I made the big mistake of accepting or applying for credit cards I didn't really need and I know that having credit cards opened (even if not used) hurt your credit score. So, I want to know if I will hurt my score if I close these accounts?
2006-08-22 14:19:22 · 5 answers · asked by kitkat21 1 in Business & Finance ➔ Personal Finance
It depends on how many credit cards you have. It's generally good to have about three. Part of the credit score is calculated by taking your outstanding balances divided by your credit limit. Each card you have with no balance will improve this part of the score. However, having too many cards can also hurt your score. If you have a lot of cards, it might be wise to close some of them. But if they aren't too numerous, just lock them away in a firebox so that your ratio of balance to limit stays in good shape.
2006-08-22 14:48:16 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
normally if you close them it will go up - your credit score is a hugly complicated calculation - part of which includes the amount of available credit (amount of available debt)
2006-08-22 21:21:43 · answer #2 · answered by Shopaholic Chick 6 · 0⤊ 1⤋
As far as I know no cause you never used them
2006-08-22 21:21:16 · answer #3 · answered by sugarbdp1 6 · 0⤊ 0⤋
No.
I don't think opening accounts hurts you, either.
2006-08-22 21:20:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no...sorry
2006-08-22 21:21:21 · answer #5 · answered by Urban Hermit 4 · 0⤊ 0⤋