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will closing a newer credit card raise my score?


Guest sportsguyla
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Guest sportsguyla

Heres my thinking:

I dont need the extra credit.

Its less than a year old.

It makes my avg length of credit younger.

BUT,

I keep the card at 5% used, and I have relatively low total credit , so my ratio might go up a little.

I hope this makes sense.

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I've always heard that it's tough to close a credit card and not suffer a credit ding. Maybe someone else here would know more about that?

I guess if it were me and if I had OTHER CC's w/ better rates and I didn't want to do business w/ a company, that this may PERHAPS outweigh any possible temporary credit score ding I may suffer. In the end, only you can decide.

Since I don't have any credit cards and have actually only ever had TWO in my own name (back when I was 18 yrs old, I am now 31), I wouldn't look a gift horse in the mouth and I'd keep it, just in case. Again, that depends on where you're at credit wise.

Finally, since I hear CRAP1 doesn't report credit limits, in the end that could actually hurt your credit because I hear it messes up utilization.

Best wishes.

Elyse

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  • 2 weeks later...

Stainless: I don't think anyone can say for sure what Crap 1's actual policy is. We do have some evidence from other posters where Crap 1 has "poisoned" their credit file by not reporting limits. Its hard to know if that was an intentional across the board thingy, or just bad programming on the part of whoever setup the reporting tools.

However, IMHO, the thing with FICO scoring is this...it certainly doesn't work the way we'd like it to. It really isn't a measure of how much credit you have available, or even how you use it (although those things play a part). Its more a measure of how likely the creditors are to make money off you. They really don't want the money they lend you back...they want interest on the money they lend you. In effect, you're their savings account...they give you money they don't need right now, and collect interest and fees from you for the use of it. They're really happy if you hang on to the principal and just keep giving them the interest. So...in effect...the FICO scoring model is defined to predict how likely that is to continue.

Therefore, IMHO, make your "which card do I want" decesions based on what really is best for you, and forget about FICO. Do you pay things off every month? Get an AMEX green card...they insist on being paid, and those fees (for a year) are reasonable. Need an occasional float? Get a low APR Visa/MC from your bank...keep the balance low, and pay it off when you can. In fact, if you're worried about AMEX not being accepted everywhere, get a debit card from your bank.

In almost all cases, having too little credit is a far, far better thing than having too much...

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Yes we CAN say for sure what Capital One's actual policy is. They don't report limits. End of story. We've covered this and its implications over and over and over again here, as a search will reveal.

In addition, the well-worn Cap One discussion isn't the purpose of this thread. And instead of starting yet another one, why don't we look up the other ones, wherein all our questions will be answered?

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Im sorry to say this, but lately this board is too eager to push the search button and not answer questions from members.

The search key is a valuable method, but it is very broad and I have to admit I could be sitting here for hours before I even find the right topic im searching.

I think a reply would be no problem and then a short sentence to try using the search key would be more appropriate, but that is just me.

This board is truly an asset and with newer members joining everyday many don't know how to use this board and need assistance.

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The problem is we keep typing the same responses over and over again, which isn't fair. Either that, or we end up doing the searches for the posters ourselves, to find the threads wherein a wealth of information is already contained.

My suggestion was simply to NOT repeat the Capital One discussion in this unrelated thread, but to find the million other threads in which we've discussed it ad nauseum... all the information one could hope to know about Capital One's policy on reporting limits is easily found.

And newcomers tend NOT to read the pointers/tips/instructions contained in "PLEASE READ BEFORE POSTING" and "POSTING 101," choosing instead to post questions for the millionth time without searching first... leading to frustration among regulars who have to keep repeating themselves. A little give and take is not too much to ask. As Doc Don always said, we're not getting paid for this!

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Yes, I myself have typed the lengthy Capital One dossier at least 25 times. After a while it gets pretty tiresome, but of course the more times I type it, the easier it is to find in a search... you'd think... ;)

Not that anyone appears to READ the stickies...:evil: but yes, this might be worthy of one.

(And might I point out that I DID answer the "does Capital One report limits" question in this thread, and THEN went on to recommend a search for further information. Because there's a lot of it, and I don't want to type it all again. I think that's fair.)

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The problem is that we need to be careful how many stickys we have. Too many, and it gets hard to find information in the middle of all the stickys.

Read the stickys, do some reasearch with the search button, and don't hijack threads (as this one has been) and this board will be better for it.

FYI- the questions that are MOST repetative, and have just stopped answering:

1 Where do I start?

2 What card is best?

3 Read my letter, tell me if it is good.

4 any post that is too long to hold my short attention span.

