1. Cancelling Credit Cards helps your credit score...

Depending on your credit history, cancelation could either help or hurt your credit score. There are many factors to review. The length of time you’ve had that card is an important factor. Accounts that you’ve maintained for longer amounts of time can help improve your credit history, while closing them may damage your credit score. Before you cancel your cards, be sure to weigh the value of your history with that card.

2. Applying for Credit Cards does major damage to your Credit Score…

Applying for a Credit Card does create a “hard inquiry”, but does not permanently damage your credit score. It may create a temporary dip, but new cards may help to your debt to credit ratio and improve your score. With this in mind you should not apply for too many cards, especially if you have a limited credit history.

3. Using a Credit Card means you’re taking on debt…

This is not always true. If you pay your balances each month, you can gain rewards from using your credit cards without having to pay the interest rates. It all depends on how you use your credit card as to how much debt you take on.

Don’t forget when you’re reviewing your credit card history and making decisions on changes, transfers and new cards, we have several awesome low rate credit cards to match your needs. Click here for more information.

Page Under Construction... check back for updates.

  footer line

NCUA Information  | Our Rates | Security Resources
Copyright © 2007 Beacon Credit Union | All rights reserved.

footer line   NCUA Web Logo Credit Union   Equal Housing Logo Credit Union