S
SST55
Guest
Speaking in general, a decrease/increase in limits or cancellation of a credit card can influence your credit score. With the tightening of credit that's going to hurt a lot of folks.
If you cancel a card that can get you a ding because your credit worthiness is now decreased. A increase can also ding you because of the "activity"
If your limit is reduced that can result in a ding too.
Example: you have a card with a $350 balance and a $1,000 limit. You're in good shape. They now drop your limit to $500, now your at 70% of your limit. Even though you have made every payment on time you are now less credit worthy in their eyes and it will affect your FICO score.
Never ever go over 40% of your limit, ever.
I do have several cards and have no where near the $8,000 debt they say all card holders have and truth br told I'd like to get rid of all them. But today a card is needed, try to rent a car, book a flight, buy off the innerweb without one.
SST55, like Mongo is just a pawn in the game of life,,,,,
If you cancel a card that can get you a ding because your credit worthiness is now decreased. A increase can also ding you because of the "activity"
If your limit is reduced that can result in a ding too.
Example: you have a card with a $350 balance and a $1,000 limit. You're in good shape. They now drop your limit to $500, now your at 70% of your limit. Even though you have made every payment on time you are now less credit worthy in their eyes and it will affect your FICO score.
Never ever go over 40% of your limit, ever.
I do have several cards and have no where near the $8,000 debt they say all card holders have and truth br told I'd like to get rid of all them. But today a card is needed, try to rent a car, book a flight, buy off the innerweb without one.
SST55, like Mongo is just a pawn in the game of life,,,,,