Originally Posted by RollDat
Just wondering if any of y'all have tried the steeda credit card and can give a review and some insight on exactly how it works. Seems like a good deal, being interest free and all, but once you're done paying does the account just close out? I've heard that canceling accounts can hurt your credit score.
These are usually revolving accounts that will remain open with a zero balance, similar to a regular credit card, unless you close the account.
And yes, closing accounts can lower your score unless you have a high number of credit accounts, then lowering the total amount to 6 or less is preferred, and low balance to available credit line raises the score. In other words, if you get a $6,000 line of credit, and then charge $6,000 to the account, then the account balance to available ratio lowers your score and raises credit risk with a maxed out account.