My home bank kept getting acquired and then stopped reporting to 2 bureaus, so it wasn't worth it to keep my oldest unused card any longer. Only one bureau even acknowledged that I had that useless card.
I’m asked to upgrade my non rewards card that I don’t use and they told me I would ah e to apply for another credit line and it would be two Different lines. I’m calling back tomorrow.
I closed the bank account I had my student credit card with and my credit score is like 878 and idek… I literally just paid back the card and closed the account bc the bank was shitty and I’ve never owned a credit card since
What if you got a cc just recently and didn't see there was an annul fee until after the fact, can this method still be used, or since it's so new, cancel it. Receiving this new card dropped my score 32 points, ouch! Please advise, I've worked so hard to get to where I am.💜🙏🏽🙌🏽 Rich BFF, thank you for all you do.
The amount of credit you have access to will go down (e.g. if you had $20,000 you could use across multiple cards, and the store furniture card had $5,000, so now you only have $15,000 you can use across all cards). Your credit utilization percentage will go up, and sometimes that can affect your credit score if it's over a certain amount. I think usually credit agencies like to see 30% or less, but the lower the better.
@@Arc_Firstlight ok… so hold on to it? Like I’m also trying to build my credit up (I was unemployed for a long time and relied on credit card to get by), so maybe that’s not a good move at the moment. Thank you so much ♥️
It's used for a lot of things, mainly for when borrowing money (like for a car, a house, other loans), having a better score can often get you a better (or at least, not a worse) interest rate or show you can be trusted with that loan; also it's getting more common that landlords will require a credit check before you can rent
Bruh...you cannot do this with every card. It has to be within the same card lineup to be able to downgrade it. Ex: Amex platinum has no downgrade path to a no annual fee card. Smh🤡
Chill, she’s giving good advice. It’s not because it doesn’t work for you that you need to throw a tantrum about it. Just specify it nicely in the comments like a big boy/girl and move on.
@@i.f.5566 LOL I'm throwing a "tantrum" because she always leaves out important information...Cap. One didn't even let me downgrade a diff card because they said that card was ineligible to be downgraded. If you're gonna give advice at least give people a heads up that the advice you're giving is not fully true. 🤡
Yea, except your credit score only matters if you rely on DEBT to live. Otherwise, you never ever need your credit score (and closing one card won’t crash your score anyway in most cases).
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My home bank kept getting acquired and then stopped reporting to 2 bureaus, so it wasn't worth it to keep my oldest unused card any longer. Only one bureau even acknowledged that I had that useless card.
Thank you🙏🙏 this means a lot!
What about the no annual fee limited card, like the one you get from a random bank like bank one😂
How about closing your newest credit card?
I cancelled my oldest card last year and it's still on my credit history since I was in good standing. It's going to stay there for 7 years.
10 years
I’m asked to upgrade my non rewards card that I don’t use and they told me I would ah e to apply for another credit line and it would be two Different lines. I’m calling back tomorrow.
Who needs credit score when you have cash and more credit card?
Why does closing an old card entirely remove it from your credit history? That seems like a very poorly designed system
thank you!!!!
I closed the bank account I had my student credit card with and my credit score is like 878 and idek… I literally just paid back the card and closed the account bc the bank was shitty and I’ve never owned a credit card since
What about southwest credit card they all have annual fees
From Lagos Nigeria 🌍 teacher startup
What if you got a cc just recently and didn't see there was an annul fee until after the fact, can this method still be used, or since it's so new, cancel it. Receiving this new card dropped my score 32 points, ouch! Please advise, I've worked so hard to get to where I am.💜🙏🏽🙌🏽 Rich BFF, thank you for all you do.
Is it okay to close your oldest debit card account? What should I do if I barely use it and they charge me a monthly fee.
What if I cancel a card that’s not my oldest. I made the mistake of buying furniture with a “store credit card” and I don’t that
Not that big of a deal in the long run
The amount of credit you have access to will go down (e.g. if you had $20,000 you could use across multiple cards, and the store furniture card had $5,000, so now you only have $15,000 you can use across all cards). Your credit utilization percentage will go up, and sometimes that can affect your credit score if it's over a certain amount. I think usually credit agencies like to see 30% or less, but the lower the better.
@@Arc_Firstlight ok… so hold on to it? Like I’m also trying to build my credit up (I was unemployed for a long time and relied on credit card to get by), so maybe that’s not a good move at the moment. Thank you so much ♥️
Not enough info to give customized advice but it likely won’t matter much.
Ok I'm not American. Can someone explain to me what's a credit score useful to you for? Just in case you wanna loan money?
It's used for a lot of things, mainly for when borrowing money (like for a car, a house, other loans), having a better score can often get you a better (or at least, not a worse) interest rate or show you can be trusted with that loan; also it's getting more common that landlords will require a credit check before you can rent
Does this work with my platinum amex?
Yes you can but the downgrade option still has a annual fee. They don’t have a no annual fee charge card.
❤❤
Bruh...you cannot do this with every card. It has to be within the same card lineup to be able to downgrade it. Ex: Amex platinum has no downgrade path to a no annual fee card. Smh🤡
You can check out but you can never leave
Good thing an Amex Platinum is no one first card. 😂
Chill, she’s giving good advice. It’s not because it doesn’t work for you that you need to throw a tantrum about it. Just specify it nicely in the comments like a big boy/girl and move on.
@@i.f.5566 LOL I'm throwing a "tantrum" because she always leaves out important information...Cap. One didn't even let me downgrade a diff card because they said that card was ineligible to be downgraded. If you're gonna give advice at least give people a heads up that the advice you're giving is not fully true. 🤡
@@i.f.5566 lol they took my reply off cause it was all facts🤡
£500 annual fee! Jesus, get a free one!
sometimes it's worth it
@@robbyoconnor could you give me some examples, please? I've never looked at those as I'm very keen on not borrowing money.
Amex platinum has Haigh annual fees and lots of perks
Yea, except your credit score only matters if you rely on DEBT to live. Otherwise, you never ever need your credit score (and closing one card won’t crash your score anyway in most cases).