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The Social Lounge
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Lifetime free credit cards to get blocked!
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<blockquote data-quote="t3chg33k" data-source="post: 2386783" data-attributes="member: 20884"><p>Just got to be happy that there is no credit agency mafia in India like the US where they literally end up holding people to ransom with their credit scores.</p><p></p><p>Here, if you have a good history, closing the lesser used accounts doesn't have a huge impact on the score. Ideally you should wait 6 months before cancelling a card as then the impact is minimal.</p><p></p><p>Having said so, I have been getting and cancelling cards pretty frequently and the score swing is not more than 10-20 points, increasing while getting new ones and then slightly reducing on cancelling old ones.</p></blockquote><p></p>
[QUOTE="t3chg33k, post: 2386783, member: 20884"] Just got to be happy that there is no credit agency mafia in India like the US where they literally end up holding people to ransom with their credit scores. Here, if you have a good history, closing the lesser used accounts doesn't have a huge impact on the score. Ideally you should wait 6 months before cancelling a card as then the impact is minimal. Having said so, I have been getting and cancelling cards pretty frequently and the score swing is not more than 10-20 points, increasing while getting new ones and then slightly reducing on cancelling old ones. [/QUOTE]
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Lifetime free credit cards to get blocked!
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