REVscene - Vancouver Automotive Forum

i-VTEC · 06-22-2012, 05:10 PM

So is it bad to close line of credit? or can you?

urban.boi · 06-22-2012, 06:06 PM

5 credit card isn't so bad... im using 7 credit cards but i burn and churn them routinely and get those bonus miles offers. and it hasnt affected my credit rating. that being said i dont owe any balance on them as i pay them off before the due date.

Spartacus · 06-22-2012, 06:14 PM

My situation. Currently i only have one credit card with 3000 credit limit with TD. I tried applying for a new 5000 credit card which I was rejected because they said I have a collections due from shaw of 150$, which i just paid for a month ago.

They said I can't increase my limit or apply for a new card because of this and that i should try again in next 6 months. Checked my credit report and i have an R1, never missed a payment for TD. Can't believe my life is on hold because of this BS 150$ charge from Shaw.

Not sure how badly will this affect my credit but should I apply for a new card with a different bank? I Know if you apply for more than 1 credit card, you'll lose a bit of credit score but i don't think it'll be drastic as I'll be pretty good with rebuilding it.

Credit score breakdown.

35 percent- payment history
30 percent- outstanding debt
15 percent- length of time you've had credit.
10 percent- new credit
10 percent- type of credit

What do you guys think? Should I apply for a Credit card with a different bank?

i-VTEC · 06-22-2012, 06:30 PM

I think Capital One guarantee approve with credit card

Perhaps you do can do some research about them.

But if you have just applied for a credit card do not do it again at least 5 months because you don't want people keep looking at your credit report

Spartacus · 06-23-2012, 12:25 AM

Quote:

Originally Posted by d87c

I think Capital One guarantee approve with credit card

Perhaps you do can do some research about them.

But if you have just applied for a credit card do not do it again at least 5 months because you don't want people keep looking at your credit report

Is that really such a bad thing? I mean looking at the credit score distribution, Its only worth 10 percent of the overall credit score calculation.

What about those people who are signing up for multiple credit cards for those stupid gift items/ 25$ rebate under a year. Would that mean their credit score is in the shitters?

i-VTEC · 06-23-2012, 08:36 AM

On average normal people get their credit look at 4 times a year

The more it has been looked at must been you wanting to borrow money whether succeed doesn't matter, but they might think you were rejected, thus, if you have been rejected before, why should the next lender approve?

iam_dan · 06-23-2012, 10:31 AM

those people may have a long positive credit history to be able to apply for a bunch of cards on promotion to get freebies.
its usually better to let your card expire rather than cancel, as it affects your credit limit, and if you go past a certain % of that limit(80? i forget), it poses as a negative for your scoring.
besides, it looks better for your credit report if you have long histories with cards.

id just wait the 5 months. apply for a card you want, not settle for random misc ones that you will probably replace sooner or later

having many cards doesnt mean you will have bad credit scoring. as long as you manage them well, always pay it off, and spend within 80% of the limit, you'll be fine.