Go Back   The Finance Forums: Financial planning, debt help, loans, mortgages, retirement and 401k, investment, and general finance discussion forums > Finance forums > Credit Cards


Credit Cards Discuss credit cards - user experiences, credit card rates, and which companies offer the best credit card.

Reply
 
Thread Tools
  #21 (permalink)  
Old 06-13-2008, 12:59 PM
bba060503's Avatar
bba060503 bba060503 is offline
Junior Member
 
Join Date: May 2008
Location: Islamabad, Pakistan
Posts: 14
Default Re: Is closing a credit card account a huge mistake?

how i can tell you that credit card system is a fraud. because i have worked with citi bank. My experience tells me that it is not enough more than decieve.
__________________
Reply With Quote
  #22 (permalink)  
Old 07-10-2008, 02:03 PM
rachael24 rachael24 is offline
Member
 
Join Date: Mar 2008
Location: NY/USA
Posts: 46
Default Re: Is closing a credit card account a huge mistake?

How long have you worked with Citi? Why do you say they are frauds?
__________________
New graduate with an emphasis in debt counseling.
Reply With Quote
  #23 (permalink)  
Old 07-19-2008, 02:24 AM
Kathy Jo Pollack Kathy Jo Pollack is offline
Junior Member
 
Join Date: Feb 2008
Location: Pittsburgh PA USA
Posts: 11
Default Re: Is closing a credit card account a huge mistake?

Congratulations on paying off your debt!

I am curious what you decided to do with your credit card accounts? Closing a credit card account may hurt your credit score. It is good that you inquired before you did it. There are many variables. Depending on the specifics of each account (such as the age and limit), closing it may shorten your credit history and may also make your current balances "look" larger (since they look at the amount owed in comparison with the amount available).

I would probably only consider closing an account if I already had a killer credit score (have you checked it lately?) and was not planning to apply for a loan in the near future.
__________________
*******************
Kathy Jo Pollack
Certified Life Coach, Trainer, & Speaker
Focusing on Financial Independence
www.kathyjopollack.com
Reply With Quote
  #24 (permalink)  
Old 08-19-2008, 02:04 AM
terry16844 terry16844 is offline
Junior Member
 
Join Date: Aug 2008
Location: pa crawford usa
Posts: 8
Default Re: Is closing a credit card account a huge mistake?

i would keep those accounts open with a 0 balence it will effect your credit if you close them.
Reply With Quote
  #25 (permalink)  
Old 09-25-2008, 09:22 PM
PeskyDebt.net PeskyDebt.net is offline
Junior Member
 
Join Date: Sep 2008
Location: Tennessee
Posts: 3
Default Re: Is closing a credit card account a huge mistake?

Ralph,

Close your cards. You will be fine without those debts hanging around you all time. I would keep one credit card for emergencies only, and I only advise that if you are disciplined enough not to use it and run it back up again. My family owns one credit card and have paid off all the rest and carry no balance on the one we have. This, in no way has affected my credit and as a matter of fact, I just recently purchased a very expensive property and had no issues arranging awesome financing.

Listen, being debt free (with the exception of your home, which is a great investment) is the only way to truly be financially satisfied. Keeping credit cards will never do the trick!

Check out my blog for more great tips on losing those cards, paying off debt and building your huge future!
__________________
Justin's Blog:
www.PeskyDebt.net
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


» Boards




All times are GMT +1. The time now is 09:36 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.0.0 ©2007, Crawlability, Inc.