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Cancel Credit card and forfeit credit?
I have two credit cards, one with Chase and the other with First Financial Bank. My Chase credit card is closed, so I am only making payments on that card. However, my First Financial Bank credit card is still active. Last time I called to cancel my credit card with First Financial Bank they told me that if i terminate my contract with them, that I will forfeit my credit history. However, I do have an open account with WalMart and Target credit cards. Neither of them have a MasterCard or Visa logo, so they are simply "store cards." Will terminating my contract with First Financial Bank make me forfeit all credit history or will my active Walmart and Target cards sustain my credit history?
6 Answers
- StephenWeinsteinLv 71 decade ago
Your history with Walmart and Target will not be affected.
Also, contrary to what the person on the telephone implied, your credit history with First Financial will not disappear immediately, or for the next several years. You will have a credit history, which will show all four cards, for the next several years.
However, the "age" of your credit history is determined by the oldest account that is not closed; if the account that you close is your oldest, then the "age" of your credit history decreases.
- Anonymous1 decade ago
Closing credit cards will harm you in two ways.
1. It will reduce your overall available limits on all your cards. A number creditors look at.
2. You could be easily closing your oldest credit card. Length of credit history is 15% of your fico.
It is 100% that closing old accounts is good for your score - when in truth exactly the opposite is more true.
Keep the account open, just don't use it.
If it gets closed, which it shouldn't unless you end up with really bad credit, allow it to close.
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- KiniLv 71 decade ago
Credit card companies are predatory lenders. They are trying to screw around with customers now before the new laws go into effect next year. They will say anything to keep your business. No, it is not true that your credit history with them will magically disappear from your credit record. That is ridiculous, so don't believe that. If you call back and speak to another person, at least twice more, you might hear a different story. Look at your credit report. All your past history is there, as well as your current active accounts.
- 1 decade ago
If your First Financial Bank Credit card is the credit card you have had the longest then canceling it will affect your credit score negativly. Your credit score is based on how long you have had a credit history and other factors.
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- TammyLv 45 years ago
Unfortunately, the points were contingent on having an account. Been there, done that. If you paid an annual fee to have the card, demand a rebate on the fees. It won't be equal to the $300, but it's something.
- 1 decade ago
nah, they're just trying to scare you into keeping the card. if you close the account, they stop getting payments.
