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SquirrelNuts303

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Conflicting information about closing credit cards
I have always been under the impression that it is never a good idea to close an unused credit card since the credit scoring calculations look at both length of credit and % utilization of available credit...both of which would be dinged by closing credit cards. I'm beginning the process of applying for mortgages and searching for a home so I pulled a 3 bureau report and score, in addition to my regular tracking on CreditKarma. The interesting thing about the 3 bureau score report is that the 2 items it highlights as hurting my score are that (1) I do not have a mortgage and (2) I have too many open credit cards, even though my % utilization of available credit is very low. Purchasing a house will address #1, though I can't see my score increasing from adding that debt obligation. In regards to #2, the report says that my 12 open credit cards is having the most negative impact on my credit score. I only use one or two of the cards, but never closed the older unused accounts as I thought it would be more beneficial to keep those open to improve history and % utilization. Any thoughts from the community on this? Would closing a number of these unused low limit cards actually have a positive impact on my score?

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Where did you get the " 3 bureau score report " from?   Heck I have 14 CC's ,  1 Car Loan and Equity Line of Credit.  Would like to see what they tell me  HA! 

I do not think closing them will Help your Credit Score.

Remember  having a Credit Card does not mean you have to Carry it with you,  or use it that often.

Have you pulled your FICO Scores from myFICO.com?  

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Thank you for the responses and advice.  I recieved the 3 bureau report and score from Equifax.  Sounds like the best option is to discuss with lenders to see if it's truly an issue before making any changes.  Thanks again for the advice.

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