Submitted on April 18th, 2009 by Visitor (not verified)
Someone told me that if you have a credit card for less than a year and you cancel it (assuming you have zero balance at the time of cancellation), it will NOT affect your credit score, because you had it for such a short period of time. Is this true? I'm trying to find information online that will validate that claim before I proceed.
I got a credit card that was benefitting one of my preferred charities, and then they stopped benefitting that charity, so I don't want to use it anymore. I've only had the card for 5 or 6 months, and always paid it off in full, and I have zero balance on it. Is it safe to cancel, or should I just cut up the card and keep the line of credit open?
Someone told me that if you
Submitted on April 18th, 2009 by Visitor (not verified)Someone told me that if you have a credit card for less than a year and you cancel it (assuming you have zero balance at the time of cancellation), it will NOT affect your credit score, because you had it for such a short period of time. Is this true? I'm trying to find information online that will validate that claim before I proceed.
I got a credit card that was benefitting one of my preferred charities, and then they stopped benefitting that charity, so I don't want to use it anymore. I've only had the card for 5 or 6 months, and always paid it off in full, and I have zero balance on it. Is it safe to cancel, or should I just cut up the card and keep the line of credit open?