I have 21 credit cards all are payed off. I,m closing them out , Will this move my score up or down.?

Answer 1

TWENTY ONE cards? Wow, I thought I did something by paying off 4!

First, congrats on getting them all paid off.

When I paid off my four cards (I kept 2, 1 for free balance transfers, the other no interest for a year), I closed out the accounts.

My Trans Union score skyrocketed, my Equifax score increased a little, and my Experian score took a dive.

Nothing else changed.

Answer 2

In the short term, the score will probably drop, but will go up over time. It is important to have some open credit cards, and closing cards then opening new ones will hurt your score. New credit is much more damaging than old credit - the longer you can keep accounts open the better. The score calculates the age of your credit, and the older it gets, the higher your score gets.

Answer 3

It all depends on how long each account has been opened. I talked with representatives from all three credit bureaus and they told me that accounts that have been opened more than ten years, and are not being used, are better off being closed and this will improve your score. By how much it will improve your scores varies. I closed four accounts that were mainly gas cards and department store cards, and this made my scores jump up. I don't remember by how much, but it was great. Try calling all three bureaus and find out if it will hurt or improve.
Equifax: 1-866-798-6598
Experian: 1-800-734-4617
TransUnion: 1-800-888-4213
Good Luck!

Answer 4

Thats great you paid off all your credit cards.. Congrats!! But I am a huge fan of Suze Orman. She recommends as least keeping 1 or 2 just to have history with the company for your credit score. When you have some type of history with a credit card on your report and it build your credit and makes it easier if you are looking to seeking a mortgage or loan. See the link attached!! Again, Congrats!

Answer 5

Lower because it reduces your credit ratio and moves the score down. So having them open and just kind of there is fine. Just cut up the cards themselves and don't worry about the accounts. Unless of coarse you start recieiving statements you when you haven't purchased anything. Also, check your credit with a company. Four of my mother's accounts ended up on under my name.

Answer 6

It will actually move you credit score lower. One big component of your credit score is the amount of UNUSED unsecured credit you have. When you cancel cards you reduce that ratio.

Answer 7

You will definately have "A" credit. Your credit report will show 21 satisified accounts and that is outstanding.