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Question By
rockalittle

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0 People Helped
Will closing 2 lesser accounts hurt my overall credit score?
Backstory:
I have an excellent credit history as far as paying on time but, for the longest time I was carrying massive balances on all my cards. I recently paid off EVERYTHING. It appears that, Barclay Bank increased one of my card limits right after I paid it off. The problem is, I get little use out of that cards benefit (Barnes & Noble) since I've shifted most of my media consumption to digital. Meanwhile, I would really like to have a Visa signature card to occasionally take advantage of their offers.
Now I'm sitting on $30k in available credit which I feel is more than I need but, I still have no visa signature card. So if I closed a store card with a 4k limit and a Barclay card with a 1k limit will I hurt my overall rating? These closures will not affect my usage because everything is at zero. Advice anyone?

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Top Contributor
125 Contributions
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Likely to see a drop...

You are likely to see a drop in your scores due to having fewer accounts if these accounts that you are closing are some of your "older" accounts.  This affects your "Average Age of Accounts".   Certainly this age would drop (and thus your scores) if you close these accounts and open a new credit card with an age of zero days....

That said, if your credit is healthy, any drop would be temporary.

Why close those accounts at all?   Why not just "sock" drawer them?

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