Comments on: Credit score up 38 points 232 days after canceling credit cards

By: Kyle G

Kyle G — Wed, 06 Aug 2008 04:40:11 +0000

Closing accounts can not only hurt you utilization but also your length of credit history. This is because the scoring model looks at your average account age and closing accounts can really skew the average.

By: jim b

jim b — Sat, 02 Aug 2008 01:09:38 +0000

If you have over 2 credit cards that is not good…keep it
to minimum.

By: Wallace

Wallace — Sun, 17 Feb 2008 21:09:38 +0000

I do not know if I would ever cancel all my credit cards. Credit cards can be a safety net in some emergencies. Yes, I agree they can be the plastic demons.

By: Adam

Adam — Sat, 09 Feb 2008 21:36:50 +0000

I mentioned this last time, but my point is even more stark now ;). One of the new cards I procured — a Citibank Amex card (yeah, that initially sounded like an oxymoron to me, too) — pays me the equivalent of 4-10% “cash back” in travel rewards… e.g., for every $100 I make in purchases, I’m getting a potential $10 in travel credit value (in my case, typically around $6 in travel credit value). An average 6% return on my purchases, assuming $20K in annual personal + business spending = $1,200 more in my pocket per year. That’s not even close to life changing, especially if you think of it as $100/month. But for both practical and psychological reasons, it makes having a credit card worth it to me. Your mileage (and others’) may understandably vary :).