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Originally Posted by ngdawg
(I had taken a credit card that was for $9k and since we owed about $4k, had the card reduced to $5k, which later I was told was a mistake-that showed a higher percentage owed) Our credit rating at the last refinance was about 632.
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Is the reason this affected your credit rating negatively, due to you being 50% over your new credit limit? I read somewhere that such an occurence can in fact hurt your rating, but the whole credit scoring system seems to be obscure, so it's tough to distinguish between valid facts and fiction.
I called the company yesterday, and tried to cancel before my card arrived (heh).. They said I have to wait until I receive the card, and then call them to cancel it, which makes sense.
Do "closed cards" stay/show up on my credit report forever, or will it fall off after a few years? My main concern is that they credit (heh) me with closing the account, so that my credit rating isn't negatively affected.
I should have never applied for this new card, and would like to "make it go away" as easily and completely as possible.
