Comments on: My credit card company changed its terms and is asking of I accept the new terms? http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/ All your questions about credit and debt consolidation answered. Thu, 09 Feb 2012 23:55:08 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Zzyzx http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/comment-page-1/#comment-41 Zzyzx Sat, 24 Jan 2009 05:55:11 +0000 http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/#comment-41 <a href=""></a> You get will get a small ding closing the account, because it will effect your available credit ratio. If the terms are truly worse then by all means cancel that card.

You get will get a small ding closing the account, because it will effect your available credit ratio. If the terms are truly worse then by all means cancel that card.

]]> By: stephenweinstein http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/comment-page-1/#comment-40 stephenweinstein Thu, 22 Jan 2009 15:13:52 +0000 http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/#comment-40 <a href=""></a> If your oldest account is closed, then your credit score does drop some, because the age of your credit history (defined as the age of your oldest open account) is reduced from the age of the card that was closed to the age of your next oldest card. If the card is not your oldest, then closing it may hurt your score slightly, but also may help your score. Whether it helps or hurts depends on the credit limits on your remaining cards and various other factors. In any case, it has relatively little effect.

If your oldest account is closed, then your credit score does drop some, because the age of your credit history (defined as the age of your oldest open account) is reduced from the age of the card that was closed to the age of your next oldest card.

If the card is not your oldest, then closing it may hurt your score slightly, but also may help your score. Whether it helps or hurts depends on the credit limits on your remaining cards and various other factors. In any case, it has relatively little effect.

]]> By: mr.travisgoins http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/comment-page-1/#comment-39 mr.travisgoins Thu, 22 Jan 2009 05:15:48 +0000 http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/#comment-39 <a href=""></a> Sgt Big red is right! Also the cc companies cannot cancel your account without your consent....

Sgt Big red is right! Also the cc companies cannot cancel your account without your consent….

]]> By: Sgt Big Red http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/comment-page-1/#comment-38 Sgt Big Red Tue, 20 Jan 2009 12:43:45 +0000 http://www.truecreditnow.com/11/my-credit-card-company-changed-its-terms-and-is-asking-of-i-accept-the-new-terms/#comment-38 <a href=""></a> You could do just that, send them notice you do not accept and wish to cancel the card. However, if you do not pay the balance owed in full at the same time, then you run into trouble. They will simply send the account to their collections department and this will then be reported to the CRA's and will drop your score like a rock. Your better off to just accept the changes and not use their card anymore. Pay it off over the next year and just keep the account for credit scoring purposes only. Remember, an older account carries more weight on ones credit score.

You could do just that, send them notice you do not accept and wish to cancel the card. However, if you do not pay the balance owed in full at the same time, then you run into trouble.

They will simply send the account to their collections department and this will then be reported to the CRA’s and will drop your score like a rock.

Your better off to just accept the changes and not use their card anymore. Pay it off over the next year and just keep the account for credit scoring purposes only. Remember, an older account carries more weight on ones credit score.

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