About to purchase- Finance questions
Hey all, I have a downpayment on a new travel trailer and just sold my pop up last night. Thursday I will go to sign papers. They were touting 4.99% finance rates until I got the deal. Then it ju...
Forum Discussion
coolbreeze01 wrote:RoyBell wrote:
(I did close some cards yesterday, maybe it helped?). So close.
I don't know anything about credit, but I've heard closing credit cards can have a negative effect on scores.
Anybody know?
It's BS. I have opened and closed about 10-12 cards in the last 2-3 years. I get the cards that have the most bonus points, charge the minimum (pay off each month), then cash out the points and close the card. Rate of return usually 15%. The deals are usually spend $3000-$5000 in 3 months, get $500-800 back.
Considering my credit score was around 715 when I checked 2 years ago (as it has been for the past 10+), and then 775 in March, I can safely assume that closing and opening of all those cards did not adversely affect my score. Call me crazy, but if you are going to charge stuff anyways (food, going out, home repair, etc), you might as well make the most on your return. At one point Chase gave me 3 of the same credit lol. Closed them all within 4 months of opening and then opened another and closed it.
