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Posted in Auto Loans
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Question By
GilaEvans

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If I cancel credit cards issued by clothing stores and department stores will my score improve?
I was told by a lender that I had too many revolving accounts. How many is too many?

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Top Contributor
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NO!! Don't Cancel!!

Each oof the store cards grants you a certain amount of credit (my Macy's is at &7000) and all of those add up to improve your score.  If you cancel the cards, that removes the available credit of each of those cards from your total and your score is going to drop like a rock! If you don't want to use them, just keep them locked up someplace safe.  The stores may eventually cancel the cards for non-use, but don't YOU be the one to cancel a card!

Top Contributor
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If your lender said that you need to close some to be considered for credit with them then that is your answer. If you have excessive cards they can be contributing in a negative way to poor debt to income ratio. As already said, it is usually a very bad idea to close accounts, but not in every case. If you do decide to close some, do it in phases and watch what is happening with your FICO scores as you do it.

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