Last Updated on Dec 20, 2019 by James W
Looking forward to obtaining a high credit score is one of the most important aspects most of us aim to deal with every now and then. Whenever we want to obtain a nice credit for the next period of time (let’s just say, a five year period), it might be rather impossible to do so without the right tools. Well, some of these imply having a great credit history (or one of the most appealing incomes to help you get going). Yet, what does it happen when you decide it is time to get rid of your credit cards? This is definitely one question ought to be answered throughout time. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to see whether or not does canceling credit cards affect your credit score!
1. In a Good and Positive Way
Believe it or not, as soon as you cancel your credit card, you are basically paying off your debt faster than expected. This can do only good to your credit score, since you are not at all a bad payer – instead, you are one of those they have always been looking for (and expected). What bank would say no to someone who managed to pay off his or her debt faster than the date set on the contract? Well, you how the drill – definitely no one of them too soon. Still, there is yet quite a lot of time for you to choose, but your credit score will go rather up than down in such a situation.
2. Do You Really Want to Cancel It?
This is yet another question ought to be answered quite soon. Before going to cancel your credit card, it is imperative to be sure that this is definitely what you want for your future. Such an activity is difficult to tackle, since when you needed that credit there were some reasons behind. Now, if you pay it before the deadline, you might also be needing those money in two months period – and it would be quite a headache to create just another credit for that. Instead, what you could do is to keep yourself up to date with both your spending and your earning. By this way, you know for sure what happens at all times – and you can make certain predictions regarding the next period of time (your financial one).
3. Beware of Your Old Credit
As appealing as it might seem, your old credit must be quite high if you truly want to be worth it. In the end, your credit history is the one ought to put down everything, from your abilities to receive quite a high sum of money to show that you are truly interested in the possibility of receiving money. Moreover, this is one of the best ways in which you can increase your credit score – by gaining more with your present one. This is a very important thing to take into account, even though your old credit works in your favor from this point on. And trust me, you will be definitely excited to hear that a flawless credit is what you need to help you get going every now and then – and thus make your outcome expected.
4. Know the Process
If you finally decide that cancelling your credit card might be the best solution out there, it is important for you to know the entire process – from beginning to the very end. By this way, you know for sure which are the steps required to be taken in such a way that you will get to the right point as soon as possible. Usually, when you decide to cancel your credit card, you do that in less than two days – and this implies, as you know pretty well, knowing the entire process. As you probably presume, the first step would be to get in touch with your bank. Afterwards, you could get a glimpse into their offer and in the end, just set everything up for the next period of time. Trust me, you will get there in no time.
These being said, what are you still waiting for? Have you already managed to make up your mind and decide whether or not cancelling your credit cards affect your credit score? If so, we are looking forward to knowing more about it – and it is important for us (and not only).