through Ford Motor Credit. My credit has been like that for some time, and I haven't had any trouble reserving hotel rooms, renting cars, finding insurance, or anything else. I'm not encouraging anyone to drop concern over it, but what I am saying is that, if I can pull all this off with a crap score, how much difference could a couple of points possibly make? Good credit is good to have, but largely overrated, for the purpose of promoting financial responsibility by scaring you into it.

This shows you how desperate Ford is.

 

[Schfifty Five]

Where can one check their credit score online for free? And does checking your credit hurt you in any way? I don't know much about how credit scores work.

 

[Dulanic]

Originally posted by: Schfifty Five
Where can one check their credit score online for free? And does checking your credit hurt you in any way? I don't know much about how credit scores work.

you can get your report for free at annualcreditreport.com and get your score for a small fee, tho most of them are not accurate scores (Not true FICO score) they are close. And no pulling your own credit NEVER hurts you, only when others do it.

 

[Schfifty Five]

Originally posted by: Dulanic

Originally posted by: Schfifty Five
Where can one check their credit score online for free? And does checking your credit hurt you in any way? I don't know much about how credit scores work.

you can get your report for free at annualcreditreport.com and get your score for a small fee, tho most of them are not accurate scores (Not true FICO score) they are close. And no pulling your own credit NEVER hurts you, only when others do it.

Thanks!

 

[flot]

Originally posted by: giantpinkbunnyhead
I don't know what's right or wrong with credit, but I do know this... In my experience, a credit score is almost useless. My credit is in the bottom 2%, including a judgment and two derogatory accounts. My score is just a hair over 500 I think. yet in spite of this I was able to buy a brand new truck with just $400 down and 9%, financed on the FIRST TRY through Ford Motor Credit. My credit has been like that for some time, and I haven't had any trouble reserving hotel rooms, renting cars, finding insurance, or anything else. I'm not encouraging anyone to drop concern over it, but what I am saying is that, if I can pull all this off with a crap score, how much difference could a couple of points possibly make? Good credit is good to have, but largely overrated, for the purpose of promoting financial responsibility by scaring you into it.

Just wait till you try to buy a house. It's easy to shrug it off when you pay a 9% apr on a $20,000 car loan and have to cough up $70 more a month than your buddy... but when you have to pay 9% on a 30 year mortgage of a $250,000 house - you just cost yourself $200,000 in interest. (literally)

PS: If you had a 5 year loan at 9%, you paid $24,910 for a $20,000 truck. Someone with excellent credit probably could have gotten a 4 year 0% loan - they'd have the same monthly payment, but would have paid $20,000 total and owned the truck a year sooner.

Not bashing you - just explaining the importance of trying to be diligent with your credit score. Over the course of your life it will SAVE you ridiculous amounts of money.

This is one example of why the poor get poorer and the rich get richer - if you are financially irresponsible it will cost you MORE to go about life events (buying a house, car, etc) which will make it harder for you to be financially responsible.

 

[spidey07]

spot on Flot.

Not maintaining a high credit score just means you are wasting more and more money. Literally throwing it away by paying higher interest rates on everything.