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littlechilebean

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Is it better for my credit score to close the 8 credit cards I have open (with 0 balance)
I have 8 cards with 0 balance and 2 cards open which which have 0 percent interest for the next 12 months. I am current with all Should I cancel the ones with 0 balances?

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How Credit is Scored

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Based on my knowledge of the system, NO!  Your credit is based on how much available credit you have, issued in your name. 
How much of it you're using? How much available credit, verses your amount of income. By closing those accounts, that is limiting the amount of credit  you have available to you. Thus, lowering your credit score.  It's a good thing to have credit cards that you're not using, because that's available credit, pick up a few cards, add the line of credit to your name, but don't use, other than a quick $10. purchase to activate the card, pay it off and put it away... Watch your credit score go UP!  So again, NO don't close those accounts.  

Just put them in a lock box or somewhere secure, only spend what you can pay off at the end of the month. Consider using them at least once a year, otherwise your account might get closed due to lack of use... But you don't have to rack them up. Just make a small purchase, treat yourself to pizza night or ice cream. Pay it off and put it back in storage till next year! :-) 

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Should I stay or should I go?

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Canceling cards almost always has a negative effect on your rating.

The total "age of credit" will be affected if you close those accounts.

However, it does makes sense to close credit card accounts that have an annual fee if you now have ones that do not have an annual fee.

When I was rebuilding my credit, the only cards offered to me were ones with an annual fee.  Once I qualified for a card without the fee, I canceled the old one and kept the new credit card.  I did take a small hit ( about 15 points ), but it only took a couple months to bounce back.

Otherwise, you might take a small hit to your rating, but unless you are going to be shopping for new credit anytime soon, it will bounce back over time.

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TADAMES

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I applied an got  a credit card for a not so good retail store, then a few months later applied and got a credit card for a better retail store and a few weeks later paid my other card off and canceled it. Today I looked at my credit score and it had dropped about 44 points what happend and why.

PLEASE SOMEONE HELP ME WITH THIS I JUST STARTED TO REBUILD MY CREDIT

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LJM07

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The severity of the drop (44 pts) is most definitely because it sounds like you only had two accounts open, so by closing one you just wiped out 50% of your credit profile.  I was in a similar situation as far as obtaining subprime cards to start building a solid payment and credit history.  It seems to me the optimal way to go at the moment would be to continually make payments on your open account, keep the balance 20% of your credit limit (at most) and pay that in full each month after the statement posts.

In 9-12 months, I would apply for another card with high approval likelihood (ex. Capital One Platinum) and repeat this process for a few years, but not closing any accounts while doing so, until your credit profile has enough payment history and open accounts to where the impact from closing one of these lower limit cards in the future will be much less severe.

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Credit

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I was on the phone a rep. at Ascend discussing my credit score and closing paid off cards.  She advised to leave them alone.  If they are paid and open its better then closing them all. 

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Be prepared for a score drop

By closing your accounts, you ultimately wipe out your available credit so your score will drop--depending on what those limits are determines how deeply that drop will be. Then factoring in the ages of those eight accounts will play a large role, too. If several of those eight cards have been open for several years and the two cards with te 0% interest are fairly new, closing those older cards will shorten the age of your credit history and drop your credit score. However, if some of those cards have low limits and are newer accounts, closing them will cause your score to drop only slightly, avoiding the detrimental impact of closing them all. It might be worth doing a credit simulator to see what will happen, too.

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In continuous...

Won't having too much credit available to you (since all of the cards are paid off) be viewed as a bad thing?

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It has always been my understanding that closing any credit card negatively will impact your score in a big way. I think the reason for this is that the credit report does not differentiate whether it was closed by you or closed by the credit card company. The question then becomes how long the negative impact will last on your report.  

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