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But canceling that card actually had a negative affect on my credit score!
Thankfully, I already had a good credit score and wasnt planning on applying for any lines of credit at the time. get a credit report At the time, I didnt know how credit scores are determined. I thought that since I had an open line of credit that wasnt being used, it would lower my credit score (too much available credit can be a free credit online Salt Lake City bad thing). That was partially true, but I didnt realize that the age of your credit history also affected your credit score.
That line of credit was open for 8 years, had a $1,000 limit, and I was never late or missed a payment.
Besides that card, my newest lines of credit were another credit card and a car note, both of which were about a year free credit online Salt Lake City old. Canceling that credit card reduced my average age of credit quite a free credit online Salt Lake City bit, and there was no substantial free credit online Salt Lake City benefit by reducing my line of credit by $1,000. free credit reports now This chart breaks down the components of your FICO score. As you can see by the above chart, making any drastic changes to any of the categories can affect your credit score. This would include missing payments, raising your credit utilization, canceling cards and reducing the length of your credit history, taking out new credit cards, and taking out different forms of credit (mortgages, free credit online Salt Lake City store brand credit cards, student loans, free credit online Salt Lake City etc.). Recently, my wife received a new Discover Card to replace an expired card, but she forgot she even had this particular card in her name! It turns out she used the free credit online Salt Lake City card when she lived with her parents and even though she hadnt used the card for several years, free credit online Salt Lake City it was still active.
We looked into it a little bit, and it turned out she had a $15,000 limit on it. Add that credit limit to another Discover Card, a credit card through our bank, and a mortgage in her name (she bought the house before we were married and I was never added to the mortgage), and we found out she has a lot of available credit to her name!
Time to reduce the amount of credit to improve her score! order a credit report online We called customer service to cancel the card and while we were going through the process, free credit online Salt Lake City I remembered that we shouldnt cancel the card because your length of credit history affects your score. This card was about 12 years old, which free credit online Salt Lake City is a very good age to keep on your credit. Well, it turns out credit card companies dont like to lose customers, so they transferred us to a CSR intent on keeping us as customers.
In the end, we kept the card open and had it switched to the Discover® More® Card which offers great rewards benefits.
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