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  #1  
Old 06-12-2008, 06:00 PM
mary1 mary1 is offline
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Default Canceling one of my credit cards

I am thinking of canceling one of my credit cards because of the high annual fee. Do you think this will ruin my credit history? I know it is not good to close credit cards. Please advise.

Last edited by mary1; 07-28-2008 at 02:27 PM. Reason: spelling
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Old 06-12-2008, 06:33 PM
trent trent is offline
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This will depend on many things. For example if this was your first credit and you had the credit card for several years, then if you close it you will shorten your credit history significantly, which is bad for your credit score. Another thing that affects your credit score is the debt-to-credit ratio. If you close the card (assuming it's paid off) then your total available credit becomes less, which automatically increases your debt-to-credit ratio, and this might hurt your credit score.
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Old 06-12-2008, 09:29 PM
Canadian Canadian is offline
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Trent makes a good point however having too many credit cards can also hurt your credit score.
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  #4  
Old 06-20-2008, 01:02 PM
sunshine sunshine is offline
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Quote:
Originally Posted by mary1 View Post
I am thinking of canceling one of my credit cards because of the high annual fee. Do you think this will ruin my credit hystory? I know it is not good to close credit cards. Please advise.

You can close it or just stop using it. If you are afraid it will be bad for your credit history just pay it off and on renewal just don't renew it...
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Old 07-10-2008, 02:22 PM
mary1 mary1 is offline
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Quote:
Originally Posted by sunshine View Post
You can close it or just stop using it. If you are afraid it will be bad for your credit history just pay it off and on renewal just don't renew it...
Thanks I think I may do that!
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