http://www.moneyunder30.com/cancelling-credit-cards-what-would-you-do Personal Finance for the Young and Ambitious Fri, 19 Mar 2010 21:32:50 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.moneyunder30.com/cancelling-credit-cards-what-would-you-do/comment-page-1#comment-2498 Nick Fri, 08 May 2009 01:52:24 +0000 http://www.moneyunder30.com/?p=1861#comment-2498 I agree with the first two posts. Keep the AMEX until after you have a house. $125 x 2 years for an annual fee before you get a house...You'll probably end up saving more money with the lower interest rate you (might) get vs. the money you'd save by cancelling that card now. The higher your credit rating, the lower your interest rate, so keep it until you get the house. If you cancel it now, it will certainly lower your credit score. The day you get the house, cancel everything you don't want. I agree with the first two posts. Keep the AMEX until after you have a house. $125 x 2 years for an annual fee before you get a house…You’ll probably end up saving more money with the lower interest rate you (might) get vs. the money you’d save by cancelling that card now. The higher your credit rating, the lower your interest rate, so keep it until you get the house. If you cancel it now, it will certainly lower your credit score. The day you get the house, cancel everything you don’t want.

]]> http://www.moneyunder30.com/cancelling-credit-cards-what-would-you-do/comment-page-1#comment-2499 SK Thu, 07 May 2009 22:31:33 +0000 http://www.moneyunder30.com/?p=1861#comment-2499 I agree with Donnie, if he is going to buy a house within the next year or two, it would be better to keep the cards until after the house purchase. Having the longer credit history and higher credit limit should help with the house purchase. I would concentrate on paying off the car/student loan in addition to any debt that the wife might have. At the same time don't forget to save for the 10-20% down payment on the house. I agree with Donnie, if he is going to buy a house within the next year or two, it would be better to keep the cards until after the house purchase. Having the longer credit history and higher credit limit should help with the house purchase.
I would concentrate on paying off the car/student loan in addition to any debt that the wife might have. At the same time don’t forget to save for the 10-20% down payment on the house.

]]> http://www.moneyunder30.com/cancelling-credit-cards-what-would-you-do/comment-page-1#comment-2497 Donnie Thu, 07 May 2009 14:44:03 +0000 http://www.moneyunder30.com/?p=1861#comment-2497 If I was him, I would wait until I bought the house and then cancel everything I didn't want. If I was him, I would wait until I bought the house and then cancel everything I didn’t want.

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