credit cards
What impact does closing credit cards have on your credit score?
What impact does closing credit cards have on your credit score?
I have a number of credits that I am not using. What impact if any would closing some of these accounts have on my credit score?
Part of your credit score is based on your debt to available credit limit ratio. When you close accounts, you lower the available credit and could end up with a higher debt percentage. So yes closing credit card accounts will hurt your credit score; however, your score will rebound quickly.
Another factor is that closing your oldest accounts, closes your history. Keep the oldest accounts open as long as they don’t charge an annual fee.
Personally, I think keeping credit cards you don’t use open just for the sake of a couple points on your credit score silly. All those extra cards have too much potential for problems. You have to keep track of them and keep them secured.
I recommend not more than two major credit cards –which you pay in full every month. Only keep store or gas charge cards if you have some kind of special circumstance.
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