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Author: mac750 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: Re: Interesting comment from my CC firm Date: 10/2/2003 2:15 PM
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Did you tell them you would close the account?

Actually I did and they gave me the address of where to write to so the account could be closed.

Fact is, I have only two credit cards. My bankruptcy falls off in April 2004. Thus, I am trying to maintain a good credit score at the same time. I have been told and have read many of the following:

1) Canceling a card can ruin your FICO score because it reduces you available credit and increases you % debt to available credit.
2) Having too few credit cards on your credit report can have negative implications in the fact that you do not have enough history.
3) Although I am extremely solvent and pay my balances pretty much every month, I have tried every so often to get a new credit card with a lower rate but because of the bankruptcy, I get declined. I even applied for the Motley Fool card and was declined.

Hence, my reluctance to outright cancel the card.

Apparently Citibank has a number of credit cards with different policies. Mine is part of Citibank, N.D..


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