Originally Posted by cristina47454
It's a Citicard - the woman told me it's an across the board decision. And she was wonderful to me on the phone - very helpful (my payment had arrived late for some strange reason and she waived my fee and reversed my rate increase penalty). We have an ENORMOUS balance on the card and have stopped using it anyway (very little balance left...) and it's one of (shhhhh) like, 7 credit cards. So even though we've had it for almost 10 yrs, I'm not thrilled about paying an extra 4% (it increases to 16%!) on that huge balance. ANd I'm not closing my account so much as I'm letting it expire. Isn't that different?
I think closed is closed. Though your physical credit card may have expired, this is not the same as closing the account. You actually have to tell them to close the account which is better done after the balance is paid, though if it will cost you money to keep it open I would close the account and take the ding.
If it is your ONLY credit card with any kind of history, yeah, it will knock off some points. How old is your other credit? If you've had a car payment or a mortgage that is history too. I would not do something that is bad or risky financially to preserve some points on your credit score. Canceling an old card is not like declaring bankruptcy, having a car repo'd, or bills going to collections.