I have a few credit cards from sears the bay ect ect
Will closing them make my credit score go down?
2006-06-28 09:39:36 · 9 answers · asked by kiwi_08 2 in Business & Finance ➔ Credit
You can close the newest ones without harm to your credit. And you can close any that don't report to credit bureaus...some of the smaller local stores may not report, but big places like Sears surely do. Just keep the oldest one or two that report open at least.
In general, having a bunch of store cards isn't going to be a big plus for you, but one aspect of your credit score has to do with how long you've had credit open, so if you have a couple of long-standing relationships with one or two stores, it might pay to keep those open.
Of course, there's never a penalty for cutting up the cards and not using them. Just don't close the accounts officially. (I have a JCPenney account that I've had for decades, but I don't know if I even have a card for it anymore)
2006-06-28 09:43:59 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Any credit cards with small limits should be closed - It will actually help your score. Maybe keep 1 or 2 accounts open with no balance or very little. This will also help your score. As long as you are paying no fees & not using them what's the harm? Put them in a lock box if you're afraid of them being used/stolen
2006-06-28 17:46:54 · answer #2 · answered by amee2you 3 · 0⤊ 0⤋
Yes, your debt to credit available ratio will cause your score to go down. If don't need your credit score for anything at the moment, then close the accounts. Your credit score will gradually increase each month that passes.
2006-06-28 16:46:16 · answer #3 · answered by truly 6 · 0⤊ 0⤋
When you pay off a credit card you shouldn't cancel it because open credit is good for your credit score.
2006-06-28 17:43:21 · answer #4 · answered by drumsey76 2 · 0⤊ 0⤋
yes. i knew someone that did that. he had several credit cards and descided he never wanted them again so he closed them all. then his credit score dropped so bad that he had bad credit. i think you should take some time and pay them off. keep them at home in a safe place and dont use them at all. just keep paying on them. when they are full again then you can put them away and use them only for emergencies. good luck and dont close them.
2006-06-28 16:44:06 · answer #5 · answered by All4Christ 4 · 0⤊ 0⤋
Payoff all your credit cards using equity loan and make interests tax deductible! A smart way of financing!
2006-06-28 23:08:11 · answer #6 · answered by Zeromonthly 1 · 0⤊ 0⤋
Just send them my way. I'll take care of them for ya. Muahahaha haaaaaaaaaa
2006-06-28 16:42:55 · answer #7 · answered by johnusmaximus1 6 · 0⤊ 0⤋
That is a complex question. Read about what drives your score here: http://www.myfico.com
2006-06-28 16:43:40 · answer #8 · answered by davidmi711 7 · 0⤊ 0⤋
If you cut them up and let them expire, no.
2006-06-28 16:44:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