I have a good credit score number, however, too many open credit cards with good history. Does it matter if I just close them? And what is the best way to close them?
2007-02-06 05:39:50 · 7 answers · asked by Betty 1 in Business & Finance ➔ Personal Finance
Bad answers here. Having numerous credit cards affects your credit ratio, which affects your credit score.
Basically, they don't want you to have access to a lot of credit; it makes you a credit risk.
Here's how to close the cards with a minimum of hassle:
http://www.bankrate.com/brm/news/dollardiva/20010604a.asp
2007-02-06 05:49:58 · answer #1 · answered by Anonymous · 5⤊ 2⤋
You can call your credit card company and close them, but it's not a good choice. If you don't want to use them ever, cut them up and leave your credit line open. By closing the cards, it will lower your credit score. I just talked to a financial person on this very same matter.
2007-02-06 06:08:55 · answer #2 · answered by Michelle K 1 · 1⤊ 0⤋
I have good credit and have had for some time. When you decide to close an account, you call the company and tell them to close it and ask them to send you a letter stating that. Always keep a file for all of this stuff. I also keep a listing of all the credit cards I have, cc #, lost card #, and I mark the ones in my wallet. Never carry all your credit cards. One time I had my purse stolen out of town and so I got a friend to go over and cancel all my cards immediately. I do keep several cards with low interest and use them for business loans and a different one for personal.
2007-02-06 06:01:30 · answer #3 · answered by towanda 7 · 1⤊ 0⤋
you have what's for many persons a uncommon risk to close a number of your mastercard debts with little or no unfavourable impression on your credit. this is on account which you keep away from the biggest unfavourable in last debts - increasing your debt as a share of your credit shrink. i beg you to close somewhat some the debts. in basic terms make certain you do no longer close any of the oldest debts - shortening your credit historic past is yet another enormous unfavourable. I doubt which you will see any progression on your credit. The payoff is in all probability to return extra in a roundabout way. you will in all probability discover it easier to qualify for sparkling credit, or get larger credit limits on the enjoying cards you utilize maximum in many cases.
2016-10-01 12:45:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have been in the same situation that you are in (a few years ago). Your accounts that you don't use that you have a good histroy with are helping your credit. Try to keep at least 3 good accounts open, the older the better. The other accounts you can close down by calling the company and requesting to close your account. They will encourage you to keep the account open. Unless they offer you a very good deal, shut it down.
2007-02-06 05:46:25 · answer #5 · answered by MR MONEY 3 · 2⤊ 0⤋
DO NOT DO NOT DO NOT close your credit cards.
if you have a credit card for 5 years, and close it, you lose all that good history from the card. you gain nothing from closing a credit card, just put it in your sock drawer and forget about it.
www.creditboards.com
2007-02-06 05:43:27 · answer #6 · answered by Anonymous · 5⤊ 0⤋
Don't close them...just don't use them
2007-02-06 05:49:04 · answer #7 · answered by whatelsewhatever 3 · 2⤊ 0⤋