Thanks for all the information guys

 

didnt want to make a new credit card thread so i will revive this one.

anyone recommend a good credit card that has NO FEES...

just saw my capitalone and they charged me a $59 fee wtf... i need a good free one or a cheap one with good rewards, any recommendations?

 

meth, get the costco one. I don't remember if they have a fee, but the costco amex rocks!

 

thanks bro, but its the fees i don't want. when they charge me $60 or so, i feel like i am getting bent over.

i will look into that one though.

 

I don't remember if it has a fee, but you get between 1-3% back (not for only purchases at costco) so even if there is a fee the perks more than cover it.

 

Simply call them and ask them to waive the charge. If its annual, or they hassle you about it, close the account. There are plenty of free credit cards available, so there's no need to have a card with any annual fees imo.

 

the only time i have ever seen a closed credit account hurt someones credit was b/c their credit sucked before they closed it anyways

my 2 cents are, if you do keep the accounts open but yet have a $0 balance you're not hurting yourself at all.

 

Length of credit history is taken into account when your credit score is calculated. If you cancel your oldest accounts or cards, then your length will be effected when these are eventually taken off the report after being canceled.

 

Don't obsess over it. A myriad of factors all affect your credit score. Plus the score is not a index of how likely you are to repay, it's an index of how good a credit customer you are. If you consume heavily on multiple cards and carry an outlandishly high balance you'll have a higher score so long as you make your payments than someone who carries a sane amount of debt. Gaining or losing 10-50 points isn't something you should obsess over.

Plus your credit score isn't all that meaningful anyway. On something like a car loan they may simply take the scores from the major credit reporting agencies... but a 1% difference on a car loan is at most a grand (possible for a 10 point change to drop you down a rating and disqualify you for a favorable loan even if it's unlikely). For the loans that matter (business loan, home mortgage) the bank won't even look at your credit score they'll look up the contents of your report during the under writing process. Closing a CC isn't going to have any effect on what kind of home mortgage you can get.

Do what makes financial sense rather than trying to manipulate the score. As long as you make decent money, live within your means, pay your bills, and buy occasionally on credit the score will take care of itself is my philosophy.

 

'Average age of accounts' is one of the criteria used in determining credit score. That is why closing the account will hurt.

Furthermore, if the account reports a credit limit, a tentaive $0 balance on that card will affect help your 'utilization percentage'....Lower utilization increases credit score as well.