Comments on: To Close or Not to Close http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/ The best Credit Card Debt Blog online Tue, 09 Mar 2010 09:42:31 -0500 http://wordpress.org/?v=abc hourly 1 By: Jessica http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/comment-page-1/#comment-51678 Jessica Sat, 24 Oct 2009 17:17:19 +0000 http://masteryourcard.com/blog/?p=1763#comment-51678 Hi There everyone. I know credit card debit can be worry some I was there, but I did something about it. Even an extra $500 a month was a god send. I encourage you to take a look at my business and learn how you can make extra money now (especially now for the holidays!) jsj.mynustystem.com Hi There everyone. I know credit card debit can be worry some I was there, but I did something about it. Even an extra $500 a month was a god send. I encourage you to take a look at my business and learn how you can make extra money now (especially now for the holidays!)

jsj.mynustystem.com

]]> By: Home Finance Tip Blog » Emily’s list: iPod birthday edition http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/comment-page-1/#comment-51661 Home Finance Tip Blog » Emily’s list: iPod birthday edition Sat, 24 Oct 2009 09:19:23 +0000 http://masteryourcard.com/blog/?p=1763#comment-51661 [...] Master Your Card explains how closing a credit card account can affect your credit score and discusses the common conundrum of “to close or not to [...] [...] Master Your Card explains how closing a credit card account can affect your credit score and discusses the common conundrum of “to close or not to [...]

]]> By: Mr. Not the Jet Set http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/comment-page-1/#comment-51411 Mr. Not the Jet Set Tue, 20 Oct 2009 21:02:19 +0000 http://masteryourcard.com/blog/?p=1763#comment-51411 Great comment, Mr. TML. I am not my FICO score! And as Jack says in the post, if the payment info doesn't drop off of your credit <i>report</i>, then there is no reason to to keep it for the history. Great comment, Mr. TML. I am not my FICO score!

And as Jack says in the post, if the payment info doesn’t drop off of your credit report, then there is no reason to to keep it for the history.

]]> By: Jack http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/comment-page-1/#comment-51392 Jack Tue, 20 Oct 2009 14:21:13 +0000 http://masteryourcard.com/blog/?p=1763#comment-51392 Good point, Mr. ToughMoneyLove - it is more important to look out for your own economic interests than how you look to lenders. There's more to life than your credit score! Thanks! Good point, Mr. ToughMoneyLove – it is more important to look out for your own economic interests than how you look to lenders. There’s more to life than your credit score!

Thanks!

]]> By: Mr. ToughMoneyLove http://masteryourcard.com/blog/2009/10/20/to-close-or-not-to-close/comment-page-1/#comment-51391 Mr. ToughMoneyLove Tue, 20 Oct 2009 14:18:35 +0000 http://masteryourcard.com/blog/?p=1763#comment-51391 I think you are overlooking the big picture. The consumer credit industry doesn't want consumers closing credit card accounts because it's bad for business. Therefore, the credit score algorithm is designed to discourage consumers from closing credit card accounts after they are opened. It's as simple as that. Think about this: If your credit utilization ratio were really that important to them, your net worth would be even more important. But FICO doesn't even care what your net worth is. What we need to do is not act like slaves to the credit industry and follow their rules like robots. Instead, do what is best for us, until the credit score becomes a tool that is used properly, and not to keep us in debt. I think you are overlooking the big picture. The consumer credit industry doesn’t want consumers closing credit card accounts because it’s bad for business. Therefore, the credit score algorithm is designed to discourage consumers from closing credit card accounts after they are opened. It’s as simple as that. Think about this: If your credit utilization ratio were really that important to them, your net worth would be even more important. But FICO doesn’t even care what your net worth is. What we need to do is not act like slaves to the credit industry and follow their rules like robots. Instead, do what is best for us, until the credit score becomes a tool that is used properly, and not to keep us in debt.

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