Re: Transferring Credit Card Balance & cancelling card

Posted by Linda on August 03, 2001 at 20:28:17:

In Reply to: Transferring Credit Card Balance & cancelling card posted by V.B. on August 03, 2001 at 12:41:45:

Call Capital One and ask them if they can give you better terms. Tell them you "are considering paying the card of and then cancelling it" - do not say, "I want to cancel this card" you could end up with an account that is closed while it has a balance, and that is bad. They may be able to lower your monthly fee and/or raise your limit. I call this their "toy" card, LOL.

If this is your oldest card, don't cancel it, it will affect your score. Also if you have high balances, cancelling anything will affect your score. They measure balance to limit ratio. It should be less than 30%, ideally, less that 15% for optimum score.

Linda

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