Quote: (04-14-2015 04:30 PM)speakeasy Wrote:
Quote: (04-14-2015 03:54 PM)polar Wrote:
^^^
Canceling credit cards means you bring down your average account age which is an input into your credit score calculation. If you want to get an 800 credit score in your lifetime, don't make it a habit.
I think the verdict is that it's better to cut your cards into pieces and keep the accounts going (as long as no fees are involved)...or, just don't get more cards than you need.
True. But cancelling a card will allow you to sign up again in two years and get that zero interest deal again. So if you have a couple of cards you can rotate like this you can avoid paying interesting for purchases. You can still keep a bunch of other accounts open to boost the credit score.
Interesting perspective. That being said, per Capital One's credit score monitoring app, that portion of the credit score formula maxes out at an average age of 10 years. Doing that rollover therefore most likely only makes financial sense if 1) you're young and have low average ages on your cards already, 2) you for some reason NEED to live off your credit cards...but if both of these are the case, how likely are you to (re)qualify for such credit card offers in the first place?
It's an interesting idea but needs more research...your mileage may vary.
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