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Question By
Tayobella

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If I am trying to increase my credit score should I close 3/5 of my credit card accounts?
I used to have a total of $10,000 balance on all 5 cards but i just recently paid a significant amount on all the cards and now my current balance is 1902. My credit score is 650 and I am trying to get it above 700. I just recently paid all of this so my new score hasnt shown up yet, as to my understanding it takes 30 -60 days to change. But I dont want all 5 cards anymore. Id rather just have 2, and wanted to know if closing the other accounts would affect me. My oldest card is from 2010 and newest from 2014.

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Don't close cards!!!

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Each card gives you a specified credit limit and the total of those credit limits is a large part of your credit score.  When you close accounts, you decrease the aailable credit.  You don't have to be spending it all (I certainly don't!) but it is good to have that available.  Keep the unwanted cards locked in a safe place, use once in a while to keep the accounts (and that credit limit) active.  Strive to pay all credit accounts in full when the bill comes in.

Reply by
Tayobella

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Thank you! 

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