Author Topic: Reasons to Cancel Credit Card  (Read 6742 times)

Offline good sam

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Reasons to Cancel Credit Card
« 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?
If you don't care why would you comment?
HT: DMYD

Offline AJK

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Re: Reasons to Cancel Credit Card
« Reply #1 on: September 18, 2011, 12:06:56 PM »
3. AMEX (or other bank's) FR
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Offline Name Changed

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Re: Reasons to Cancel Credit Card
« 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

Offline Dan

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Re: Reasons to Cancel Credit Card
« Reply #3 on: September 18, 2011, 03:18:54 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.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline sky121

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Re: Reasons to Cancel Credit Card
« 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?
"Not all who wander are lost"

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Re: Reasons to Cancel Credit Card
« 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

Offline HelpMe

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Re: Reasons to Cancel Credit Card
« Reply #6 on: September 18, 2011, 08:52:56 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.
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Offline elikay

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Re: Reasons to Cancel Credit Card
« Reply #7 on: September 18, 2011, 09:23:58 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!

Offline Saver2000

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Re: Reasons to Cancel Credit Card
« Reply #8 on: September 18, 2011, 09:27:08 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

Offline yaakov s

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Re: Reasons to Cancel Credit Card
« Reply #9 on: September 18, 2011, 09:38:50 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

Offline elikay

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Re: Reasons to Cancel Credit Card
« Reply #10 on: September 18, 2011, 10:06:36 PM »

Offline yaakov s

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Offline Yeki89

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Re: Reasons to Cancel Credit Card
« Reply #12 on: September 18, 2011, 10:54:50 PM »
Stays on even after you cancel.
why?

Offline smurf

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Re: Reasons to Cancel Credit Card
« Reply #13 on: September 18, 2011, 11:08:33 PM »
why?
because
Seriously it's your credit report it includes your entire credit history so even cancelled cards stay on the report for an extended time

Offline Yeki89

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Re: Reasons to Cancel Credit Card
« Reply #14 on: September 18, 2011, 11:11:12 PM »
but its not a line of credit/