Re:Golden Rules for Making Money (1880)
by johnchristopher on Tuesday March 22, 2016 @08:58AM
(#11336174)
Can you cancel your credit card at any moment if you know you are going into a tight spot soon ? So you don't enter the vicious circle.
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Sure, although the age of credit accounts is a significant factor in your credit score, so it's not advisable if you are trying to build credit.
Personally I have enough practice that I treat my credit cards no different than I would treat my checkbook—it's not that hard to avoid trouble if you just have the mentality of only spending money you already have. In other words, I personally don't think cancelling the credit card is necessary, but YMMV.