Comments on: If i cancel a student credit card will it hurt my credit?

By: eternal student

eternal student — Sun, 08 Nov 2009 04:09:15 +0000

I’d recommend you wait till you graduate and get a job before you get a credit card. Ana M’s suggestion sounds good. But, even if you close it, once you graduate and get a job, you will build your credit history as you keep paying your student loan, car loan, and credit card bills regularly on time. On a related note, let me introduce you to a new word – 401K. Learn about it in your spare time.

By: Mandy P

Mandy P — Fri, 06 Nov 2009 21:26:26 +0000

Lower the limit on your card and then cut it up. You’ll still have the credit line open so that you can build credit ( you don’t have to use the credit line in order to build credit) but you won’t be tempted to spend more then you can afford.

By: ANA M

ANA M — Wed, 04 Nov 2009 19:41:42 +0000

i have worked with credit for years. to be really honest with you, it will build your credit the longer that card is open. if you are going to be tempted to use it, cut it up and then you CANT use it. pay off the balance if any, and then let it sit….as long as it is open, it builds your credit, and looks good on you. what creditors want to see when looking at your credit is open lines of credit that arent used. that tells them that you are responsible with your credit. chase is usually a bad card to have, just because its usually high interest, but as long as you dont use it, it will help you in the long run. it actually lowers your score when you close out accounts, then you have no open lines of credit, and many places will not give you credit, or if they do its gonna be a higher interest rate.

By: tikababy

tikababy — Sun, 01 Nov 2009 10:34:51 +0000

You can cancel it but continue to pay your bill. Not paying is what hurts you.

What you can do is save up some money and put it in the bank, borrow against it and pay it back. You need to do it several times but don’t ever be late making a payment.

By: bdancer222

bdancer222 — Thu, 29 Oct 2009 17:19:15 +0000

If you don’t have any balances on any credit cards, cancelling the card won’t hurt your credit that much. Of course, if this is the only thing on your credit, you will be completely eliminating your history.

If you really want to build your credit. Use the card for a small purchase every month and pay the balance in full when the statement comes. That way you will build a good payment history, avoid paying interest, and stay out of debt. Having the card and not using it at all will not build your credit.

Part of good financial management is learning to discipline your spending. Credit cards can be very useful tools if you learn how to use them right.