Do not close your old credit card!!! #creditcard #creditscore #money #personalfinance

[chichi]

It depends on the type of credit card. I closed mine because I had very bad credit, clueless, was desperate and it was the ABSOLUTE worst. It had ridiculous monthly fees and the only way to pay my balance was to mail in a check that they took their time to deposit. I learned that it was deliberate and very often they would deposit people's checks after the due date to extract more fees. I closed that suckered with the quickness.

[jillj]

There are many factors. The biggest factor is “credit utilization”. If the card you close has a small credit limit, you may see little or no effect. But if it has a large limit, closing that card might effect your score because you’re lowering your total credit limit. Credit utilization is calculated by adding all your credit card limits and also individual card limit, so removing a big limit from your total can send your utilization up and your score down. Apply for a card that you like, but make sure the credit limit is high enough to replace the card you don’t use. Then, close the old credit card.

[opulence_prime]

Learned this the hard way. But still got stuck with a goofy card once I started over again 😅

[jennifermonroy]

This is an amazing channel! I love you my BFF 🥰

[Strix]

Maybe that's why my mom has so many

[Skities]

People have mentioned this to me.
My question is how to clean your credit score?
I have f*** my credit so bad that I just want to close it :, (. I have this card for almost 10 years.

[patriciacisneros]

Where were you when I was starting off? (1994) 😅😅😅

[etcetc]

This is only applied to US residents, right?

[brownhaddly]

What if you don’t use it ever again can the credit card company cancel it?

[mattatwar]

Credit history will shorten?? Is FICO that stupid, like you had credit in good standing and you close it, they still have history of that card.... I see why DR hates FICO