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I have credit cards I never have used or don't use should I cancel them or will that hurt my credit

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Helpful to 116 out of 127 people

Use them.  Closing them will hurt your credit.  Use them once a year for something small and pay it right off, your scores will increase.

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80 People Helped

Use them or lose them...

Helpful to 80 out of 87 people

Having the credit available but unused is tremendously valuable to your score. Since "they" are judging how much of your available credit you are using, you should do what you can to "keep the cards alive" without adversely affecting your credit-to-debt ration. For example, if you have (as I did) a card with a 20k limit, use it every other month or so when you go out to dinner, then pay it right off. Having 20k available credit with only a $500 balance looks pretty darn good from a ratio perspective. And it's enough to keep the card company from closing your account.

I learned this the hard way -- had a Visa card with an awesome limit that I purposefully didn't close out after I paid it off in summer 2008. I kept it because I had a feeling that credit at that level was going to be hard to get in the future. What I didn't count on was that the card company would close the account themselves for lack of activity. I called just 1 year later to check the limit because I was about to travel to Europe and realized that they don't all take American Express and that I might need it in case of emergency. That's when the agent told me that my account had been closed. 

Had I just done enough to keep it open, my credit score would be very different than it is, and it would also be part of my history as an open account.

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51 People Helped

Closing Store Cards

Helpful to 27 out of 32 people

I have an old store card with a store that sells clothing in larger sizes that i no longer fit.  I have not used it in over two almost three years.  The amount of credit is $500 I think.  Will closing this acount do anything to my excellent rating?  I currently carry low 790's for credit scores.

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25 People Helped

credit card i'd like to cancel

Helpful to 25 out of 37 people

I opened up a credit card in david's bridal because my mom was getting married, I paid off the credit balance already but I know I won't be using this credit card anymore because it's a wedding store. Should I cancel it or keep it?

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31 People Helped

Cosing Credit card

Helpful to 31 out of 42 people

Yes closing the account would hurt your score. As long as the monthly fee is small (<$10 or so) keep it open but pay it offf and review it again later. Wit a higher score later it may hurt as much. I closed 3 accounts a few years ago and lost well over 100 points. It has taken me 3 years and 2 consolidations to get above 700 since.</p>

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Helpful to 30 out of 35 people

What if I have multiple credit cards which I dont need and close them. I still have my main card to use, can I close the other cards?

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Pros and Cons

Helpful to 23 out of 30 people

There are tradeoffs to think about when choosing to close a line of credit.

The pros:

You don't have to worry about  service charges anymore.

You don't need to keep track of extra cards you're not using.


Less availble credit will hurt your score by decreasing the overall amount of credit you have and at the same time increasing your utilization %.

If its your oldest credit line then the length of credit history will take a hit, (however if its a more recent line of credit closing it may accutally help a bit depending on the scoring model used).

Best advice is to keep those extra lines of credit around and only nomilaly active (use for gas or groceries once every few months) until you get to a place where you are comfortable with the credit tools you have (get a good rate on a loan if your looking for one, and a harder to get Credit or Charge Card) then dump the excess credit balast, take the hit, and let the damage repair iteself over the course of a few months or years (shouldn't be more than 2 years max, but it all depends on your indiviual situation).

1 Contribution
3 People Helped

Too many old credit cards

Helpful to 3 out of 5 people

I have way too many credit cards, 35 to be exact between me & my husband. We don't use suite a few of them, should we close what we don't use or request they lower the available credit, our credit lines on some are very high?

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6 People Helped

Closing credit cards

Helpful to 6 out of 9 people

If you close all your credit cards your score could suffer.  Part of your score is based on "available" credit, if you only have accounts with balances (especially over 50% of the available credit) and no available credit on MC, Visa, etc - not store cards - then it looks like your debt is more than your credit which causes you score to remain lower than it could be.  Keep a few but not too many to balance out your debt, even though you don't use them.

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Helpful to 2 out of 2 people

Enter Your Reply:  If you've got open cards to pad your score because your other balances are a high percentage, recomend paying that balance down first.

I did this once, and it worked GREAT!  with that extra line of credit my score went up...and then I was tempted to use that other card as well.

Decided I was better off to close that other card and use the pinch on my score to motivate me to actually PAY DOWN my debt!

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Credit pros

Helpful to 6 out of 12 people

Has any one heard of credit pros they are someone that helps u cleanup your credit score 

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Helpful to 16 out of 16 people

NOBODY can help you clean up your credit but you.  Scammers offer help but you end up owing them as well ... further hurting your debt level.

2 Contributions
0 People Helped

Closing a credit card I accidentally...

Would closing a credit card I accidentally accepted hurt my current credit score? Once I received it the mail I cut the credit card in half and didn't want to deal with a 4th card. I logged in credit karma and it showes I have that credit card open.

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