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Question By
rsamora

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1 Person Helped
Close new credit cards?
I have 5 credit cards, 10, 4, 3, 1, and 1 year old. The 10 & 4 year old cards have balances on them but the rest are just sitting there in an "in case of emergency" status. Would my credit score improve if I closed any of those cards?

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Maybe...but consider overall utilization

Helpful to 6 out of 6 people

Closing the 2 or 3 newest ones might help your score because your average age of accounts would go from < 4 years to almost 6-7 years. However, if you do that, you'd want to make sure your that your utilization on the cards that remain open would stay under 20%. If your utilization % would go up over 40%, any benefit from closing the cards would probably be wiped out.

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Thank you Mr/Ms Locust Plague

Helpful to 1 out of 1 people

That makes sense, I didn't consider the credit card utilization aspect.  I'm 12 points away from Excellent credit and trying to work my way there.

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