a bank issued credit card with a $ 14.50 monthly allowance. I paid off the card last week and thought about canceling. However, when I call they give me every reason not to. They tell me that the card is good for my credit score, because they report to the credit bureaus four times per month. The card currently has a balance of zero. I've heard that getting rid of the cards may be the score of pain. I just finished doing an overhaul on my credit card. My score was below 600 about a year ago. Now my score is 700. The card has a $ 700 credit. Should I just cancel or pay the monthly fee? I opened another bank issued credit card with a $ 1,000 credit, a number so I can transfer balances from other high interest cards. I also like a $ 250 credit line increase on another credit card. Thanks for your time.
- Wayne
Dear Wayne,
Congratulations on managing your credit in a positive way and increase your credit score. Remember that your credit score is calculated based on what is reported to the three major credit bureaus. How do you manage your credit card accounts, the information reported to the bureaus. So, you better your credit by making good decisions about how to manage your accounts, including making payments on time and as agreed and paying down existing debt balances.
I suggest that you consider your total credit use and goals when deciding what to do about a credit card account that charges a monthly fee. It is true that canceling a credit card account could temporarily reduce your credit score, particularly if one of your oldest credit accounts. However, keeping open an account that charges a monthly fee and you do not plan to use can not feel when it comes to the best way to manage your finances.
Having a good credit score and credit history are important for future loans and other areas of your life, such as renting an apartment, seeking employment or insurance rates you are charged. But decisions about credit should be based on your overall financial goals, not just about how your actions can affect three-digit credit score.
For example, if you decided to credit the account with the $ 14.50 monthly fee, would it cost you $ 174 per year. Over five years, it would cost $ 870. This is money you could use to pay other debt balances, saving for retirement or use of a particular financial goal, like a summer holiday to finance.
Unless you are planning for a mortgage or car loan to apply in the near future where every point in your credit score was a significant difference in the conditions of the loan, a possible temporary decrease your credit score by closing the account creation should not hold you to do so. If your credit score does slip a bit, it will bounce back and continue to improve as you continue to successfully manage your credit.
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Monday, April 16, 2012
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