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Question By
kaiser2742

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Credit card close
Hi, i have too many credit cards some of them i dont even use for so long time. so i would like to close some of my credit cards how do i do that? if i close my credit cards is it going to lower my credit score. I applied for a credit ard but the denied so i was wondering its because i have too many credit cards if i close some of them i can get some new. Please be advised. Thank you.

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Top Contributor
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Don't close!!!

That will hurt your credit score.  Just keep the ones you are not using locked up someplace safe.  The reason you were denied for another carde might be tha t you have too many accounts with balances owing.  Get them paid in full. But NEVER close credit cards (with the only possible exception being those that charge a fee, then the credit score hit might be worthwhile).

Top Contributor
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Depends

In my humble opinion, it depends on the age of the accounts. If they are new then you could actually improve the overall age of your credit by closing some. More info is needed like your Age of Credit History and the age of the accounts. If you close any that are youger than the average then the average will go up. If you close any older than your average then it will hurt your rating. Anybody disagree?

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Reply by
steelman006

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Agree 100%.

Also keep in mind your debt to credit ratio. If you close credit cards that are paid of, but still have debt on others, it will increase your debt to credit ratio which will lower your score.

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