Author Topic: Reasons to Cancel Credit Card (Read 9969 times)

good sam · « **on:** September 18, 2011, 12:04:06 PM »

What are the reasons to cancel a credit card? I can think of only 2:

1: Need to transfer credit to new card.
2: Avoid upcoming fee.

Any other reasons?

AJK · « **Reply #1 on:** September 18, 2011, 12:06:56 PM »

3. AMEX (or other bank's) FR

Name Changed · « **Reply #2 on:** September 18, 2011, 03:13:11 PM »

if you opened a few credit cards in a short amount of time it lowers the average life of your credit history which brings your score down.
This could be a reason to cancel

Dan · « **Reply #3 on:** September 18, 2011, 03:18:54 PM »

Quote from: Name Changed on September 18, 2011, 03:13:11 PM

if you opened a few credit cards in a short amount of time it lowers the average life of your credit history which brings your score down.
This could be a reason to cancel

Stays on even after you cancel.

sky121 · « **Reply #4 on:** September 18, 2011, 08:10:01 PM »

I have to cancel one of my Chase Credit cards to get a new one approved. Which is more worth it to have? The Continental OnePass or the United card?

I'm thinking the Continental...

any thoughts?

Name Changed · « **Reply #5 on:** September 18, 2011, 08:15:42 PM »

Why do u have to cancel to get approved?
I had a chase account - that I canceled the card and they still didnt wanna approve me for the new card, they considered the canceled card as a line of credit, and they didnt wanna give me more credit

HelpMe · « **Reply #6 on:** September 18, 2011, 08:52:56 PM »

Quote from: Name Changed on September 18, 2011, 08:15:42 PM

Why do u have to cancel to get approved?
I had a chase account - that I canceled the card and they still didnt wanna approve me for the new card, they considered the canceled card as a line of credit, and they didnt wanna give me more credit

You do not close the account first. If you get denied you offer to close one account to get approved. Many have had great success with Chase lately doing this.

elikay · « **Reply #7 on:** September 18, 2011, 09:23:58 PM »

Quote from: Name Changed on September 18, 2011, 08:15:42 PM

Why do u have to cancel to get approved?
I had a chase account - that I canceled the card and they still didnt wanna approve me for the new card, they considered the canceled card as a line of credit, and they didnt wanna give me more credit

Yup it helps for when you call recon.
BTW looks like we've got a budding AsherO http://www.dansdeals.com/forums/index.php?action=profile;u=4795 just read up a little and you'll be THE pro!

Saver2000 · « **Reply #8 on:** September 18, 2011, 09:27:08 PM »

Quote from: elikay on September 18, 2011, 09:23:58 PM

BTW looks like we've got a budding AsherO http://www.dansdeals.com/forums/index.php?action=profile;u=4795 just read up a little and you'll be THE pro!

Lmao

yaakov s · « **Reply #9 on:** September 18, 2011, 09:38:50 PM »

Quote from: elikay on September 18, 2011, 09:23:58 PM

Yup it helps for when you call recon.
BTW looks like we've got a budding AsherO http://www.dansdeals.com/forums/index.php?action=profile;u=4795 just read up a little and you'll be THE pro!

He sounded quite knowlegeable when he started http://www.dansdeals.com/forums/index.php?action=profile;area=showposts;u=14