cancel the card

[venkats1]

cancel any credit card after getting FF points, what happens then, thanks.

 

[cjd600]

then you have no credit card
(not the one you cancelled, anyway)

 

[JohnPhelan]

Providing you're kept it for the required period, then you keep the points. Check the card's T&Cs.

 

[RooFlyer]

Welcome to AFF venkats1

One consequence may be that some negative factor will appear on your 'credit score', especially if you do it more than once (credit card churning). Your credit score is one factor that card issuers use to determine if they will give you a credit card.

 

[Dr Ralph]

Absolutely nothing happens.

Except you are then free to apply for a new card

Churn and burn!

 

[TahoeSkier]

Welcome to AFF venkats1

One consequence may be that some negative factor will appear on your 'credit score', especially if you do it more than once (credit card churning). Your credit score is one factor that card issuers use to determine if they will give you a credit card.

What combination of actions would lead to this affecting one's credit score?

Is it cancelling a particular number of cards within a 12 month period, or is it if you cancel a series of cards in close succession?

As per this thread, opinion seems divided on whether it affects your score at all or not!

 

[mviy]

A number of credit enquiries in a short space of time could be seen as being desperate to get credit. If you cancel a few cards and immediately apply for three new ones that may not be that good for the rating.

Cancelling all your cards leaving you with no credit available to you probably isn't advisable either. I would try to keep at least one at all times. Cancel the oldest one you don't want to keep, get a new one etc.

The most important thing is to always pay CC bills on time and if you do unfortunately happen to forget pay what you owe ASAP. Banks would care more about defaults (especially if they are still outstanding) than churning.