Reasons to Cancel Credit Card

[smurf]

but its not a line of credit/

nonethless although the cl isn't included in your scores the actual account is still on your report

[bubbles]

Because your credit report shows your credit history and not just active credit lines

[Yeki89]

Because your credit report shows your credit history and not just active credit lines

thanks for repeating what smurf said

[bubbles]

thanks for repeating what smurf said

No problem. It's also what AJK and Avid Reader said. I figured that you were still questioning it even after 3 people answered you but maybe the fourth saying the same exact thing would make you understand

[HelpMe]

@helpme did you ever learn a gemorah, why is the chiluk a mechlek?

I would be more than happy to answer your question if I knew what it was.

[Name Changed]

I would be more than happy to answer your question if I knew what it was.

seems like you just answered yeki89's question

[steeeveknowsbest]

@helpme did you ever learn a gemorah, why is the chiluk a mechlek?

the problem is that credit analysts don't learn gemara, silly policies that don't make so much sense are a dime a dozen! trying to apply gemara kup logic to corporate bureaucracy is an exercise in futility, if anything in my experience being overly lomdish is such circumstances  can be counterproductive!

[Name Changed]

the problem is that credit analysts don't learn gemara, silly policies that don't make so much sense are a dime a dozen! trying to apply gemara kup logic to corporate bureaucracy is an exercise in futility, if anything in my experience being overly lomdish is such circumstances  can be counterproductive!

+1

[HelpMe]

seems like you just answered yeki89's question

I am glad I could help. However it seems I have a lot to learn. The same way yeki89 and you have to learn on how credit reporting agencies work.

[DovidR]

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?

Getting back to the point...
I don't think you have to close the card to avoid the fee. You can usually have the card 'converted' or 'downgraded' to a no fee type account.
And who knows? You might be able to avoid the fee anyway.

[HelpMe]

And who knows? You might be able to avoid the fee anyway.

Citi has always issued me statement credits for the AF on my AA cards (personal & business).

[Saver2000]

Citi has always issued me statement credits for the AF on my AA cards (personal & business).

There is a thread about this topic

http://www.dansdeals.com/forums/index.php?topic=1572.msg119703#msg119703

[HelpMe]

4. Reached maximum amount of CC’s allowed by creditor.

[AJK]

4. Reached maximum amount of CC’s allowed by creditor.

I'm not sure there is such a thing... at least not a hard and fast rule.

[HelpMe]

I'm not sure there is such a thing... at least not a hard and fast rule.

Bank Atlantic allowed only one personal and one business card opened at one time. They use to be great for AOR’s (0% BT w/NBTF).

[AJK]

Bank Atlantic allowed only one personal and one business card opened at one time. They use to be great for AOR’s (0% BT w/NBTF).

Touche - however, I was referring to the larger banks/issuers: AMEX, Citi, BofA, Chase, etc.

[HelpMe]

Touche - however, I was referring to the larger banks/issuers: AMEX, Citi, BofA, Chase, etc.

I am not aware of any limits with the big banks. The problem I had in the AOR’s days was to get 20k/year in interest you had to hit ever bank with a heartbeat!

[Yeki89]

now i get it

[good sam]

Getting back to the point...
I don't think you have to close the card to avoid the fee. You can usually have the card 'converted' or 'downgraded' to a no fee type account.
And who knows? You might be able to avoid the fee anyway.

If the card is converted or downgraded, how is the life of the account calculated? New date or old date?

[Devorah]

Touche - however, I was referring to the larger banks/issuers: AMEX, Citi, BofA, Chase, etc.

I was denied with Amex due to having "max number of cards allowed".  Cancelled 2 and called reconsideration and was approved.