Closing a Credit Card Doesn't Really Hurt Your Credit Score

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[kolby]

Thank you so much! I have been struggling to closing 2 Credit One credit cards because of this stigma. I just got a CC from Navy Federal so will be closing both of these now! Bye Bye annual (monthly) fees

[devilsinthedetails]

Great video I have always been told never to cancel a card and that just didn't seem right to me so thank you

[thebrains]

Credit one was the 3rd card I got however I just had to cancel it. Haven't regret it yet!

[rorysuber]

Thank you so much for the advice. I went through a season when my income and credit was substantially impacted in a negative way. Durimg that time a credit card company named Verve approved me for $500 with a guaranteed credit line increase of an additional $500 if I made every payment on time for 6 months. Of course I was elated by their trust in me and I made every payment on time. That was 2 years ago. The card came with not only an annual fee but also a monthly fee of $10. At the time I needed to re-establish my name so I took it. I called them a few months ago about waiving the annual and monthly fee. They said "no". I have been holding onto this card, paying a monthly and annual fee because I was afraid of "losing" my credit history I established with them. This video has freed me from the bondage of paying $200 every year for a card with now a $1300 limit and a $0 balance. I will be closing this card "IMMEDIATELY!" Thank you. Thank you!!

[paulah]

yup was already thinking about closing credit one cards and will be doing so, no regrets

[dynasty]

Thank you for this video. Canceling credit one!

[RessaJ]

omg i needed this idk how i found this video lmaoo but thank you

[stevewarren]

I had a no-annual fee card that I rarely use that just decided to increase their APR to 34.24%. I decided to cancel it because I won't ever willingly pay that percentage rate even though I usually pay off my cards every month.

[shawndoe]

I’ve closed all my starter cards & my score is in the 800s close any card you don’t want there’s no point in keeping it the time frame is after card is close is it stays on for another 10 years

[ImranKhan-egoj]

Matthew, thank you for explaining it in an excellent way .

[shouse]

I closed a first premier card of 3.5 years and that good account is still there along with a closed a/u account of 4.5 years that I closed Matt 👍🏽

[landocalrisian]

Matt no need to apologize for not posting. It's your joint man. Hope your wife had a good bday.

[IAmMzJess]

The people that say don’t close your cards are watching their credit karma credit reports. The vantage score for Credit karma only reports accounts that are open for age of credit/average credit age. They don’t factor in closed accounts and the history on those accounts. My credit karma says my credit age is 2 years where my FICO says my credit age is 8 years. Those who don’t care to learn how the FICO scoring system works. They only like what’s shown on credit karma. Close them bad cards that don’t serve your needs anymore!

[sturmbreakers]

Yeah only thing that changes that makes a difference is the credit line so your available credit goes down

[BrooklynSwagBoi]

Why did I feel like half the people in the comment section thinking about canceling their Capital one card

[ThVultur]

I heard that it drops off after 10 years in good standing. Seven years in bad standing.

[shannonmcwilliams]

Bye bye credit one thx cause I been wanting to cancel them for several yrs

[kauabarros]

THANK YOU !!! I wish I could write that bigger lol

[tainawmn]

Iam closing mines I was recently a victim of identity theft and the more accounts I have open I feel more insecure about my info out there

[EPICWILDETAILING]

I’ve had a Capital One Canada card for almost 5 years. With an annual fee of $59 and with only $300 limit which is garbage. Never got a limit increase on it. In total, I have $40k credit limit on my other cards from other banks. Is it safe to close the Capital One to avoid the annual fee renewal in July? They don’t offer a downgrade card nor any retention offer.. soo..