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Question By
Jackndor

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closing unused accounts

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Top Contributor
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I would not do that... How many open account do you have?  Do you carry a balance on your credit cards?  How old are the accounts that you want to close?

Top Contributor
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If the accounts are really old, I would live them opened. This way when you apply for a credit card, it shows you have established account history. It's the average age of all your accounts. The older ones will help balance the new cards.

Top Contributor
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Also, the total amount of credit you have been granted works in your favor.  When you close an account, you remove whatever that account's credit limit was from your total and that can hurt your score.

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