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shella4424

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I want to close some of my credit cards what could happen?
my score is only 691

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If the cards are good accounts (i.e. no late payments, not collection), then closing them can hurt your score.  Here is how your score is calculated:  35% is payment history, 30% is utilization (your balance vs your limit) 15% is credit history (how old the account is), 10% is mix of credit and 10% is inquiries.  If you close good cards, you'll take a hit because you lose (1) payment history, (2) utilization and (3) credit history.  Just use the cards once a year, don't have to carry a balance.  Then put them in a safe place until next year.  I have no idea where jrhenry11 gets their info, but I've been in the credit repair business for over 2 years and all I can say is they are wrong about closing the cards not hurting you.  It will hurt you a lot.  You can verify my info by visiting www.credit.about.com.  Best of luck!

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If you don't use them

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put them in a drawer and use them once or twice a year. closing them  will lower your available credit, which could have a more negitive effect on your score.  A good trick is to put a recurring charge on them like your electric bill or phone bill and then cut up the card.  This will show utilization with out having to use the cards and as long as you pay it off each month you will never have to pay interest.  Best way to raise yor score!

Good luck

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Closing credit cards

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Thank you, this was helpful

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as long as its not your first credit card you will be fine history wise in fact your age of accounts will go up raisng your score BUT the trick here in addition to that is to make sure the cards you keep hold under 20% utilization ie: credit limit of $500 don't have more then $150 on the card THIS GOES FOR EVERYCARD YOU KEEP each individual card must be at or below 20% its the 1st magically number of credit scores other then not closing your first card and keeping utilization below 20% your SCORE will go UP within a month or 2....have to give beauras and credit card companies time to adjust info it takes a month to two

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