Quote:
Originally Posted by Maestro
Quote:
Originally Posted by bimmer456
So BofA was threatening to cancel my credit card if I didn't use it, which would have lowered my credit score. Today was the last day to use it without getting screwed even though I did nothing wrong. With no physical card and thus no security code I couldn't use the card but a stroke of genius told me to add it to Apple Pay. Now credit score is safe. Pretty lame that I would be punished if I didn't charge anything to the card. Seems counterintuitive ya think?
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BTW this was governments solution for people who had too many credit cards. Your Credit Rating goes down for each card you have open, add up all the CC credit limits and that is your total debt risk, the higher this is the worse your rating.
The Government now requires anyone who issues you a CC even store cards to close the card if you do not use it. I never heard the credit rating going down because you reduced your credit debt risk or a card closing. I had number of cards close in the last year and rate keeps going up. |
I have several credit cards that I use because of the benefits. It doesn't lower your score based on the number of accounts it's the age of your newest account and their standing. Your score will dip when you open an account and should recover. If you open more than one in a short period of time it could have a bigger negative impact for a longer period of time before recovering. Leaving the accounts open won't lower your score. Closing one doesn't appear to have a huge negative effect as they may have changed the rules as that didn't make much sense.