Flex Loans Online

» Up to $5000 Loan

» Available for bad credit

» Fast, Easy and Flexible

3 Steps Loan Process:

  1. Fill out a form, your inquiry will be submitted to our lenders. You can have a response from one of our lenders within minutes.
  2. You will be redirected to the lender’s website where you can review the terms of the loan, including details about all the applicable rates and fees.
  3. If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next day.

How Canceling Your Credit Card Affects Your Credit Score

There are many reasons to cancel your credit card. For example, high annual fees, high interest rates, few benefits, infrequent use, and transfer of balance to a new card. However, before you cancel your credit card, you need to understand the consequences of canceling, even if you have a real reason.

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Canceling your credit card can affect your credit score, so be sure to manage it rather than close it.

Factors that impair your credit score

These factors affect your credit score:

  • Payment history (35% of credit score)
  • Number of credit accounts or amount you should pay (30%)
  • Credit history length (15%)
  • Number of recent credit queries or recently opened credit accounts (10%)
  • Number, type and size of credit accounts (10%)

Closing your credit card may reduce your credit score

You may think that closing your credit card is a wise choice. However, closing a credit card can adversely affect some of the above credit score factors. The consequences you may face after closing your credit card are:

  • If you cancel your credit card, you will lose your credit limit. The lower the credit limit, the higher the credit utilization rate. This is a risk to the lender as it indicates that they are spending more than the available credit limit. This can ultimately affect your credit score.
  • Canceling a credit card can reduce the average age of your credit reporting account, especially if your credit account has been open for an extended period of time. Credit cards that you have been using for a long time will enhance your credit score as long as you keep them open.

How to responsibly use your credit card to improve your credit score

If you want to improve your credit score, do not use more than 30% of the available credit limit. Keep your credit usage below 20% and you’ll get a good credit score. If you try to use the maximum credit limit available on your credit card, your credit score will be low. To get a good credit score, you need a record of debt repayments on time.

Related Resources: Credit Repair Guide: How to Improve Your Bad Credit Score

I’m looking for fast cash to pay off unexpected costs, but my credit score is bad? Consider an online payday loan with bad credit. Get started now!

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Flex Loans Online is a reliable online payday loan referral service that helps people overcome short-term financial emergencies. Our safe and secure online loan application makes it easy and convenient to get payday loans online. There is a large network of qualified lenders to increase the likelihood of expedited cash loan approval.

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