Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Jgoins94

0 Contributions
0 People Helped
Closing newer account?
I currently have 7 cards. The ones that have balances will all be paid off in 2-3 months. I am wanting to close a couple. The 2 I am looking to close are as follows: Card A- I've had for 2 months, only opened for 0% interest on tires. Card B- I've had 2 years. Would this be a good idea or would it hurt my score? Everything else has a length history of at least 1 year+.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
0 People Helped

store cards too?

Does the advice about keeping cards to establish age apply to store cards too? Wanting to close a home Depot card - never use, and it's 3 years old. Hurt to close this? I agree re: regular credit cards... closed my longest unused ones before I ever knew about the age factor! 

Top Contributor
7351 Contributions
3807 People Helped

Never be the one to close the credit accounts you have open.  If you don't want to use ther cards, lock them up safely.  Closing hurts your credit as is explained in a few of the articles on this site. 

Top Contributor
1884 Contributions
3672 People Helped

It will hurt your credit score

You never want to close accounts.  I Know its tempting to get rid of cards so that you aren't tempted to use them. Its a good way to stay out of trouble. The resposible thing to do is put them away. 

 If an account that you no longer want to use is paid in full and reporting "Paid on time" each month and not charging you an annual fee to keep, then there no reason to close it.  It will help with the "age" of your acconts, Available credit ratio, Credit mix and total number of accounts.  All factors that help your score go up. By closing it you will lose those positive factors.  

The cards that you don't want to use any longer should be put away and kept to help as part your "Emergency Fund".  Its available credit if you should ever need it.  

Good luck 

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.