Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
kmwgoodin

0 Contributions
0 People Helped
Should I cancel a card that I have had many delinquencies with?
I have had many missed payments and overages on a credit card, should I cancel it?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
119 Contributions
1099 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Cancelling the card will not clear those late payments off of your credit report. They will be on your credit report for 7 years regardless of whether the account is open or closed. If you are in a position to not allow the account to go late again, the best thing you can do is start using that account responsibly. If you have paid it off, start charging gas or groceries once a month and then pay it off in full each month. Establish a good credit history with that card. The manager at my credit union worked with me when I was first turning my credit around after finishing college and getting into my career. Despite having late payments on my student loan and car payment, he still approved me for a 3% rate on a car loan, because in the 4 years since I had those late payments, I had shown a pattern of responsible credit usage on those same accounts, including never being late on a payment again, and paying my previous car loan off. Similarly I had a credit card I had been late on several years prior, but after turning that account around they have continually increased my credit limit and I have been in the 5 digits for a few years now on that card. As time goes by the late payments hurt your credit less and less, and a showing of responsible use makes lenders see that you maybe had some set backs at one point, but you have turned your credit around and are now a worthy applicant.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.