I bought my dd new carseats a while back at Toys R us and I opened a Toys r us mastercard so I could get the 20% which saved us over $50 a carseat, so I think it was worth it, i paid it off right away, so I didn't have to pay the interest and I was going to call and cancel it because I do not want or need it, but a friend told me not to cancel it because it affects your credit rating and I should just cut it up. Does anyone know anything about this.

She's right, don't cancel it. If you want to improve your credit score just make a small charge every month (or every 2-3 months) and pay it off.

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I believe what you think about comes about...
Money comes easily and abundantly!

It will only adversely affect your credit if it is a long standing card (ie 5 +years) ...because if you cancel a good standing long term account it would cut your length of credit time on your credit score. If it is a newer account and you have a few other accounts (especially if you've had those awhile) it will not make a huge impact on your credit score (if any). I have canceled newer credit cards (used just like you did to get the bonus or whatever they were offering) and b/c the accounts were so new, and I still have good standing on my old accounts my score actually went UP after canceling the new ones.

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Here is another CC question I told my friend I would ask for her.

She has a CC that she was having a problem with so when she got her refund this year, she called the company directly and asked what the pay off balance was. They told her, and she paid the acct in full. She didnt' cancel, but paid off the balance and chose not to use the card again except for emergencies. She got a bill in the next month but didn't open it, thinking it would be a $0 balance statement anyhow. The next month, she gets a phone call from them asking for payment. SO she opens the statement and she was charged a finance charge, AND and interst on top of that and now owes them another $30something dollars!!! What can she do to avoid this??? She is really mad, upset, refusing to pay and the CC themselves are refusing to remove this charge.

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~Missy~Mommy
Meghan8.Samantha7,Cameron4

I wouldn't worry about the toys r us card. Just close it and be done with it.

As for the second question, the reason your friend has a charge on there is because of the way billing cycles are set up. Even though she paid the balance in full, there will still be finance charges that will appear on the next bill from the balance she just paid off. Yes it's screwy but it's in the fine print. She's better off getting it paid asap because it's only going to continue to gain interest.

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Devin

David 6, Alexis 2

I would have her call her CC and ask them to drop the Fee. I have had a late fee dropped because of a billing issue. I made a payment too early and it was put on a previous bill and then I didn't make one and was charged. Most places can easily drop 1 late fee a year.

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Kimberly Proud Mommy to Bethany Rose April 2006