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TrisMontenegro

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I have 7 credit cards but Im only used 1 or 2 if I closed the rest will my credit drop to bad?
All my credit cards are in 0 except for 1 that is the one that I used all the time. I want to cancel 5 and keep just the best 2. I want to know how much would my credit score will drop when I have an excellent credit history and I need to closed this ones because I'm planning to buy a home in the near future and this credit cards I do not used at all. And if I do use them, I paid them right away.

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The Math sometimes does no add...

Helpful to 1 out of 1 people

First off, be cognizant of the fact that some credit cards will auto-close if no activity is seen for over a year. That being said here are the important facts about revolving credit (AKA credit cards)

1. in order to get good credit, make sure a constanct balance exists that is literally between 1 and 20 % of the total credit limit of cards. It shows usage and that is a good thing. This will get you an "A" going under 1%  can get you a C (I think there maybe fuzzy math at play, but I have seen it happen)

2. Credit Cards will count as part of the # of accounts. And since anything over 21 is good, unless you are at 27  or more, Hang on to them, it can't hurt.

3. Age of Credit history: This is an Average between all accounts. If you plan of getting rid of a card, make sure it is that you have had less than your average account credit history.

If you are careful and adhere to the above 3 you should be inadvertendly improve your credit by closing an account.

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