Credit score Lake Charles

I have 2 that credit score Lake Charles I never use anymore and I credit score Lake Charles hate having them just sitting there. I want to cancel them but was told if I do so its a negative impact on my credit. Oh and I do have 2 others that I do use so I wouldnt be getting rid of all my cards. Diana, My understanding of this is when you cancel a card you have a history on, this history is then wiped out.

If its a good history than it will no credit score Lake Charles longer show up when credit checks are run. One would assume the same would be true if you had a bad history on the card but its funny how the bad can often prevail! As an example, if you have had one of the cards you are thinking of cancelling for 5 years, and kept that card in good standing, always making payments on time etc., then once you cancel it that good report will be gone.

When credit checks are run, they are looking for that good history, and the longer teh better! credit checks Another alternative to cancelling a card if you have a long credit score Lake Charles history on it, is to have the limit lowered as much as possible. In the long run, the amount of available credit you have will have a higher credit score Lake Charles impact than the fact that you have 4 credit cards. 4 cards with $2,000 limit each is still less than one credit score Lake Charles card with a $10,000 limit. A few months ago, PC Financial turned down my application for its MasterCard. I called and I was told that my credit report was actually very good. However, I did not have a landline phone number and I gave them my cellphone number as my home phone number. free credit reports The PC Financial staff told me to get a landline phone number and then to apply again in credit score Lake Charles 6 months. When I asked if my cellphone number was the reason for them to turn down my application, the staff said yes. Why would I apply for a landline phone number when I am only the only occupant in this apartment, and I wont be at home half of the time in the day? I did order my credit report after my application was turned down. So, sometimes, when youve been turned down for a loan, it might not be about your credit rating. But my experience tells me that, sometimes, banks just dont like making exceptions. Actually cancelling old cards has a short-term negative effect on your credit score only if the accounts are older than the average of your credit lines presently reported.

In short, a part of your credit score is calculated based on the age of your credit lines and if you cancel your two oldest credit lines your average age will drop, bringing your score down slightly with it. annual free credit report government This will correct itself over time, and quite frankly shouldnt be a big deal unless youre looking to apply for credit immediately (in which case apply for your new credit and THEN cancel those cards). The only other scenario when canceling credit cards has a negative effect is if it significantly increases your credit utilization (lets say you owe $4000 on 5 credit cards which have a total credit limit of $10,000 altogether.