If I cancel 1 out if my 3 credit cards, does this negativly affect my credit score?

Question

I have had all three cards for 5 years+ and they all have around 10k credit limit

Answer 1

Don't worry so much about you're credit score. If you have a zero balance on those cards, cancel them all. You can keep one for emergencies if you want, but you're better off just building an emergency savings fund. Regardless of what the consensus says, you can have a zero credit score and still qualify for a mortgage. All you have to do is go to the lender with your bank statements and check stubs. They have to do a little more work, but they'll approve you.

Answer 2

It can have a negative impact and here is why:
If you have 30K in available credit, and you are carrying a debt of 15K then you are using 50% of your available credit. If you close a card, you then only have 20K available, still have 15K balance, which now equals 75% of your available credit. The higher the percentage of available credit you are using, the worse it looks and can have a negative impact on your credit score.

Answer 3

here is what to do if you want to live better: pay off all your bills, destroy those cards, cancel all your cards, and forget about a credit score.. It is good for nothing but keeping you enslaved to your creditors. Live cheap . save money . In 3 years you will look back from your wealthy pearch and laugh at the fool you once were!

Answer 4

Nope, not at all. If you cancel the one, as long as it is paid, it doesn't show anything on your credit except closed account.

Answer 5

It will show as closed by consumers request. This does not help your credit, but will not hurt either.