Sort:
12-15-2012 at 11:31 PM
Jdunk2008
Not Ranked
Joined on 03-18-2012
1,518 Points
Jdunk2008 is not online. Last active: 05-22-2013, 6:04 AMNewbie

Cancel Cards?

I know that cancelling credit cards can hurt your credit to a degree. I know I have read a lot of people suggest that you just cut up your card. I'm just curious if a Victoria's Secret card or Maurices card being closed would have the same affect as another card that is used more frequently and can be used at multiple different locations?

I don't really like the idea of just cutting up a card mostly because I worry about people hacking into accounts, then charging things up. Maybe I am way off though. Thoughts?
Thanks! :)

 
12-16-2012 at 9:48 AM
Kaiene
Top 100 Contributor
Joined on 03-27-2008
Maryland
30,965 Points
Kaiene is not online. Last active: 04-15-2013, 4:36 PMPlatinum

I believe the length of time that the account has been open and its status is what's important.

I cancelled a card because I never used it, it had an annual fee, and it was only 6 months older than another card.  We had also already purchased our home, so I wasn't as worried about the potential impact. 


Visit The Nest!
5 cats. 1 baby. Baby Birthday Ticker Ticker 
12-16-2012 at 8:21 PM
LS45
Not Ranked
Joined on 03-22-2012
1,329 Points
LS45 is not online. Last active: 05-23-2013, 11:46 AMNewbie
Are the store cards your only source of credit?  If you have other, non-retail credit cards and they have been open for longer than your store cards, then I would go ahead and cancel.  However, if those store cards are the only credit you have available, then canceling would significantly hurt your score.

"Because right now, this is a job. If I advance any higher, this would be my career. And if this were my career, I'd have to throw myself in front of a train." - Jim Halpert Follow Me on Pinterest 
12-17-2012 at 2:56 PM
Erikan73
Not Ranked
Joined on 12-12-2011
2,577 Points
Erikan73 is not online. Last active: 05-15-2013, 2:16 PMNewbie

I agree with prior posters. Depending on how long you've had the cards and how many other cards you have depends on if you should cancel after paying them off.

If they are only cards in your name, or perhaps the longest active accounts, pay off & pretend they don't exists. However, if they have an annual fee, call to see if you can get it waived (my husband did that & they agreed to waive it for one year). If not then cancel it because the annual fee probably isn't worth it then.

 
12-18-2012 at 4:54 PM
Jdunk2008
Not Ranked
Joined on 03-18-2012
1,518 Points
Jdunk2008 is not online. Last active: 05-22-2013, 6:04 AMNewbie

I have two other Visa cards I use wherever and whenever. I got the victoria's secret card probably 4 years ago but don't do a lot of shopping there and the Maurices card is probably 2 years old and I have only used it a few times. I just dont' shop at either place as I maybe used to. And all my cards are always paid off. Just wasnt sure if a simple in store card would hurt my credit much. I have used a credit card since I was 16 so my credit is well established. 

Thanks! 

 
hot topics

"When did you start feeling married?"
MindyMWM2012 on Married Life

"Do you have joint or separate bank accounts?"
JustinandHaley on Money Matters

"Severe problems with the in-laws. Help!"
epco33 on Relationships

search boards

choose another board


The Nest Obsessed
In a decorating rut? Check out our new blog with daily tips and deals!