Madison MoneySports - Personal Finance Thread

[Sijray21]

Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.

It does. Length of credit history is one of the factors to create your fico score. The more good history the better.

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I guess I should have phrased that better. I realize that opening and closing cards frequently will negatively affect your score. But if you have a card for years on end and then close it for another, will that really affect you? If you have good credit history, you have good credit history.

Also I refinanced my car through a local credit union (APL Federal Credit Union). It was a fairly simple process. Now I have a checking account with $50 in it and a savings account with $0 and no minimum balance. Got 1.99% for the car loan.

i edited my original post above with more info. i kept thinking i should've added more originally. Canceling an old card doesn't hurt since you already have history with that card by starting it when you did.