http://dailymoneyhack.com/consolidate-rather-than-close-credit-cards.htm Hack the planet('s bank account) Mon, 14 Jun 2010 20:54:40 +0000 hourly 1 http://wordpress.org/?v=3.0 http://dailymoneyhack.com/consolidate-rather-than-close-credit-cards.htm/comment-page-1#comment-219 Emily @ Taking Charge Fri, 30 May 2008 20:35:21 +0000 http://dailymoneyhack.com/?p=162#comment-219 Yes, very true. I'm glad to hear you say this because I think a lot of people don't realize this. They'll apply for a card because of a promotion and figure they can just cancel it later, not realizing it will ding their score. Other people start having spending problems with the card and think they need to cancel it. Instead, like you said, consolidate it -- or, if the card doesn't have a balance but you've had it for a while, keep the account open but cut up the card, or alternatively, freeze it into a chunk of ice and keep it in your freezer. That way you are not tempted to use it but still have it in case of emergency, and still have the account open, helping your credit score. Yes, very true. I’m glad to hear you say this because I think a lot of people don’t realize this. They’ll apply for a card because of a promotion and figure they can just cancel it later, not realizing it will ding their score. Other people start having spending problems with the card and think they need to cancel it. Instead, like you said, consolidate it — or, if the card doesn’t have a balance but you’ve had it for a while, keep the account open but cut up the card, or alternatively, freeze it into a chunk of ice and keep it in your freezer. That way you are not tempted to use it but still have it in case of emergency, and still have the account open, helping your credit score.

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