About a month ago we canceled several credit cards that we had paid off and no longer used. I always hate making these types of calls because you nearly have to give your first born child to have your simple request honored. The person on the other end of the phone will tell you all kinds of stuff like how canceling a card will lower your credit score and that just because you don't use the card it is not a reason to cancel. After all these very draining phones calls we ultimately canceled all of our cards except one despite what we were told by the credit card companies. Since canceling I have watched our credit reports and noted that in the month since canceling our scores rose about 24 points. It really leaves me wondering what on earth the credit companies are trying to pull by telling you the stuff they do. I know that things could change in the future but for right now I see no downside to canceling.
Posted by LJN at 2:25 PM