To all the Credit Experts out there can you answer this??
I am 20 years old and applied for a Chase Student credit card and was accpted. I’ve had that card since early 2006. Then comes First Premier credit card, biggest mistake of my life they are such a rip off. I got them in late 2006. I got tired of all the fee’s so I canceled the card with a high balance. I also got a Platinum Visa Card that i wanna cancel but only had it a month with a high balance on it. If I dont have the money is it best to cancel both the cards pay off the balance and start over again with just my Chase Card which I’ve had the longest which dosen’t have alot of fees. Im still young and dont intend on getting a mortgage or loan anytime soon. I wanna start over with one credit card. I also have a FingerHut credit account in good standing with 0 balance. If I cancel both the cards now, how long will it stay on my report?? What would you do in my situation? Please No copy and pasted articles or links, I wanna read real peoples opions and hard cold facts.
I would just pay off the cards, and leave them at no balance that way it appears that I have allot of credit I am not using which increases your score. If by closing you mean quit paying on them that would be a mistake that will haunt you for at least 7 years, If buying car less chance of getting a loan and if you do a high interest rate. Try and get this all straightened out now while you are still young. before you need credit and cannot get it later in life.
