Canceling credit card - can I do that?

Discuss Canadian Credit Cards here.
mary
Posts: 2
Joined: Thu Jun 12, 2008 2:23 pm

Canceling credit card - can I do that?

Postby mary » Thu Jun 12, 2008 3:09 pm

I want to cancel my credit card because of the high annual fee. I've heard that this can ruin my credit... Do you think I can close it at all??? Thanks

rock
Posts: 20
Joined: Tue Jun 10, 2008 3:06 pm

Re: Canceling credit card - can I do that?

Postby rock » Wed Jul 23, 2008 6:58 pm

Of course you can close it. This might affect your credit score, if this was one of your first credit cards, and one of your first credits in general. For example if this was your first credit card and your first credit ever and you had it for 10 years, and your second credit line was obtained 5 years after the first one, then by closing the card you'll be erasing 5 years from your credit history.


Return to “Credit Cards”



Who is online

Users browsing this forum: No registered users and 1 guest