Just paid off and cancelled my Citi card

[GeauxLSU]

Actually open, unused credit cards are viewed more cautiously because when a potential lender runs a credit report and sees several open credit cards, even if they 0 balances, they know at any given time you can go out and run them up. They look at your current debt and potential debt, 5 open credit cards with limits of $10,000 each is still $50,000 in potential debt even if they all have 0 balances. The lenders see potential debt and they see a greater possible liability.

This is absolutely correct.
Its not rocket surgery. Lenders want to limit liability. Open credit cards with no/low balances and material limits are a risk.

Regarding the OP. Get it done! It seems a section of society refuses to suffer the least bit of inconvenience to do the right thing.
Citi was the first company to give me a card (I was still in college). I was a customer for about 15 years and cancelled them over principle about 20 years ago.

 

[toobaroque]

Totally meaningless! Don't fall for the propaganda.

 

[roundhouse]

Does the wording of the second mention an age?

I don’t think we’ve got any citi cards but I will check

 

[Gunanddoglover]

Common sense when it comes to your credit score. Pay on time and don't spend money you don't have. If you have a major unexpected expense pay it off as fast as possible.

 

[Lockout]

Canceling credit cards does impact you fellas
If you think it doesn’t well you might want to dig a little


Like other said keep it open just don’t spend a lot
Keep it open with 5 bucks

 

[Lockout]

My rule thumb I want a lot of cards just in case I lose my job and keep my bills paid I could live off them for a year if needed

Better then losing my house and we are kicked to the curb
No job means no place to live

I rather go into debt then have my kids living on street or we are walking and not eating


But because I have cards open and ready spend I don’t

 

[bgodfrey]

I disagree, when I bought my 3rd house (while owning 2 others) I had to pay off and cancel a couple of credit cards first to get financing. The more open lines of credit the more risk. Last time I purchased a new vehicle my FICA score was 844, and that was after cancelling some credit cards, so I'm not sure how cancelling a credit card will hurt you. Now opening several new ones can lower your score, but closing old ones is unlikely.

Your credit score depends on how many open lines of credit in good standing and credit length of history. If you don't have well established credit it can hurt you.

 

[GeauxLSU]

There is so much wrong/bad advice in this thread. Yeah, I know... "Internet".

 

[GFB]

I don't really care about my credit score on a day to day basis.

 

[chucklenut]

Gun rights or not; how ****ed up is it for a lender to get that much in its payees ass over what they can pr cannot legally buy

If i cant buy what i want without scrutiny, what good are they? Cash is better yall