Comments on: If I apply for a credit card for the incentive, will it hurt my credit score to cancel it quickly? http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/ Find out your monthly mortgage payment using this free updated mortgage calculator. Get amoritization tables, bi-weekly savings, refinance info and tips to save money on your home loan. Wed, 14 Sep 2011 21:17:02 +0000 hourly 1 http://wordpress.org/?v=3.2 By: lathom01 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2091 lathom01 Tue, 23 Jun 2009 16:48:27 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2091 Wow....quite a few conflicting answers here. When you open up a line of credit, and then quickly pay it off and cancel it, it can hurt your credit score because creditors want to see a HISTORY of your credit. Believe it or not, they are not impressed with the fact that you paid the loan off quickly because, all that means to them, is that they might not be able to make any money off you. People who pay off their credit balances before they have a chance to accrue any finance charges, are known (in the credit card industry) as "dead beats". They aren't making any money from dead beats. Creditors want to see that you have had a card for a long period of time, and that you have carried a balance but have paid it in a responsible manner. So, yes, it will be considered as an undesirable entry onto your credit report, but likely wont affect your score by more than a point or two. If Amazon makes you pay a yearly fee for their card, then it is worth the few lost points to go ahead and cancel it. Otherwise, pay it off and then just chunk it in a drawer somewhere. Keep the account open and make one or two purchases a year on it. Even if you continue to pay them off right away, at least that may be balanced out by the length of time you've had the card. In regards to the credit bureau, there is no way to win....no way to have a perfect score. Any move you make can be interpreted as good or bad, and they are the ones who get to make that choice....not us. Wow….quite a few conflicting answers here. When you open up a line of credit, and then quickly pay it off and cancel it, it can hurt your credit score because creditors want to see a HISTORY of your credit. Believe it or not, they are not impressed with the fact that you paid the loan off quickly because, all that means to them, is that they might not be able to make any money off you. People who pay off their credit balances before they have a chance to accrue any finance charges, are known (in the credit card industry) as “dead beats”. They aren’t making any money from dead beats. Creditors want to see that you have had a card for a long period of time, and that you have carried a balance but have paid it in a responsible manner. So, yes, it will be considered as an undesirable entry onto your credit report, but likely wont affect your score by more than a point or two. If Amazon makes you pay a yearly fee for their card, then it is worth the few lost points to go ahead and cancel it. Otherwise, pay it off and then just chunk it in a drawer somewhere. Keep the account open and make one or two purchases a year on it. Even if you continue to pay them off right away, at least that may be balanced out by the length of time you’ve had the card. In regards to the credit bureau, there is no way to win….no way to have a perfect score. Any move you make can be interpreted as good or bad, and they are the ones who get to make that choice….not us.

]]> By: Iuasdf Q http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2090 Iuasdf Q Mon, 22 Jun 2009 03:59:57 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2090 look at this one look at this one

]]> By: gaza http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2089 gaza Sat, 20 Jun 2009 18:05:31 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2089 Closing the account will not hurt the credit score, if it is paid in full. Better check the fine print. The $30.00 credit may have to be paid if you close the card within a time frame noted on their offer. They could even make you pay for the purchases you made under the $30.00 limit. Call them, if you don't you could develop a credit score problem. Nice Try Closing the account will not hurt the credit score, if it is paid in full.

Better check the fine print. The $30.00 credit may have to be paid if you close the card within a time frame noted on their offer.

They could even make you pay for the purchases you made under the $30.00 limit.
Call them, if you don’t you could develop a credit score problem. Nice Try

]]> By: Can't Stand Ignorant Questio http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2088 Can't Stand Ignorant Questio Fri, 19 Jun 2009 16:05:31 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2088 Closing accounts is claimed to be adverse. I closed and paid off 2 cards recently. I canceled the cards 1st and took 10 months to pay the balance. That didn't move my score. I don't know what to belive. I think because I maintained the balance for awhile may have made the difference Playing with credit cards for $30.00 incentives is NOT A WISE action.. Closing accounts is claimed to be adverse. I closed and paid off 2 cards recently.
I canceled the cards 1st and took 10 months to pay the balance.
That didn’t move my score. I don’t know what to belive.
I think because I maintained the balance for awhile may have made the difference

Playing with credit cards for $30.00 incentives is NOT A WISE action..

]]> By: Travis S http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2087 Travis S Wed, 17 Jun 2009 04:52:57 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2087 It will count on your credit as an inquiry. Closing it early will not affect your score good, or bad. It will count on your credit as an inquiry. Closing it early will not affect your score good, or bad.

]]> By: john l http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2086 john l Sun, 14 Jun 2009 14:37:25 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2086 yes u can do so..and it is not efeect any your credit score at all. goodluck! QL yes u can do so..and it is not efeect any your credit score at all.

goodluck!
QL

]]> By: jayjayji http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/comment-page-1/#comment-2085 jayjayji Thu, 11 Jun 2009 18:11:27 +0000 http://1mortgagecalculator.info/if-i-apply-for-a-credit-card-for-the-incentive-will-it-hurt-my-credit-score-to-cancel-it-quickly/#comment-2085 cancelling credit cards does affect your credit rating, so just keep the card and either don't use it, or use it and pay it in full every month cancelling credit cards does affect your credit rating, so just keep the card and either don’t use it, or use it and pay it in full every month

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