Do credit card changes affect credit scores?

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Do credit card changes affect credit scores?

My question concerns a card that I haven’t used in 2 years. It doesn’t give me many benefits and I would really rather not even keep it. I only have two other credit cards and only carry a small balance on one. This particular card company sent me a letter that said since I haven’t used the card in a long time they wouldn’t renew it unless I made a purchase on it in the next 30 days. Well, I don’t want it. So is it better for me to cancel the card, keep it and make a purchase, or let it just expire.

I have very good credit and am looking to buy a home in the next few months. I don’t want anything negative to go on my record, such as that a card was cancelled by the bank for me doing something wrong? I haven’t changed my cards since right out of high school because I was told it would affect my credit score, even though I hat all of my credit cards…I want ones with benefits.

   

   

bella22
Re: Do credit card changes affect credit scores?

You're lucky I'm a credit counselor ;) Don't close it, whenever you close out any credit card your score goes down some points ( i don't know exactly how many).  And if it says that it was closed out by your creditor it will look even worse. USe the credit card for a purchase you're about to make. For example, groceries, Buy your groceries with your credit card and don't spend your budget grocery money on other items, simply keep it in your checking account and when your bill comes pay it off. And you're good to go ;)

-Pain is weakness leaving the body- USMC OOrah!

Princessbell
Re: Do credit card changes affect credit scores?

That is exctly what I needed to know. It will be easy enough to make the purchase and keep the card. Thanks Bella!

"Time flies like an arrow. Fruit flies like a banana."

snazzy
Re: Do credit card changes affect credit scores?

i have heard the same thing. revolving credit (preferably with a low to none balance) better than none

Stevie
Re: Do credit card changes affect credit scores?

You want to hang on to those cards that occasionally send blank balance transfer checks.  Look 'em over real good before you rip it up.  You know what I'm talking about - a two page thing with 4 perforated checks on one side?  Usually the top one or two will have a 0% interest rate many times where you have 9months to a year to pay the balance off.  There is a one time only 3% charge (which will show up on your first bill) to use a bal transfer check but you can pay off high interest balances from other cards, or even use it to make a high-dollar purchase.

You need to plan responsibly when using a 0% interest bal transfer check.  You need to have it paid off when the term is over or you will be socked.

Daqutequeenb
Re: Do credit card changes affect credit scores?

I have limited credit history because I'm young....I got a credit card invite and got that card...but it was a scam seemed like....so I closed it. So because I closed it...my credit is messed up?????

bella22
Re: Do credit card changes affect credit scores?

A credit card company being a spam?? I don't know about all that, especially if it is a nationwide bank. I have only 2 credit cards and they're both from banks that I have my checking account with and I only use them for EMERGENCIES (no buying those cute shoes for the party you're going to is NOT an emergency). Just make sure they are a reputable company and well known. Also, make sure you're getting the best deal with a LOW APR and no annual fees.

-Pain is weakness leaving the body- USMC OOrah!

Hot2na
Re: Do credit card changes affect credit scores?

steer clear of capital one credit cards. they are the easiest cards to get, and the first to throw you under a speeding bus on your credit report should you not pay promptly. period. they also are known for slipping in interest rate increases as often as they can get away with it. also, capital one floods mailboxes of students each year and put many into financial hell before they can even graduate.

 

the other white meat ><{{{{ '>I am Keeper Of The Whip!

 

bella22
Re: Do credit card changes affect credit scores?

Tuna is right! My naughty list (yes i have a naughty credit card list, i do this everyday!) Is capital one, discover, us bank, and bank of america. BEWARE! lol.

-Pain is weakness leaving the body- USMC OOrah!

iamthedevil
Re: Do credit card changes affect credit scores?

Back when I was 18, Capitol One was the first card I got, and then the first I got rid of.

Now I'm sitting under a sh!t-ton of credit card debt, a lot of it from when I was out of work... then a new baby, then etc and etc...

STaRDoGG
Re: Do credit card changes affect credit scores?

Capital One. Ahh yes. Been there, done that. lol

 

Fortunately I no longer have any CC debt.

--

He's half a shadow.

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