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I guess I agree that newbies should be pointed to the discussions we've already had on a given subject, but...the last thing they need is more "attitude". A gentle "here's a short answer, but you can find much more by searching on "XXXXXX" at the top of the page" would be sufficient.

The people that come here are looking for help...they've already been beat up by the phone mafia at the OCs, CAs, and JDBs. The least we can do is try to help them learn from our mistakes...

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I guess I agree that newbies should be pointed to the discussions we've already had on a given subject, but...the last thing they need is more "attitude". A gentle "here's a short answer, but you can find much more by searching on "XXXXXX" at the top of the page" would be sufficient.

The people that come here are looking for help...they've already been beat up by the phone mafia at the OCs, CAs, and JDBs. The least we can do is try to help them learn from our mistakes...

Amen To That! An Attitude Is Very Unneccessary!

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:roll:

If my mom asks me "how much do you think I'd get for this on eBay" for the hundredth time, I will finally tell her "I don't know, mom. Why don't you go on eBay, find similar items, and see what people are getting for them?"

That's not "attitude." That's helping people learn to help themselves, which here is CRUCIAL to credit repair. You should never rely on one thread when there's dozens of others in which your question has been answered. People post without ever looking to see if their question has been answered already, and yes, that IS frustrating to people who have put their own time and research into answering before. It's taking advantage of people's patience and kindness if you're not willing to do your bit as well.

I've tried every which way to explain to people why they should search. It's to your benefit as well as ours. Because this is a mutual thing. And when you do a search FIRST before posting a question that's been answered a hundred times, you're magically presented with a hundred threads, chock full of valuable information... which is what you came here for. That's what we're trying to encourage here.

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This is a SELF HELP board. I want to help people understand how to do this. However, I think many people here are looking for someone to do all the work for them. I get 5 to 10 PM's a week, asking me to clean their credit for them. They offer to pay me, even.

If you do not sweat and toil to clean your credit, in the process learning just how valuable a good credit rating is, and how hard it is to get and maintain good credit, you will never appreciate that good credit, and you will be doomed to repeat the process of ruining your credit.

I do not mind helping, as I feel I am "paying it forward" that being said, you have to be willing to work a little yourself. While I do expect (as a mod) a certain level of civility from EVERYONE here (including myself), demanding that I serve others with a smile and a "thank you, come again" is implying that I am somehow your employee or servant.

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Hi all,

You all have been great with advocacy and supportive help here. Not only the information is there, but the great response and caring you all give when one is absolutely terrified and overwhelmed with these CA's, legal jargons, and catcombs of information.

I also would like to add since some topics are very hard to find, I found a new thing for me this past week under "search link" above. This really works for general topics, but not for particular new information such as URL links to different information. It just takes practice to get the right info when doing the search. It's a great tool!!! Perhaps a sticky on how to use the search engine for info might be helpful when having a hard time finding certain topics?

This may not be in the right topic place but I am responding to the team's replies here...

Keep up with the awesome wisdom, and great team help here!!!

Take care.

Suki

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That's not "attitude." That's helping people learn to help themselves, which here is CRUCIAL to credit repair.

Absolutely!!! There have been a time or 2 when I have been insulted just b/c I told a member where they should go to find their answers. Those who don't want to take the time to search & read call such responses "rude" and "attitudinal". I don't hold the hands of pple who can walk for themselves. However, when their feet become a little shakey, I am here to help you cross the street. We are here to learn as well as teach & lead others along the right path of credit repair. If you don't try to help yourself first, then someone giving you the answers is not benefiting you; it is only a temporary fix. Some may not like the "search" feature as it could yield many results; but it is there for a reason - to search. Get creative. Use different spellings & words. Shorten your search terms. Searching for an entire sentence is not going to help you. Searching in a particular forum would be a godsend if pple would even learn to post in the forum that is specific to their question. As LNY stated, all of that is covered in Posting 101.

I, too, get tired of answering the same question 20 times in one week. Yes...I also get tired of doing a search that a member could do themselves. I can understand how a member (newbies mostly) can feel insulted when they get the "search" reply to their question; but do understand it from our point-of-view. We're not telling you to "go search for yourself and stop bothering us". We just tell you to do a search and you will find the answer to your question. And not to mention hijacking. This thread has shifted to 2 different discussions since the OP's original question - another reason why the search feature is often ineffective.

We are here to help. "Helping" does not always involve telling one what he/she wants to hear. It's about guidance & assistance, and not hindrance, hence my 'name' - "Angel" (a guardian spirit or guiding influence).8]

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