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Question By
aarin

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What are the pros & cons credit score wise of closing credit cards.
I have 7 cards total. Only two of these cards currently have balances.

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If  your history with these creditors has been good, then closing the accounts will damage your credit scores.  I have about 5 cards myself, but only use 1 regularly.  I use the other ones once or twice a year just to keep them alive, but don't carry balances on them.

Credit history counts for 15% of your credit score, and good payment history counts for 35% of your credit score.

Reply by
aarin

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Thank you for your quick response!

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Thanks Addison,

It seems like Addison is to Credit as Edison was to the light bulb. !

Thanks for the break down. Though I knew one weighed through more than the other, I was not aware of percentages. A good one to know.

And I do agree, never close revolving credit in good standing.  Use it to stay in the 1-20%

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Reply by
Addison170

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Thanks mthiran, I appreciate the kind words.  Here's full info on how FICO is calculated:  35% payment history, 30% utilization, 15% credit history, 10% mix of credit and 10% inquiries. 

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