Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
likemely

3 Contributions
11 People Helped
i rebuild my credit with credit card for bad credit, can i close them without hurting my score?
i start with 556 Ck, now 680 CK, 712 experian.... finally approve for chase freedom 2000 limit

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7371 Contributions
3810 People Helped
Most Helpful Response

Actually, no.

Helpful to 4 out of 4 people

One of the key elements on your credit score is how much credit you have available.  If you close a card, you lose that card's credit limit in available credit.  So, you just got a Chase Card with $2000 limit, which adds to your available credit.  If you have two other cards with a $1000 limit each, your total available credit today would be $4000.  If you were to close both of those cards, your credit available would drop to the $2000 available on Chase. Thatt would be a 50% drop in available credit and would really hurt your credit score. 

Instead, keep the cards and use them periodically just to keep them active.  Just make charges that you would pay off when the statement came in.

Hope this helps.

Reply by
likemely

3 Contributions
11 People Helped
Helpful to 1 out of 1 people

My Credit Cards:

Secure Visa: $500/ $90 Cap one plat $1500/$200 Cap one plat(before Orchard bank) $500/$100 Credit one $450/$0 First Premier $700/$0 Victoria Secrets $750/ $195 Walmart $1150/$95 and now Chase $2000 auto loan $15,200 balance paid perfect for a year

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.