How much will it hurt my credit score to cancel a high limit credit card?

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  • cburnworth

    Expert
    Rating - 0%
    0   0   0
    Jul 13, 2010
    999
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    so to those that use the cards & then pay them off every month, what happens when one month you can't pay them off. after 2,3,4,5,6 months what happens? i like dave ramsey, i don't follow his program to the 'T', but i follow the concepts completely.
     

    PistolBob

    Grandmaster
    Rating - 100%
    4   0   0
    Oct 6, 2010
    5,440
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    Midwest US
    You canceling a card has no ill effects on your credit report. THEM canceling it does.

    Credit is a bad thing. Get rid of debt and stop using credit.
     

    patience0830

    .22 magician
    Site Supporter
    Rating - 96.7%
    29   1   0
    Nov 3, 2008
    19,479
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    Not far from the tree
    create a movement

    Respectfully disagree. Credit checks are becoming more and more common as part of the hiring process.


    So lets start a movement to eliminate debt. If you don't have an I LOVE DEBT score and let the possible employer know why, I would think that good stewardship of your own resources would imply to the prospective boss that you might also be a good steward of his.
     

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