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Ask Lemmy @lemmy.world

FenderStratocaster @lemmy.world

4d ago

How bad did I fuck up?

I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don't accept that card and you have to pay for it yearly so I canceled it.

Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.

Don't leave yet and please don't make fun of me but I'm not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.

Again I know I'm fucking stupid but how bad did I just fuck up my credit?

177 comments

I cancelled a credit card in 8 yrs. Is that bad for my credit score? (Serious)
- It could hurt your score in a few ways. First, it could reduce your Credit Age sonce it was such an old card and Credit Age is an average age. Average age is a medium impact factor so it is pretty important. Second, it reduces your over all available credit which means your Usage Percentage could be higher. Usage Percentage is high impact, but you can mitigate this impact by paying your cards off before their due date. Finally Total accounts is a low impact factor but by closing a card you are reducing your total account number so that might effect it. Overall if you keep your Usage Percentage it should not have too huge of an effect on your score unless it was your oldest card.
- Age of credit is a factor that goes into calculating scores, and so are number of open accounts. Changes to both of these could be detrimental, but it really depends on what the rest of your credit looks like.

177 comments