Cancel card ?

sundeep1984

I went to cancel my morgan stanley card yesterday, mind you the card is still under one year old....i got transfered to a department where i was told that if i cancel my card my rating score will go bad? so its best to not to cancel? i didnt want that happening so i said ok but is that true?

[Deleted User]

It wont impact your credit rating, however morgan stanley and other companies may count regular card switching as a point against you with respect to credit card applications. In reality the only impact is likely to be that you cant get a morgan stanley card for 6 months thereafter. Although with it cancelled if you do get accepted for a card it would have a plus point of giving you a bigger credit limit as you have less available credit but are indeed worthy of that credit.

It however will have no impact on loan or mortgage applications.

Moonbeam

Often it's better to cancel your existing cards if you are no longer using them as it opens you up to new deals....I think leaving too many open with unused credit can actually count against you if you are looking at further borrowing.....all to do with the sum total of credit held in your name.