credit score???
does anyone know how much it will hurt my credit score when i close an credit card acount with 15000 credit limit and 7 years history? i hate my cc company because they lie to me. i called to ask for lower my APR last month, they says that i have a promotion with 5 % cash back on eveything and will lower APR to 9.9 %. when i got statement, APR go up to 19% and i got 0 cashback. i spent over 2500 on this month . i called and asked they says that the promotion is expried......what do you think? should i payoff and close it?? or keep it open??? thank you for your help...
Public Comments
- this is a perfect question for www.daveramsey.com. Go to his website, get the time for his show in your area and CALL him. He can help you come out a head of the game. What do you have to lose?
- With the high limit you have, it will be best to pay it off and keep it open. You only have to use your credit card once a year to keep it active. It will be much worse for your credit score to close it because your score is partially calculated based on your credit limits (and the % of the balances used).
- you should pay it off but do not close it. Just don't use it again. Put it in a safe place like one of those fire proof safes. Your credit score builds over time.
