Question posted by Anonymous-8377 on January 15th, 2010
What is the process to cancel my MasterCard credit card?
I would like to cancel my MasterCard, but they told me it would hurt my credit score. Is this true, or just there way of trying to keep me as a customer?
Current Answers
Answer #1: Posted by KOCHKIE on April 18th, 2011 6:12 PM
KOCHKIE
Member since:
April 18th, 2011 Points: 19,450
Member since:
April 18th, 2011 Points: 19,450
IF IT IS YOUR ONLY CREDIT CARD, YES THEN IT WILL HURT YOUR SCORE, WHY CANCLE IT, IF YOU HAVE BEEN A GOOD CUSTOMER, AND ON TIME WITH PAYMENTS, THEY SHOULD LOWER YOUR INTEREST RATE BUT YOU HAVE TO CALL THEM, IF THEY WONT LOWER YOUR RATE, AND YOUHAVE NO BALANCE, AND YOU HAVE AT LEAST ONE CARD, THEN CANCLE IT, THEY MAY CHANGE THEIR MIND. IN A BANKRUPTSY, A GOOD LAWYER WILL TELL YOU TO KEEP ONE CREDIT CARD, IT HELPS YOUR SCORE.
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