http://pecuniarities.com/closing-your-credit-cards-can-hurt-your-fico-score/163 'Tis not a crime to pinch a penny Thu, 04 Mar 2010 15:17:19 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://pecuniarities.com/closing-your-credit-cards-can-hurt-your-fico-score/163/comment-page-1#comment-178 Emily Wed, 09 Apr 2008 17:07:43 +0000 http://pecuniarities.com/?p=163#comment-178 Thanks so much for posting this. So many people have no idea how important a good credit history is! My co-worker mentioned a great idea the other day. I told her I was annoyed that my first credit card was a student credit card, and the APR was so high I have no reason to use it, but that I can't really close it without losing a decent amount of credit history (I didn't get my next credit card for a few months to a year later). She told me I should just cut up the card. That way I am not tempted to ever use it, but that account is still technically open and contributing to a lesser credit to debt ratio. Another option, if you want to still have it available for an emergency in the future, is to freeze it in a chunk of ice in your freezer. That way you can still get to the card, but it will take some effort and determination :) Thanks so much for posting this. So many people have no idea how important a good credit history is! My co-worker mentioned a great idea the other day. I told her I was annoyed that my first credit card was a student credit card, and the APR was so high I have no reason to use it, but that I can’t really close it without losing a decent amount of credit history (I didn’t get my next credit card for a few months to a year later). She told me I should just cut up the card. That way I am not tempted to ever use it, but that account is still technically open and contributing to a lesser credit to debt ratio. Another option, if you want to still have it available for an emergency in the future, is to freeze it in a chunk of ice in your freezer. That way you can still get to the card, but it will take some effort and determination

]]> http://pecuniarities.com/closing-your-credit-cards-can-hurt-your-fico-score/163/comment-page-1#comment-168 Carnival of Personal Finance #147: Q1 Financial Advice Edition | Personal Finance Blog by Money Ning Mon, 07 Apr 2008 14:54:59 +0000 http://pecuniarities.com/?p=163#comment-168 [...] Penelope from Our Fourpence Worth tells us that Closing Your Credit Cards Can Hurt Your FICO Score. [...] [...] Penelope from Our Fourpence Worth tells us that Closing Your Credit Cards Can Hurt Your FICO Score. [...]

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